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Riyadh to Host the 42nd FIABCI Global Leadership Summit in December

Riyadh will host the 42nd FIABCI Global Leadership Summit in December.
Riyadh will host the 42nd FIABCI Global Leadership Summit in December.
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Riyadh to Host the 42nd FIABCI Global Leadership Summit in December

Riyadh will host the 42nd FIABCI Global Leadership Summit in December.
Riyadh will host the 42nd FIABCI Global Leadership Summit in December.

Riyadh is preparing to host the 42nd FIABCI Global Leadership Summit in December to discuss the latest developments in the domestic and international real estate sector.

The summit is slated to bring together a large group of real estate leaders and decision-makers who will share knowledge, best practices, outcome of research and development, and aspects of industry development.

The summit, held with the support and sponsorship of the Real Estate General Authority, will be held amid wide-scale movement in the sector, both locally and globally.

Bringing together a select group of real estate developers, investors and members of the International Real Estate Federation (FIABCI), the summit will also be an opportunity to highlight the pioneering role of the Kingdom in the real estate sector.

Moreover, it will feature major achievements made by the real estate and housing sector in the Kingdom, both in terms of relevant legislation and of major technological and digital developments, which have contributed to regulating the real estate sector and attracting local and international considerable real estate investment.

Real Estate General Authority CEO Eng. Abdullah bin Saud Al-Hammad said the summit this year will be an important platform to share the Kingdom's experience in the real estate sector and highlight its achievements, especially in regards to legislation, in line with the applicable objectives set out in Vision 2030.

The 42nd FIABCI Global Leadership Summit is expected to draw a large number of local and international real estate leaders, developers and investors, in addition to FIABCI members and keynote speakers from more than 110 countries who will take part in discussions and specialized workshops.

Discussions will tackle, among others, efforts to develop the real estate sector in international and regional markets.

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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
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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.