Gulf Industrial Sector Grows by 8% Reaching $434 Bln

The Sultanate of Oman hosts meetings of the Ministers of Commerce and Industry and the 6th Ministerial Committee for Standardization Affairs.
The Sultanate of Oman hosts meetings of the Ministers of Commerce and Industry and the 6th Ministerial Committee for Standardization Affairs.
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Gulf Industrial Sector Grows by 8% Reaching $434 Bln

The Sultanate of Oman hosts meetings of the Ministers of Commerce and Industry and the 6th Ministerial Committee for Standardization Affairs.
The Sultanate of Oman hosts meetings of the Ministers of Commerce and Industry and the 6th Ministerial Committee for Standardization Affairs.

Oman’s Minister of Commerce, Industry and Investment Promotion, Qais bin Mohammed al Yousef said that industry is a key economic sector at the level of the GCC countries.

It ranks second among the member countries with a contribution of more than 12.2 percent, he added.

This sector grew by 8 percent during 2022 compared to 2021, reaching $434 billion.

The city of Salalah witnessed the inauguration of the first Gulf industrial exhibition, on the sidelines of the 65th Trade Cooperation Committee, the 51st Industrial Cooperation Committee, the 6th Ministerial Committee for Standardization Affairs, and the consultative meeting between Commerce and Industry ministries and heads of federations and chambers of the GCC states in the period between 13-15 September.

Al-Youssef noted that the GCC countries achieved a growth of more than 6 percent in the Gulf economy during 2022 and their GCD passed $2.4 trillion. It is further expected to reach $6 trillion in 2050.

GCC intra-trade exceeded $107 billion, added the minister, noting that the sovereign fund financial assets at the GCC countries surpassed $3225 billion.

The 65th GCC Trade Cooperation Committee meeting discussed several important topics, including the creation of a permanent committee concerned with investment, taking a decision regarding the trade and economic ministers meeting with China 6+1, and the GCC trade laws.

It was attended by Nigel Huddleston, the UK Minister of State for International Trade. The meeting reviewed the GCC-UK free trade agreement that is still being negotiated between the GCC and the UK.



Gold Holds Ground as Investors Eye US Payrolls Report

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Holds Ground as Investors Eye US Payrolls Report

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold prices held steady on Thursday as investors awaited US non-farm payrolls data due on Friday to assess the Federal Reserve's interest rate path, while global trade tensions continued to simmer.

Spot gold was steady at $3,373.69 an ounce, as of 0843 GMT. US gold futures were down 0.1% to $3,397.20.

"I would say that the path of least resistance remains to the upside, despite today's sort of flat mode for gold trading. But I think this is more due to traders being in wait-and-see mode ahead of non-farm payrolls," said Ricardo Evangelista, senior analyst at brokerage firm ActivTrades.

Wednesday's ADP National Employment Report revealed US private payrolls increased far less than expected in May. The more comprehensive non-farm payrolls report on Friday is expected to show that non-farm payrolls increased by 130,000 jobs in May after advancing by 177,000 in April, according to a Reuters survey of economists.

US President Donald Trump on Wednesday called for Fed Chair Jerome Powell to lower interest rates.

"I think that a weakening in the US labor market will increase bets on a dovish Fed, so on the Fed cutting interest rates, (which) would be positive for gold," Evangelista added.

Gold, a safe-haven asset during times of political and economic uncertainty, tends to thrive in a low-interest-rate environment.

Trump described China's Xi Jinping as "tough" and "extremely hard to make a deal with" in a social media post, dampening hopes for a swift end to trade tensions. Meanwhile, his doubling of tariffs on steel and aluminium imports took effect on Wednesday.

"We stick to our price targets of USD 3,350 and USD 3,500 in 3 and 12 months time, reflecting first and foremost continued central bank buying as well as sound demand from safe-haven seekers," said Carsten Menke, analyst at Julius Baer.

Elsewhere, spot silver fell 0.6% to $34.74 an ounce, but hit its highest level since October 2012. Platinum rose 3.6% to $1,123.15, its highest level since April 2023, and palladium was up 1.7% at $1,017.37.