Overview:
Saudi Arabia's transport regulator has established a comprehensive regulatory framework for autonomous vehicle services, marking a formal step toward deploying self-driving technology in the kingdom's mobility sector. The rules permit operations without onboard safety personnel following agency approval and set a three-year licensing term. Separately, gold prices retreated 1 percent on Friday amid dollar strength and rising U.S. Treasury yields, while oil futures declined on expectations of increased Middle Eastern crude exports.
Details:
The General Transport Authority approved an executive regulation for driverless passenger transport that sets minimum operational standards across the kingdom. Operators must own at least five vehicles to obtain a license, with each vehicle not exceeding ten years of operational age from manufacture. The regulation permits service providers to operate vehicles without a safety officer inside, contingent on regulatory approval and successful completion of trial periods. All vehicles must meet security and safety requirements before deployment. The three-year license period is designed to balance innovation with oversight, supporting the National Transport and Logistics Strategy's goals of efficiency, safety, and sustainability.
In precious metals, gold spot prices fell to $4,047.10 per ounce on Friday, with U.S. futures contracts declining 1.4 percent to $4,057.20 per ounce. Stronger-than-expected U.S. employment data—adding more nonfarm jobs than anticipated in October and pushing unemployment to 4.1 percent—bolstered the dollar and Treasury yields, pressuring gold. Probability of a December rate increase rose to 74.8 percent from 72.8 percent following the jobs report. Despite the weekly decline, gold achieved a 4.5 percent gain for the week.
Outlook:
Investors are monitoring U.S. monetary policy signals, particularly December interest rate decisions, which influence both gold demand and dollar strength. The autonomous vehicle framework's implementation will be watched for its effectiveness in attracting domestic and foreign investment in smart mobility services within the kingdom.