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International Companies Gather in Riyadh to Explore Giga Saudi Projects

The Saudi Giga Projects 2024 kicked off on Monday in Riyadh. (Asharq Al-Awsat)
The Saudi Giga Projects 2024 kicked off on Monday in Riyadh. (Asharq Al-Awsat)
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International Companies Gather in Riyadh to Explore Giga Saudi Projects

The Saudi Giga Projects 2024 kicked off on Monday in Riyadh. (Asharq Al-Awsat)
The Saudi Giga Projects 2024 kicked off on Monday in Riyadh. (Asharq Al-Awsat)

More than 600 investors and representatives of local and international companies gathered in Riyadh to explore the Giga projects that are currently being implemented in Saudi Arabia, namely NEOM, Qiddiya, The Red Sea, Roshen, and Diriyah.
The two-day Saudi Giga Projects 2024 kicked off on Monday, in the presence of government agencies, developers, contractors, consultants, suppliers and thought leaders, to discover the huge projects taking place in the Kingdom within the framework of Vision 2030.
In remarks to Asharq Al-Awsat, CEO of Expertise Contracting Co. Ltd., Mohammad Ashif, said that his company works with giant Saudi projects such as The Red Sea and Qiddiya, and provides services to the King Salman Park, with the aim to develop Saudi Arabia’s infrastructure in line with Vision 2030.
Expertise Contracting Co. Ltd. is a leading industrial group in Saudi Arabia and the Middle East. It provides services in various sectors, including petrochemicals, oil and gas, fertilizers, steel, cement, water treatment, and power generation sectors.
Ashif stressed that Saudi Arabia is considered a model for the future of construction and infrastructure, and has achieved a 40 percent annual growth in this field during the past five years.
For his part, the regional account manager at MEED, the global business intelligence company, Alaa Khamis, told Asharq Al-Awsat that the volume of the Kingdom’s major projects will exceed $850 billion in 2023. He continued that the value of the contracts that were delivered last year amounted to about $65 billion, covering various sectors.
During the event, speakers discussed the latest trends and technologies in giant Saudi projects, pointing to a great interest by international companies to explore investment opportunities in Saudi Arabia.
The CEO of Asfar Tourism Investment Company, which is wholly owned by the Public Investment Fund (PIF), Fahad bin Mushayt, said that one of the company’s main goals focuses on empowering the private sector.
He also announced the full opening of the first resort in the city of Al Baha at the end of 2024.
The Saudi Giga Projects 2024 featured a dynamic program of keynote speeches and panel discussions presented by more than 30 speakers.
Participants listened to updates and in-depth insights about major Saudi giant projects, including Trojena, New Square, Diriyah, King Salman Park and Red Sea International.

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Business

Gold Edges Up on Softer Dollar; Focus on US Inflation Data

Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/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 Edges Up on Softer Dollar; Focus on US Inflation Data

Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices inched up on Wednesday as the US dollar eased, while investors' focus shifted to key inflation data from the world's biggest economy for cues on the likely scale of a Federal Reserve rate cut next month.
Spot gold rose 0.3% to $2,639.30 per ounce, as of 0523 GMT. Bullion hit an over one-week low on Tuesday.
US gold futures rose 0.7% to $2,639.40.
The dollar index was down 0.1%, boosting gold's appeal for holders of other currencies. The greenback fell to a near one-week low on Tuesday.
"Gold has been fluctuating alongside dollar volatility. However, in the Asian session, the price movement has been marginal," said Kyle Rodda, financial market analyst at Capital.com.
"In the long run, I think Trump's trade war may be positive for gold because of higher debt loads and a touch of dedollarization," Rodda said.
Investors digested a handful of economic data on Tuesday indicating the economy remained on solid footing.
Traders will now closely monitor core PCE figures, initial jobless claims and GDP (first revision), set for release later in the day.
Markets currently see a 63% chance of a 25-basis-point rate cut by the Fed in December, as per the CME group's FedWatch tool.
Trump's appointments and policies that pressure the Fed, increase deficits, escalate tariffs, or raise concerns about US financial sustainability could collectively support gold prices, said Daan Struyven, co-head of global commodities research at Goldman Sachs.
Elsewhere, China's net gold imports via Hong Kong in October fell from September and were down 43% from the previous year, data showed.
On the geopolitical front, US-France brokered ceasefire between Israel and Iran-backed group Hezbollah took effect at 0200 GMT on Wednesday.
Spot silver edged 0.2% higher to $30.47 per ounce, platinum fell 0.1% to $926.74 and palladium added 0.3% to $980.55