NEOM Hosts Leading Industry Figures for its ‘Discover NEOM’ China Showcase

The tour began in Beijing on April 15, and continued in Shanghai on April 17. (SPA)
The tour began in Beijing on April 15, and continued in Shanghai on April 17. (SPA)
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NEOM Hosts Leading Industry Figures for its ‘Discover NEOM’ China Showcase

The tour began in Beijing on April 15, and continued in Shanghai on April 17. (SPA)
The tour began in Beijing on April 15, and continued in Shanghai on April 17. (SPA)

Saudi Arabia’s NEOM kicked off the China leg of its global “Discover NEOM” tour, in Beijing and Shanghai, with over 500 senior business and industry leaders in attendance.

The tour began in Beijing on April 15, and continued in Shanghai on April 17, said NEOM in a statement on Wednesday.

Organized in partnership with CCPIT Beijing and CCPIT Shanghai, the events included a series of presentations by NEOM’s leadership team showcasing on-the-ground progress and milestones to date, as well as details of NEOM’s various economic sectors.

The events highlighted opportunities for Chinese companies to engage and invest in NEOM. A number of companies expressing interest and discussing tangible next steps with NEOM leadership.

The agenda also included a forum that explored the vast number of opportunities available for Chinese construction companies. Over 100 companies participated in the forum and were briefed about the onsite construction progress across NEOM and its regions.

A private showcase, titled “Discover NEOM: A New Future by Design”, was the highlight of the events. It provided guests with an immersive experience that explored THE LINE, the 170-kilometer-long city that will be the future of urban living; Oxagon, which is redefining the traditional industrial model; Trojena, the mountain resort of NEOM, and finally, Sindalah, a luxury island destination in the Red Sea that will be open to the public later this year.

NEOM CEO Nadhmi Al-Nasr said: “We are grateful to CCPIT Beijing and CCPIT Shanghai for supporting our visit to China and for the opportunity to present NEOM’s vision.”

“To date, NEOM has already engaged with over 15 major Chinese businesses and invested in a number of Chinese startups to support the growth and diversification of NEOM. Collaboration with China will continue to play a vital role in the development of NEOM, and we look forward to strengthening our engagement with the country’s business community.”

CCPIT Beijing Chairman Guo Huaigang said that NEOM and Beijing have significant potential for economic cooperation, and that both are accelerating the development of new modes of productivity, deepening comprehensive reforms, promoting scientific and technological innovation, and working to ensure the protection of the environment. He added that CCPIT Beijing looks forward to the role the cooperation can have in Beijing’s future prosperity.

Deputy Secretary General of Shanghai Municipal Government Zhao Zhuping said: “Shanghai greatly values our relationship with Saudi Arabia. Over the years, we have engaged in extensive cooperation in trade, education, culture and more. We look forward to deepening mutually beneficial engagement with NEOM across infrastructure, renewable energy and technological innovation. The benefits and opportunities for this partnership will only continue to grow.”

“Discover NEOM” China is the latest edition of NEOM’s global roadshow; it follows engagements in key international markets, including Seoul, Tokyo, Singapore, New York City, Boston, Washington, D.C., Miami, Los Angeles, San Francisco, Paris, Berlin and London.



Gold Slips as US Bond Yields Rise, Investors Assess New Tariffs

Gold rings are displayed in a gold shop in Chinatown in Bangkok, Thailand August 21, 2018. REUTERS/Soe Zeya Tun/File Photo
Gold rings are displayed in a gold shop in Chinatown in Bangkok, Thailand August 21, 2018. REUTERS/Soe Zeya Tun/File Photo
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Gold Slips as US Bond Yields Rise, Investors Assess New Tariffs

Gold rings are displayed in a gold shop in Chinatown in Bangkok, Thailand August 21, 2018. REUTERS/Soe Zeya Tun/File Photo
Gold rings are displayed in a gold shop in Chinatown in Bangkok, Thailand August 21, 2018. REUTERS/Soe Zeya Tun/File Photo

Gold prices eased on Tuesday, weighed by higher US Treasury yields as US President Donald Trump announced new tariff proposals on trading partners, including Japan and South Korea.

Spot gold was down 0.2% at $3,328.67 per ounce, as of 1207 GMT. US gold futures fell 0.1% to $3,338.20.

The yield on benchmark US 10-year notes rose to a two-week peak, making the non-yielding bullion less attractive.

"Gold is stuck between a rock and a hard place," said UBS commodity analyst Giovanni Staunovo, Reuters reported.

"Negative for the gold price is the US decision to extend the deadline for a trade deal for many trade partners, positive for the gold price is the fact that key US trading partners in Asia might have to deal with higher tariffs in the near future, weighing on economic growth prospects."

On Monday, Trump told 14 countries that sharply higher tariffs would start on August 1, marking a new phase in the trade war he launched in April, with levies between 25% and 40%.

The new deadline was firm, Trump said, adding that he would consider extensions if countries made proposals for a trade deal.

"Reciprocal tariffs" were to be capped at 10% until July 9 to allow for negotiations, but so far, agreements have been reached only with Britain and Vietnam. In June, Washington and Beijing agreed on a framework covering tariff rates.

Meanwhile, China has warned the Trump administration against reigniting trade tensions and threatened to retaliate against nations that strike deals with the US to exclude it from their supply chains.

Trump's tariffs have stoked inflation fears, further complicating the US Federal Reserve's path to lower interest rates.

Investors await minutes of the Fed's June meeting, due on Wednesday, for more clues into the bank's policy outlook.

Spot silver fell 0.1% to $36.71 per ounce, platinum rose 0.2% to $1,372.51, and palladium rose 0.6% to $1,117.33.