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Saudi Arabia: Arar Prepares to Explore $6 Bn Investment Opportunities

Northern Borders Investment Forum hall (Asharq Al-Awsat)
Northern Borders Investment Forum hall (Asharq Al-Awsat)
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Saudi Arabia: Arar Prepares to Explore $6 Bn Investment Opportunities

Northern Borders Investment Forum hall (Asharq Al-Awsat)
Northern Borders Investment Forum hall (Asharq Al-Awsat)

The Northern Borders Investment Forum in Arar, northern Saudi Arabia, is expected to reveal investment opportunities worth approximately $6 billion in various sectors.

On Saturday, the Governor of the Northern Borders Region, Prince Faisal bin Khalid bin Sultan, will inaugurate the event with several national and international officials and experts.

The event is organized by the region directorate and the Federation of Saudi Chambers. It will host several ministers, officials, experts, advisors, company presidents, executive directors, and business people.

It is scheduled to present more than 157 investment opportunities in the northern border region, with an estimated value of $5.8 billion, in various targeted sectors, such as transportation, logistics services, mining, education, health, real estate development, industry, tourism, hospitality, and scientific research.

The forum will include seven sessions with the participation of Minister of Commerce Majid al-Qasabi, Minister of Investment Khalid al-Falih, Minister of Environment, Water and Agriculture, Abdulrahman al-Fadhli, Deputy Minister of Education Mohammad al-Sudairi, Deputy Minister of Industry and Mineral Resources Khaled al- Mudaifer.

The sessions will include the Maaden CEO Robert Wilt, Deputy Governor of the Saudi Arabian Monetary Agency for Research and International Affairs Fahad al-Shathri, and several international officials.

Through its sessions, the forum reviews investment trends, horizons, opportunities in the northern border region, ways to stimulate investment growth and business sustainability, support programs, and financing solutions for investors.

It also addresses the efforts of Saudi foreign business councils in stimulating trade, investment, and government initiatives to empower investors in the region.

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FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Retreats as Dollar Firms; Fed Decision Looms

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices dipped on Monday, pressured by a firmer US dollar, while investors focused on the Federal Reserve's first meeting of 2025 for more guidance on the interest rate path.

Spot gold dropped 0.7% to $2,751.71 per ounce by 0748 GMT, after trading just below record-high levels on Friday. US gold futures fell 0.8% to $2,756.30.

The dollar gained 0.2%, making gold expensive for other currency holders, Reuters said.

"The US dollar could be the main culprit for gold's weakness... However, the current movement suggests that the downside for the yellow metal is still limited, potentially aided by safe-haven flows," IG market strategist Yeap Jun Rong said.

The US and Colombia pulled back from the brink of a trade war after the White House said the South American nation had agreed to accept military aircraft carrying deported migrants.

Gold is considered a hedge against geopolitical turmoil and inflation. It also tends to thrive in a low interest rate environment as it yields no interest.

Fed policymakers are largely expected to keep rates steady at the end of their Jan. 28-29 meeting, marking the first pause in the rate-cutting cycle that began in September.

"Market focus will likely be on how the Fed reacts to comments from President Trump, who has called for continued interest rate cuts," Reliance Securities' senior analyst Jigar Trivedi said.

Data since the Fed's December meeting has kept intact the core view among Fed officials that inflation will continue to move steadily, if slowly, towards 2%, with a low unemployment rate and continued hiring and economic growth.

COMEX gold speculators raised net long position by 21,864 contracts to 234,358 in the week to Jan. 21, data showed on Friday.

Spot silver dropped 1.3% to $30.20 per ounce, palladium dipped 1.8% to $969.83 and platinum fell 0.9% to $940.40.