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Saudi Arabia Aims to Boost Polymer-based Manufacturing Industries

Deputy Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil bin Salamah. (Asharq Al-Awsat)
Deputy Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil bin Salamah. (Asharq Al-Awsat)
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Saudi Arabia Aims to Boost Polymer-based Manufacturing Industries

Deputy Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil bin Salamah. (Asharq Al-Awsat)
Deputy Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil bin Salamah. (Asharq Al-Awsat)

Deputy Minister of Industry and Mineral Resources for Industrial Affairs Eng. Khalil bin Salamah said Saudi Arabia aims to achieve a fourfold increase of production in polymer-based manufacturing industries by 2035.

Speaking to Asharq Al-Awsat on the sidelines of the Riyadh International Industry Week, which kicked off on Monday, the minister underlined the importance of this objective in providing great opportunities for investors.

The event, which concludes on Friday, was inaugurated by Minister of Industry and Mineral Resources, Bandar Alkhorayef at the Riyadh International Convention and Exhibition Center.

The event features four exhibitions: the Saudi Exhibition for Plastics and Petrochemical Industries, the Saudi Exhibition for Printing and Packaging, the Saudi Exhibition for Smart Logistics Services, and the Saudi Exhibition for Smart Manufacturing.

The event is also an opportunity to discuss fair competition and competitive environment, as well as sustainability and export capabilities. It features a number of activities that aim to support the industry in Saudi Arabia, with the participation of more than 500 companies from 24 different countries.

Bin Salameh said such events highlight the volume of investments expected in the Kingdom, and bolster communication between producing firms, such as Aramco, SABIC, Petro Rabigh, Sadara, and resource consuming companies.

The deputy minister went on to say that the event opens a wide scope for new investments, whether equipment manufacturers or investors, who have found that expansion in this field is feasible.

The automobile industry in Saudi Arabia is notably undergoing a major transformation through the production of electric vehicles and the establishment of factories for local manufacturing.

The Kingdom’s automotive industry is expected to grow 12 percent by the end of the decade thanks to Vision 2030 and its ambitious goals in environmentally friendly mobility and autonomous transportation. The industry will benefit from the Kingdom’s strategic location and investment in advanced technologies.

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Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot 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/File Photo
A view shows an ingot 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/File Photo
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Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot 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/File Photo
A view shows an ingot 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/File Photo

Gold prices extended declines on Tuesday, hitting a more than one-week low, pressured by a jump in US dollar and easing safe-haven demand after reports of a possible Lebanon-Israel ceasefire.

Spot gold was down 0.4% at $2,614.56 per ounce as of 0845 GMT, after hitting its lowest since Nov. 18 earlier in the session. US gold futures edged 0.1% lower to $2,614.80, Reuters reported.

The precious metal fell 3.2% on Monday, its deepest one-day decline in more than five months, on news that Israel looked set to approve a US plan for a ceasefire with the Iran-backed Hezbollah, with further pressure from Trump's nomination of Scott Bessent as the US Treasury secretary.

Meanwhile, the Kremlin said it had noted that Trump's circle was speaking about a potential peace plan for Ukraine.

"This has reduced the geopolitical risk premium, leading to a decline in gold prices," said Soni Kumari, a commodity strategist at ANZ, adding that a stronger US dollar is also weighing on investor appetite for gold. The dollar was up by 0.3%, after US President-elect Donald Trump vowed tariffs against Mexico, Canada and China, reducing gold's appeal for holders of other currencies.

"So now the focus will shift back to, what Fed is going to do in December meeting," Kumari said. Federal Reserve Bank of Minneapolis President Neel Kashkari, typically on the hawkish end of the US central bank's policy spectrum, said he is open to cutting rates again next month.

Traders will also keep a close eye on US consumer confidence data and the minutes from the Fed's November meeting later in the day.

"I expect gold to trade in a narrow range in the short term, with a slight upward drift," Matt Simpson, a senior analyst at City Index said.

Spot silver slipped by 0.1% to $2,614.80 per ounce, platinum shed 1.1% to $928.40 and palladium was down 0.2% to $971.10.