Saudi Arabia’s PIF Makes Efforts to Enhance Local Investors’ Participation in its Projects

Diriyah Project of the Saudi Public Investment Fund (Asharq Al-Awsat)
Diriyah Project of the Saudi Public Investment Fund (Asharq Al-Awsat)
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Saudi Arabia’s PIF Makes Efforts to Enhance Local Investors’ Participation in its Projects

Diriyah Project of the Saudi Public Investment Fund (Asharq Al-Awsat)
Diriyah Project of the Saudi Public Investment Fund (Asharq Al-Awsat)

The Saudi Public Investment Fund (PIF) has been making strong efforts to enhance the participation of local contractors in the projects of the fund’s affiliates, to enable establishments to carry out development work in accordance with the highest quality standards.

In June, the Saudi Contractors Authority, in cooperation with the fund, launched the contractor pre-qualification program for the fund’s units.

The program aims to provide various services and facilities, enabling contractors to pre-qualify under the applicable technical standards. It will also provide a highly reliable indicator for PIF’s affiliates to implement construction projects with the local private sector.

According to official information, PIF is currently working with the Saudi Contractors Authority of the Federation of Saudi Chambers to hold a number of workshops across the Kingdom to introduce the fund’s projects and facilitate the registration mechanism.

The Saudi Contractors Authority (SCA) had urged all contractors to register in Muqawil portal to start pre-qualification for various projects under PIF’s affiliates program.

According to a statement by the SCA, the pre-qualification program enhances contractor opportunities by undertaking quality projects for the sovereign wealth fund’s affiliates. The service offers a platform that includes several of PIF’s units in a unified pre-qualification program.

The program also seeks to enhance competitiveness and transparency in the contracting sector and allows development of existing and future projects, in line with the highest quality standards, the statement added.

Meanwhile, the SCA and DMG Events concluded on Thursday an agreement to organize the Saudi Infrastructure Summit 2023 during the Saudi Infrastructure Exhibition on Sept. 11-13 in Riyadh.

The summit will focus on the revolutionary transformation of the infrastructure in the Kingdom with the participation of more than 60 influential speakers and 400 international and local experts.



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.