عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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)
TT
TT

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.

Most Viewed

 
 
Business

Gold Stabilizes after Selloff as Wider Markets Regain Balance

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
TT
TT

Gold Stabilizes after Selloff as Wider Markets Regain Balance

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 held steady on Tuesday, anchored by stability in European equities and US stock futures, a day after bullion's sharp decline amid a tech-led selloff.

Spot gold was steady at $2,742.37 per ounce by 12:05 GMT. US gold futures rose 0.3% to $2,746.70.

"After the drop yesterday, with gold likely being used to cover losses in other asset classes, stable equity markets in Europe are keeping gold stable too," UBS analyst Giovanni Staunovo said, Reuters reported.

Gold fell over 1% on Monday, marking its steepest drop since Dec. 18, as investors rushed to liquidate bullion to offset losses triggered by a sharp pullback in technology stocks, spurred by DeepSeek's low-cost, low-power AI model, casting doubt on the dominance of traditional AI giants.

Investors' focus is now set upon the Federal Reserve's first meeting this year, scheduled to start later in the day.

Policymakers are expected to leave interest rates unchanged at the end of the two-day meeting.

However, US President Donald Trump saying he wants borrowing costs to be lowered cast some doubt over the independence of the Fed's decision.

"Market uncertainty should still support demand for gold over the coming months, we still look for higher prices later this year, driven also by further rate cuts by the Fed," Staunovo added.

Trump's policies, in addition to being perceived as inflationary, could potentially trigger trade wars, increasing safe-haven demand for bullion.

Gold prices look set for a record-breaking year due to heightened economic uncertainty and inflation concerns, a Reuters poll showed.

However, analysts downgraded their 2025 price forecasts for platinum and palladium as demand struggles to improve significantly.

Spot silver fell 0.1% to $30.17 per ounce, palladium was down by 0.1% to $959.75 and platinum also shed 0.1% to $946.05.