Saudi GAMI Announces 10 Investment Opportunities in Defense Sector

Hawk T1A trainer aircraft of the Saudi Falcons aerobatic team perform during an air show marking Saudi Arabia's 93rd National Day celebrations in Riyadh on September 23, 2023. (AFP)
Hawk T1A trainer aircraft of the Saudi Falcons aerobatic team perform during an air show marking Saudi Arabia's 93rd National Day celebrations in Riyadh on September 23, 2023. (AFP)
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Saudi GAMI Announces 10 Investment Opportunities in Defense Sector

Hawk T1A trainer aircraft of the Saudi Falcons aerobatic team perform during an air show marking Saudi Arabia's 93rd National Day celebrations in Riyadh on September 23, 2023. (AFP)
Hawk T1A trainer aircraft of the Saudi Falcons aerobatic team perform during an air show marking Saudi Arabia's 93rd National Day celebrations in Riyadh on September 23, 2023. (AFP)

The Saudi General Authority for Military Industries (GAMI) announced on Monday ten investment opportunities with joint military and civilian uses as a first stage.

The new investments are part of the direct outcome of the Military Industries Enabler initiative, launched by the Authority earlier this year.

It underscores Saudi Arabia’s commitment to enhancing its military capabilities, diversifying its economy, and providing attractive investment opportunities.

The investment portfolio is designed to cater to various stakeholders in the defense sector, including manufacturers and service providers. It also extends an invitation to supporting industries that can enhance the nation’s strategic military readiness.

The opportunities available through the Authority’s official website and the “Invest in Saudi Arabia” platform aim to provide attractive opportunities for investors and those interested in establishments operating in the sector, including manufacturers and service providers.

GAMI Governor Ahmed al-Ohali appreciated the efforts of Minister of Investment Khaled al-Falih for the support provided by the Ministry in enabling local and international investors.

He highlighted the crucial role of the Ministry of Investment in facilitating access to sector opportunities for local and international investors through the Invest in Saudi Arabia platform.

The Authority urged investors and those interested to visit its website and communicate with the work team to answer any inquiries, explain these opportunities in more depth, and enable access via the designated e-mail.



Gold Hits Four-week Peak on Safe-haven Demand

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 Hits Four-week Peak on Safe-haven Demand

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 rose to a near four-week high on Thursday, supported by safe-haven demand, while investors weighed how US President-elect Donald Trump's policies would impact the economy and inflation.

Spot gold inched up 0.4% to $2,672.18 per ounce, as of 0918 a.m. ET (1418 GMT). US gold futures rose 0.7% to $2,691.80.

"Safe-haven demand is modestly supporting gold, offsetting downside pressure coming from a stronger dollar and higher rates," UBS analyst Giovanni Staunovo said.

The dollar index hovered near a one-week high, making gold less appealing for holders of other currencies, while the benchmark 10-year Treasury yield stayed near eight-month peaks, Reuters reported.

"Market uncertainty is likely to persist with the upcoming inauguration of Donald Trump as the next US president," Staunovo said.

Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries, CNN reported on Wednesday, citing sources familiar with the matter.

Trump will take office on Jan. 20 and his proposed tariffs could potentially ignite trade wars and inflation. In such a scenario, gold, considered a hedge against inflation, is likely to perform well.

Investors' focus now shifts to Friday's US nonfarm payrolls due at 08:30 a.m. ET for further clarity on the Federal Reserve's interest rate path.

Non-farm payrolls likely rose by 160,000 jobs in December after surging by 227,000 in November, a Reuters survey showed.

Gold hit a near four-week high on Wednesday after a weaker-than-expected US private employment report hinted that the Fed may be less cautious about easing rates this year.

However, minutes of the Fed's December policy meeting showed officials' concern that Trump's proposed tariffs and immigration policies may prolong the fight against rising prices.

High rates reduce the non-yielding asset's appeal.

The World Gold Council on Wednesday said physically-backed gold exchange-traded funds registered their first inflow in four years.

Spot silver rose 0.7% to $30.32 per ounce, platinum fell 0.8% to $948.55 and palladium shed 1.4% to $915.75.