The Secretary-General of the Gulf Cooperation Council, Jassim Al-Budaiwi, confirmed that signing the general agreement to link the GCC countries with the railway project represents an important step towards building an integrated Gulf transport system that enhances the movement of citizens and residents, facilitates the transport of goods, and raises the efficiency of intra-regional trade, in a way that supports the competitiveness of the GCC economies and the region’s position in the regional and international trade movement.
Al Budawi said, in a speech during the signing ceremony of the agreement held today, Sunday, in the Bahraini capital, Manama, under the patronage and presence of the Crown Prince and Prime Minister of Bahrain, Prince Salman bin Hamad Al Khalifa, that the project embodies an important aspect of the common Gulf ambition to connect the GCC countries, and enhance the efficiency of movement and trade movement, by linking economic and industrial centers, ports, and logistical centers in the countries of the region.
He added that the project provides opportunities to provide safe, reliable, economical and environmentally friendly transportation services that meet development needs and aspirations of future generations, and contribute to enhancing integration between the economies of the GCC countries.
Al-Budaiwi explained that the general agreement signed today establishes a common framework that regulates the obligations of member states to implement and operate the project in an integrated and compatible manner with national railway networks. It also specifies work mechanisms and a detailed timetable to accelerate the target date for implementation.
The Secretary-General expressed his appreciation for the efforts of the leaders of the GCC countries in moving forward with strategic projects that benefit the Gulf states and their people. He also thanked Prince Salman bin Hamad Al Khalifa for his sponsorship and attendance at the signing ceremony, and the Bahraini Minister of Transport and Communications Abdullah bin Ahmed Al Khalifa, Chairman of the current session of the Committee of Ministers of Transport and Communications of the GCC States, and the Gulf Ministers of Transport and Communications, for their efforts in supporting the project and completing the requirements for its implementation and operation.
The profits of the United International Transportation Company (Budget Saudi Arabia) declined by 19.7 percent during the first nine months of 2026, to 199.5 million riyals ($53.2 million), compared to 248.6 million riyals ($66.3 million) in the same period of the previous year.
In a statement published on the Saudi Stock Exchange (Tadawul), the company attributed the decrease in net profits during the period to the decline in operating rates and the decrease in the size of the short-term rental fleet, in light of the current regional conditions, in addition to the slowdown in the renewal of long-term rental contracts and the tendency of customers to request vehicles of lower categories when renewing these contracts, which negatively affected profitability.
In contrast, the company's revenues increased by 11 percent during the period to 1.9 billion riyals ($508.6 million), compared to 1.7 billion riyals ($458 million) in the same period of the previous year.
The company attributed the revenue growth to the increase in car sales and the increase in logistics services revenues through the subsidiary, while long-term rental revenues maintained their levels, which enhanced their continued contribution to the company’s total revenues.
In terms of third-quarter results, the company's net profits declined by 10.6 percent to 71.7 million riyals ($19 million), compared to 80 million riyals ($21 million) in the same quarter of the previous year.
The company attributed the decrease in profits to the decline in short-term rental operating rates in light of the current regional conditions, in addition to the slowdown in the process of renewing long-term rental contracts and the tendency of customers to request vehicles of lower categories when renewing these contracts, indicating an improvement in cash operating profit during the quarter.
In contrast, third-quarter revenues increased by 13.7 percent to 716.7 million riyals ($191 million), compared to 629.9 million riyals ($167.9 million) in the same quarter of the previous year.
The company attributed the increase in quarterly revenues mainly to the increase in car sales and the increase in logistics services revenues through the subsidiary.
Arabian Drilling Company returned to achieving profits during the third quarter of 2026, recording a net profit of 31.4 million riyals ($8.4 million), compared to a loss of 9.4 million riyals ($2.5 million) in the same period last year.
The company said in a statement published on the Saudi Stock Exchange “Tadawul” website that the shift to profitability is due to improved efficiency of rig transportation operations and cost-reduction initiatives, in addition to a decrease in net financing costs and income tax expense.
On a quarterly basis, the company turned profitable compared to a loss of 31.5 million riyals ($8.4 million) in the second quarter of this year, benefiting from improved operational performance following the resumption of operation of offshore rigs, as well as efficient transportation operations and cost control initiatives.
On the other hand, revenues declined during the third quarter by 2.9 percent to 810.7 million riyals ($215.6 million), compared to 835.4 million riyals ($222.2 million) in the same period of the previous year, affected by a decrease in excavator activity.
In the first nine months of 2026, revenues decreased by 8.1 percent to 2.4 billion riyals ($638.3 million), compared to 2.6 billion riyals ($691.5 million) in the corresponding period of last year, in light of the temporary suspension of some offshore drilling operations, and the absence of long rig transfers during the period.
The decline in revenues was reflected in the company’s results since the beginning of the year, as net income decreased by 90.6 percent to 6.9 million riyals ($1.8 million), compared to 73.3 million riyals ($19.5 million) during the similar period in 2025, despite the contribution of operating efficiency and reducing costs and general and administrative expenses in reducing the impact of this decline.
The company's shares rose 0.75 percent to 93.15 riyals when the results were announced.
