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Royal Commission for AlUla, Red Sea Global Sign MoC in Tourism Sector

The MoC was co-signed by Eng. Amr AlMadani, CEO of RCU, and John Pagano, CEO of RSG, in AlUla. (SPA)
The MoC was co-signed by Eng. Amr AlMadani, CEO of RCU, and John Pagano, CEO of RSG, in AlUla. (SPA)
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Royal Commission for AlUla, Red Sea Global Sign MoC in Tourism Sector

The MoC was co-signed by Eng. Amr AlMadani, CEO of RCU, and John Pagano, CEO of RSG, in AlUla. (SPA)
The MoC was co-signed by Eng. Amr AlMadani, CEO of RCU, and John Pagano, CEO of RSG, in AlUla. (SPA)

The Royal Commission for AlUla (RCU) and Red Sea Global (RSG) signed a memorandum of cooperation (MoC) to facilitate the exchange of experiences and best practices in tourism, reported the Saudi Press Agency on Monday.

The MoC aims to solidify Saudi Arabia's position as a leading global destination for tourists and investors.

The MoC was co-signed by Eng. Amr AlMadani, CEO of RCU, and John Pagano, CEO of RSG, in the AlUla governorate.

The agreement entails promoting the growth of the tourism sector in Saudi Arabia through the sharing of knowledge, expertise, best practices, innovative ideas, and solutions.

Both sides are committed to aligning with the goals and aspirations of Saudi Arabia's Vision 2030.

This collaboration will enable RCU and the Red Sea Project to achieve their objectives as year-round tourist destinations.

It will also showcase the effectiveness and allure of the tourism sector, thereby contributing to the diversification of the national economy and creating a favorable image for visitors.

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Gold on Track for Weekly Gain on Trump Uncertainty; US Jobs Report Awaited

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold on Track for Weekly Gain on Trump Uncertainty; US Jobs Report Awaited

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices inched higher on Friday as uncertainty around US President-elect Donald Trump's policies firmed demand for bullion, while investors awaited a key jobs report to assess the Federal Reserve's rate cut trajectory.
Spot gold edged 0.2% higher to $2,675.49 per ounce as of 0725 GMT. Bullion has gained more than 1% so far this week, set for its highest weekly jump since mid-November. US gold futures rose 0.3% to $2,698.30.
The US non-farm payrolls report is due at 1330 GMT. According to a Reuters survey, payrolls are expected to have increased by 160,000 in December, following a jump of 227,000 in November.
"We expect gold to drop a little in case the non-farm payroll report comes on a higher side," said Jigar Trivedi, senior analyst at Reliance Securities.
"Gold found support after a weaker-than-expected private employment report for December reinforced the notion that the Fed may need to adopt a less cautious approach to rate cuts," Trivedi said.
Kansas City Fed President Jeff Schmid on Thursday signaled a reluctance to cut rates again as the Fed faces a resilient economy and inflation that remains above its 2% target.
Trump's proposed tariffs and immigration policies may also prolong the fight against inflation.
Traders now expect the first Fed rate cut this year in either May or June, according to the CME FedWatch Tool.
Gold acts as a hedge against inflation, but higher interest rates reduce the appeal of holding the bullion.
Spot silver was up 0.3% to $30.2 per ounce and the COMEX contract was trading at $31.17, both near one-month peaks.
"Our view is that the incoming US administration will tailor economic and trade policy to promote national prosperity, and that silver will recover along with gold in the second half (of 2025) to $35 per ounce," Deutsche Bank said in a note.
Platinum shed 0.4% to $955.97 and palladium added 0.9% to $934.16. All three metals were also set for weekly gains.