Aldrees opens 4 new stations
Aldrees Petroleum and Transport Services Co. (Aldrees) opened four new stations in Dhahran, Riyadh, Arar, and Najran, the company said on X.
The stations are located in Ajyal, Al-Badi'ah, and Al-Aziziyah districts, as well as King Saud Road.
They offer a comprehensive range of services, including car services, commercial markets, a mosque, and ATMs.
Aldrees stations reached 1,050 by the end of 2024, according to Argaam 's data.
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Argaam
6 hours ago
- Argaam
Aldrees opens 4 new stations
Aldrees Petroleum and Transport Services Co. (Aldrees) opened four new stations in Dhahran, Riyadh, Arar, and Najran, the company said on X. The stations are located in Ajyal, Al-Badi'ah, and Al-Aziziyah districts, as well as King Saud Road. They offer a comprehensive range of services, including car services, commercial markets, a mosque, and ATMs. Aldrees stations reached 1,050 by the end of 2024, according to Argaam 's data.
Arab News
8 hours ago
- Arab News
Saudi gold demand defies price surge amid cultural, digital shift
RIYADH: Gold prices may be at record highs, but that has not stopped Saudi consumers from buying. In the first quarter of 2025, demand for gold jewelry in the Kingdom jumped 35 percent year on year, even as global demand fell 21 percent, according to the World Gold Council. That surge comes amid a global price rally, with gold breaching $3,500 per ounce in April, up from around $2,370 a year earlier — driven by geopolitical tensions, inflation fears, and aggressive central bank buying. 'This rapid increase in the price of the bullion can be attributed to one main reason – central bank buying,' Vijay Valecha, chief investment officer at Century Financial, told Arab News. Yet despite the soaring cost, Saudi Arabia's deep-rooted gold culture continues to shine, with consumers purchasing 11.5 tonnes of gold jewelry in the first quarter, up from 8.5 tonnes a year earlier. 'This feat occurred despite the 34 percent rise in prices in early 2025, demonstrating Saudi consumers' strong demand and purchasing power,' said Valecha. Gold in the Kingdom is more than a financial asset — it represents tradition, adornment, and intergenerational wealth. From bullion bars to minimalist 18-carat jewelry, Saudi buyers are proving resilient even as other regional markets, such as the UAE and Kuwait, witness sharp declines in demand. Hamza Dweik, head of trading for the MENA region at Saxo Bank, emphasized gold's cultural role, telling Arab News: 'Gold is deeply embedded in Saudi traditions, especially during weddings and festive occasions. This cultural attachment ensures a steady baseline of demand, even during price surges.' Global factors Valecha explained that following the conflict in Ukraine, many countries grew concerned about holding excessive reserves in US dollars, prompting nations such as China and Russia to increase their gold purchases. 'China has spearheaded record levels of global central bank purchases of gold. Hence, looking ahead, the trend of gold buying by central banks is expected to continue,' he added. Another push came in May, when Moody's downgraded the US credit rating from Aaa to Aa1, citing 'a sustained increase in government debt (exceeding $36 trillion), rising interest payment ratios, and persistent fiscal deficits exacerbated by political dysfunction and policy uncertainty.' Valecha added that this marked the first time the US lost its top-tier rating from all three major agencies. Cultural drivers In different parts of the Kingdom, people buy gold for different reasons. In the north, around 70 percent of buyers view gold primarily as an investment, while in the south, it is more closely tied to tradition and adornment. Gold bars and coins are also gaining popularity, with people stocking their safes with bars of varying weights and purity. In the first quarter, gold demand in Saudi Arabia grew 15 percent year on year to 4.4 tonnes. Jewelry preferences are also shifting — from favoring diamonds to a growing obsession with gold. More young buyers are opting for 18-carat pieces due to their affordability, modern style, and lighter tone, as they appear less yellow than 21- and 24-carat gold. 'They also have a less flashy design/colour, which makes them better for everyday use,' Valecha explained. Digital platforms and online gold purchases are also on the rise, blending tradition with technology — from buying fractional gold and using savings apps to investing through exchange-traded funds. 