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Saudi FSC Chief: Private Sector Keen to Utilize Available Opportunities to Boost Trade with Cuba

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Saudi FSC Chief: Private Sector Keen to Utilize Available Opportunities to Boost Trade with Cuba

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

President of the Federation of Saudi Chambers (FSC) Hassan bin Mujib Al-Huwaizi said the private sector looks forward to boosting trade between the Kingdom of Saudi Arabia and the Republic of Cuba in light of the available opportunities, SPA said on Saturday.
Huwaizi expressed optimism about a promising future for trade and investment between the two countries as he met in Riyadh on Friday with Cuban Vice Prime Minister and Minister for Foreign Trade and Foreign Investment Ricardo Cabrisas.
Cabrisas is on a visit to the Kingdom heading a delegation of government officials.
Huwaizi underscored the Saudi-Cuban determination to upgrade economic relations between the two countries, highlighting the important role of the Saudi and Cuban business sectors in advancing the path of economic cooperation.
Cabrisas noted the great incentives and protection that the Cuban investment act provides for foreign investors.
He added that discussions are underway with Saudi officials about banking cooperation and agreements to enhance investment between the two countries.
Trade exchange between the Kingdom and Cuba hit US$97 million in 2022, up by 190 percent from 2021.

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Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices climbed on Friday, supported by safe-haven demand arising from the Middle East conflict, while spotlight shifted towards US payrolls report to gauge the trajectory of the Federal Reserve's policy path.
Spot gold was up 0.3% at $2,662.50 per ounce, as of 0325 GMT, after climbing to an all-time high of $2,685.42 on Sept. 26. Bullion has gained 0.2 for the week.
US gold futures edged 0.1% higher to $2,682.10.
The dollar eased 0.1%, pulling back from over a one-month high, making greenback-priced bullion less expensive for other currency holders, reported Reuters.
Geopolitical tensions, particularly concerning Israel and Iran, are supporting gold prices and unless these risks subside, prices are likely to remain near record levels, said Ajay Kedia, director at Kedia Commodities, Mumbai.
The US is discussing strikes on Iran's oil facilities as retaliation for Tehran's missile attack on Israel, President Joe Biden said, while Israel's military hit Beirut with new air strikes in its battle against Lebanese armed group Hezbollah.
Bullion is considered a safe investment during times of political and financial uncertainty, and thrives in a low-rate environment.
The US nonfarm payroll data is due at 1230 GMT. New York Fed President John Williams and Chicago Fed President Austan are also scheduled to speak later in the day.
If the NFP report comes in strong, it will be positive for the dollar and then gold prices will see some profit-booking, Kedia added.
Traders see a 69% chance of a 25-basis-point Fed rate cut in November, according to CME FedWatch Tool.
BMI said in a note it expects gold prices to trade within the range of $2,500 to $2,800 in the coming months.
Spot silver rose 0.4% to $32.17 per ounce and has gained about 1.8% so far this week.
Platinum climbed 1.1% to $1,001.79 and palladium advanced 1.4% to $1,013.46.