Saudi Arabia to Host Largest Construction Expo in February

The largest construction event in Saudi Arabia, Big 5 Construct Saudi, returns for its 12th edition to the Riyadh Front Exhibition and Conference Centre on February 26-29. (Asharq Al-Awsat)
The largest construction event in Saudi Arabia, Big 5 Construct Saudi, returns for its 12th edition to the Riyadh Front Exhibition and Conference Centre on February 26-29. (Asharq Al-Awsat)
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Saudi Arabia to Host Largest Construction Expo in February

The largest construction event in Saudi Arabia, Big 5 Construct Saudi, returns for its 12th edition to the Riyadh Front Exhibition and Conference Centre on February 26-29. (Asharq Al-Awsat)
The largest construction event in Saudi Arabia, Big 5 Construct Saudi, returns for its 12th edition to the Riyadh Front Exhibition and Conference Centre on February 26-29. (Asharq Al-Awsat)

The largest construction event in Saudi Arabia, Big 5 Construct Saudi, returns for its 12th edition to the Riyadh Front Exhibition and Conference Centre on February 26-29.

The top expo will bring together over 1,300 exhibitors, recording a strong 55% increase compared to last year’s edition, from over 40 countries to connect with over 55,000 construction professionals.

As it contributes to the future of the Kingdom’s construction sector, Big 5 Construct Saudi showcases more than 20,000 products and services under nine product sectors in 2024.

It co-locates with four specialized events: HVAC R Expo Saudi, FM Expo Saudi, Stone & Surface Saudi Arabia and Windows, Doors and Facades Event Saudi.

This year, the trade exhibition will host 20 country pavilions, including Germany, China, Greece, Italy, Türkiye, the UAE, the US and Qatar, with Egypt, Jordan, Spain and India joining the lineup for the first time.

Saudi Arabia’s construction sector is expected to grow at an average annual rate of 4% between 2024 and 2027, driven by strategic initiatives focused on economic diversification in alignment with Vision 2030.

Building on this momentum, Big 5 Construct Saudi is returning with an edition that is doubled in size and capacity covering an area of 70,000 sq m.

Supporting product sectorization, the four-day event will also focus on four new sectors, such as Concrete, Construction Technologies and Steel and Urban Design and Landscape, which together with the existing product sectors cover the entire construction value chain.

From construction leaders to innovators, architects to project and facilities management practitioners as well as technologists, the talks will provide insightful takeaways under 13 streams.

They include concrete, sustainability, technology innovations and digital transformation in construction, contracting strategies, risk management and legal, decarbonization, HVAC R, architecture and design, facilities management, giga project updates, intelligent buildings, project management and leadership.



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.