'Younger generations are blending tradition with technology — embracing digital gold platforms, fractional ownership, and ETFs, while still participating in cultural gifting. This is reshaping how gold is marketed and consumed,' Dweik added. While countries including the UAE and Kuwait have seen gold demand decline, Saudi Arabia is moving in the opposite direction, with domestic consumers leading the surge, supported by strong spending habits. Consumer spending in the Kingdom hit an all-time high in March, rising 17 percent to SR148 billion ($39.44 billion) — the highest monthly increase since May 2021 — before easing to SR113.9 billion in April. The shift in consumer behavior is evident across the Kingdom. Jewelers in Riyadh spoken to by Arab News reported a growing interest in custom pieces, lighter-weight ornaments, and contemporary designs that suit both festive occasions and everyday wear. The 18-carat trend, once seen as a budget-friendly option, has become a fashion choice, according to the jewelers. More women are purchasing gold for themselves, breaking away from the traditional gift-only narrative. While physical stores remain popular for high-value purchases, particularly during wedding seasons and religious festivals, digital platforms are making inroads. Online retailers like L'azurde are adapting to this demand by offering buy-now-pay-later plans, making gold more accessible to a wider audience. Popular jewelry items include 21-carat necklaces and rings, while younger buyers favor 18-carat pieces for daily wear. Market outlook Looking ahead, both Valecha and Dweik expect prices to remain strong. Valecha predicts gold could reach $3,700 per ounce by year-end, though he cautions short-term investors. 'Buyers should assess their investment horizon — long-term holders may still find value, while short-term buyers should be mindful of volatility,' he said. 'Sustained central bank purchases, heightened investor appetite in a period of uncertainty in the economic landscape, and projected interest rate cuts drive this bullish projection. The projected price under a recession scenario is as high as $3,880 per ounce,' Valecha added. Dweik agreed, and said: 'While structural drivers support continued growth, potential corrections could occur if inflation eases or interest rates rise.' Saudi Arabia may also be poised to grow into a regional gold trading hub. Valecha believes that with the right infrastructure and regulatory framework, the Kingdom could play a larger role in the global market. 'To elevate its status, a modern, transparent gold market ecosystem and enhanced refining capabilities would be essential,' he said. With deep-rooted traditions, rising investment activity, and a modernized retail environment, Saudi Arabia's gold market is not only resilient — it is evolving. In a time of global uncertainty, gold continues to shine across the Kingdom.
Al Arabiya
9 hours ago
- Al Arabiya
Why is Saudi Arabia playing against USA in the CONCACAF Gold Cup?
This month, overshadowed somewhat by the FIFA Club World Cup happening simultaneously, the best national teams from North America, Central America and the Caribbean are battling it out in the biennial CONCACAF Gold Cup. The 2025 edition also includes a more unfamiliar international side: Saudi Arabia is competing alongside the likes of the United States, Mexico, Canada, Haiti and Panama for the continental prize. Here, Al Arabiya English explains why Saudi Arabia is playing in the CONCACAF Gold Cup. What is the CONCACAF Gold Cup? The CONCACAF Gold Cup is the leading international football competition for teams from North America, Central America, and the Caribbean. Organized by the Confederation of North, Central America and Caribbean Association Football (CONCACAF), the tournament determines the regional champion and plays a similar role to Asia's AFC Asian Cup, Europe's UEFA European Championship, South America's Copa America, or Africa's AFCON. Held every two years, the Gold Cup typically features 16 teams. The group stage progresses to knockout rounds, culminating in a final that crowns the continental champion. Mexico and the USA have had a near-exclusive duopoly on the competition since its inception in 1991, winning nine and seven titles respectively. The only other champion is Canada, which won in 2000 and is favorite to triumph in the current edition of the tournament having emerged as the region's strongest team in recent years. As well as being a prestigious continental competition, the Gold Cup is also a platform for national teams to test themselves in the high-pressure environment