RIYADH: The Haramain high-speed train network, which was hit by a huge fire, will resume operations within 30 days, Saudi Arabia's transport minister said Tuesday.
The service was halted on Sunday after a fire broke out at the station in Jeddah, injuring at least five people.
“Despite the damage caused by the fire, the Haramain train will resume its services within 30 days using the new King Abdulaziz Airport Terminal, as well as as well as stations in Makkah, King Abdullah Economic City and Medina, to serve Jeddah’s residents and visitors,” Nabeel Al-Amoudi, Minister of Transport and Chairman of the Board of Directors of the Saudi Railways Company (SAAR).
The minister praised the various sectors that worked together to contain the blaze in Jeddah's Sulaimaniyah district.
Al-Amoudi thanked the Saudi Civil Defense, the General Security Aviation Command, the Red Crescent, support teams from Saudi Aramco, the Air Force and Civil Aviation.
The minister toured the site of the blaze on Monday to assess the extent of the damage.
Passengers and workers were evacuated from the station as soon as the fire alarm systems went off at 12:05 p.m. on Sunday.
The blaze, which was centered in the roof of the station, lasted for 15 hours.
The Haramain train to return to service in 30 days after Jeddah fire
The Haramain train to return to service in 30 days after Jeddah fire
- The service was halted on Sunday after a fire broke out at the station in Jeddah
- The transport minister praised the various sectors that worked together to contain the blaze
Pakistan stocks hit all-time high on investor optimism, government policies
- The benchmark KSE-100 index rose by 576.45 points, or 0.33 percent, to close at 174,472.79 points
- The development comes as Pakistan tries to stabilize economy through fiscal reforms, foreign investment
KARACHI: The Pakistan Stock Exchange (PSX) on Tuesday closed at an all-time high of 174,472 points, traders and analysts said, attributing it to investor optimism and favorable government policies.
The benchmark KSE-100 index rose by 576.45 points, or 0.33 percent, to close at 174,472.79 points, compared to Monday’s close of 173,896.34 points, according to the PSX data.
The development comes as Pakistan’s government focuses on stabilizing the economy through fiscal reforms, infrastructure development and investment-friendly policies.
Najeeb Warsi, head of online trading at Foundation Securities Limited, said the stocks were buoyed by the bullish sentiment prevailing in the market.
“The index has delivered over 50 percent returns in the current calendar year, outperforming many global markets,” he told Arab News. “Government polices, economic numbers, listed companies’ growth, all are in positive zone to support index for more growth.”
Tax incentives, streamlined regulations and support for key sectors like energy, technology and manufacturing have boosted investor confidence in the country, according to analysts.
These measures have fueled a bullish sentiment at the PSX, pushing the KSE-100 index to record highs alongside improving growth, rising remittances and controlled inflation.
Pakistan Finance Adviser Khurram Schehzad said this week the PSX has delivered more than 50 percent returns in US dollar terms since Jan 2025, making it one of the best markets in Asia.
The South Asian country’s foreign exchange reserves have also risen past the $21 billion mark, according to the central bank’s latest data.
