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.
TT
20

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 Price Firms on Israel-Iran Conflict, Platinum Scales over 10-year High

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
TT
20

Gold Price Firms on Israel-Iran Conflict, Platinum Scales over 10-year High

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo

Gold prices gained on Thursday as fears of an escalating conflict between Israel and Iran drove investors towards the safe-haven metal, while platinum scaled its highest level since September 2014.

Spot gold was up 0.2% at $3,374.49 an ounce at 1100 GMT US gold futures fell 0.5% to $3,391.00.

"We're seeing some haven flows in gold, which is really not surprising given what's happening ... with the fighting between Iran and Israel," said Fawad Razaqzada, market analyst at City Index and FOREX.com.

Equity markets have dipped, which is also supporting the precious metal, Razaqzada added, Reuters reported.

Israel said on Friday it had struck Iran's only functioning nuclear power plant on the Gulf coast, potentially a major escalation in its air war against Iran.

Meanwhile, the Fed held interest rates steady on Wednesday and policymakers still forecast cutting rates by half-a-percentage point this year, but have slowed their overall outlook for rate cuts in response to a more challenging economic outlook.

However, Fed Chair Jerome Powell cautioned against putting too much weight on this outlook, warning of "meaningful" inflation ahead as higher import tariffs loom.

Gold is considered a safe-haven asset during times of geopolitical and economic uncertainty. It also tends to thrive in a low-interest rate environment.

In other metals, platinum lost 2.5% to $1,289.71, having risen to its highest level since September 2014 earlier in the session.

Platinum prices are supported by rising Chinese imports, ongoing supply concerns, high lease rates and increased investor interest as high gold prices push consumers toward cheaper alternatives, analysts say.

"The supply-demand dynamics at play in the platinum market do hint at there being further upside in store for the price," KCM Trade Chief Market Analyst Tim Waterer said.

Palladium lost 1.1% to $1,036.74, while silver fell 1.2% to $36.31 per ounce.