of tournament football as they plot a path towards the FIFA World Cup. With the 2026 FIFA World Cup due to take place across Mexico, Canada and the United States, the 2025 CONCACAF Gold Cup – also hosted in the USA and Canada – doubles up as a useful test event for next year's global showpiece. Why is Saudi Arabia playing in the CONCACAF Gold Cup? Put simply, Saudi Arabia is competing because it was invited. In late 2024, CONCACAF signed a strategic agreement with the Saudi Public Investment Fund (PIF), aimed at enhancing cooperation. One element of this was the extension of a formal invitation by CONCACAF to Saudi Arabia to participate as a guest nation in both the 2025 and 2027 editions of the Gold Cup – the latter of which will again be held in the United States. For CONCACAF, the Green Falcons' involvement brings a fresh competitive edge and increased international attention to the tournament. For Saudi Arabia, it offers the chance for coach Herve Renard and his players to test themselves against unfamiliar opponents as they build toward hopefully qualifying for – and playing in – the 2026 FIFA World Cup. Saudi Arabia's next World Cup qualifiers will take place in October, meaning these summer matches – at least three of them in the Gold Cup group stage, and three more if the Green Falcons make it to the final – provide valuable opportunities for players to have competitive game time. Has a non-CONCACAF team ever competed before? Yes, though this is the first time that Saudi Arabia has participated in this – or any other – continental tournament outside of Asia. While Europe, Asia and Africa have never opened up their continental competitions to external entrants, both CONCACAF and CONMEBOL (South American football's governing body) have done so with some regularity over the past couple of decades. Qatar was the most recent non-CONCACAF nation to compete in the Gold Cup, reaching the semi-final in 2021 and quarter-final in 2023. Brazil has also competed twice – finishing as runner-up to Mexico in 1996 and in third place in 1998. Other South American competitors have included Colombia – a losing finalist to Canada in 2000, Peru (2000) and Ecuador (2002). South Korea became the first upcoming World Cup host to take part – doing so in 2000 and 2002 – before South Africa participated in 2005 and Qatar played in the last two editions; as 2034 FIFA World Cup host, Saudi Arabia follows in their footsteps. Beyond the Gold Cup, South America's Copa America has also welcomed national teams from other continents. Mexico has been the most regular invitee, featuring in 11 tournaments and twice losing the final, while Costa Rica (6), USA (5), Jamaica (3), Panama (2) and Japan (2) have all made multiple appearances. Haiti, Honduras, Qatar and Canada have all featured once in the Copa America. Could Saudi Arabia win the Gold Cup? Absolutely. And if it does, Saudi Arabia would make history as the first non-CONCACAF nation to triumph at the Gold Cup. Australia is currently the only nation to win a major continental title outside of its own continent, having claimed the AFC Asian Cup trophy in 2015 on home soil after switching from competing in Oceania's OFC Nations Cup. Should Renard's team go all the way and win the Gold Cup final on July 6 in Houston, Saudi Arabia – already a four-time continental champion in Asia – could emulate that achievement. The Green Falcons won their opening match 1-0 against Haiti, courtesy of a first-half penalty from Al Ittihad striker Saleh al-Shehri. Further matches against the United States (June 19) and Trinidad and Tobago (June 22) in Group D will determine whether Saudi Arabia reaches the quarterfinals. Renard's Gold Cup squad combines experienced players from top Saudi Pro League clubs with a handful of rising talents, but the French coach has been negatively impacted by the participation of Al Hilal in the FIFA Club World Cup. Al Hilal's Saudi players were not prevented from competing in the tournament, which is happening concurrently – also in the United States. Green Falcons captain Salem al-Dawsari, defender Hassan al-Tambakti and midfielder Nasser al-Dawsari started Al Hilal's impressive 1-1 draw with Real Madrid on Wednesday, while team-mates Mohamed Kanno, Ali Lajami and Abdullah al-Hamdan would all likely have been picked to play for Saudi Arabia at the Gold Cup had they been available. Still, Renard has plenty of quality players to choose from and while winning the tournament may be a tall order, a deep run into the knockout stages feels like a realistic target for the Green Falcons.
