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Saudi EXIM Signs Line of Credit Agreement with Ziraat Bank of Türkiye

Saudi EXIM chief executive Saad bin Abdulaziz AlKhalb signed the agreement in Istanbul, Republic of Türkiye. - SPA
Saudi EXIM chief executive Saad bin Abdulaziz AlKhalb signed the agreement in Istanbul, Republic of Türkiye. - SPA
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Saudi EXIM Signs Line of Credit Agreement with Ziraat Bank of Türkiye

Saudi EXIM chief executive Saad bin Abdulaziz AlKhalb signed the agreement in Istanbul, Republic of Türkiye. - SPA
Saudi EXIM chief executive Saad bin Abdulaziz AlKhalb signed the agreement in Istanbul, Republic of Türkiye. - SPA

The Saudi Export-Import Bank (Saudi EXIM) announced it signed a line of credit agreement worth $100 million with the Turkish Ziraat Bank, which aims at financing the export activities of Saudi non-oil products and services to Turkish markets.
The agreement comes within the EXIM’s efforts to empower the non-oil national economy and enhance the competitiveness of Saudi products in international markets, according to SPA.
Saudi EXIM chief executive Saad bin Abdulaziz AlKhalb signed the agreement in Istanbul, Republic of Türkiye.
AlKhalb explained that the agreement comes within the framework of the bank’s efforts to strengthen international trade relations to open new markets for Saudi exporters to expand their activities and increase Saudi products and services to global markets, underlying the bank’s endeavor to achieve the targets of the Saudi Vision 2030 in creating a diversified and sustainable economy, maximizing the economic impact of export activities, and increasing Its contribution to non-oil gross domestic product (GDP) to 50% by 2030.

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Gold Set for Second Straight Weekly Rise

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Set for Second Straight Weekly Rise

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices firmed on Friday and were set for a second straight weekly gain, while traders awaited US employment data to gauge the trajectory of the Federal Reserve's potential interest rate cuts.
Spot gold rose 0.3% at $2,363.19 per ounce, as of 0506 GMT and was up more than 1% for the week. US gold futures gained 0.1% to $2,372.60, Reuters said.
The US dollar was on track for a weekly decline, making dollar priced-bullion more attractive to buyers holding other currencies.
"Gold has enjoyed a productive week so far, with the precious metal being a beneficiary of some weaker US macro data," said Tim Waterer, KCM Trade's chief market analyst.
Economic data on Wednesday, including weak services and ADP employment reports, pointed to a slowing US economy. A separate report showed an increase in initial applications for US unemployment benefits last week.
Market spotlight is on the US nonfarm payrolls report due at 1230 GMT.
"If the jobs data misses the mark on the lower side, I expect investors will start to further fancy a possible September rate cut from the Fed, which could see gold have another crack at the $2,400 level," Waterer said.
Traders are currently pricing in about a 73% chance of a Fed rate cut in September, according to CME FedWatch Tool.
Lower interest rates reduce the opportunity cost of holding non-yielding gold.
Analysts at NAB expect gold prices to average around $2,200 per ounce in 2024 before easing to $2,050 in 2025.
"Gold demand in early 2024 has been underpinned by central bank purchases – with a key priority of these institutions appearing to be the diversification of assets within their reserves," NAB said in a note.
Spot silver rose 0.5% to $30.56 and was headed for its best week since May 17.
Platinum fell 0.3% to $999.64. Palladium gained 0.5% to $1,022.25 and was headed for a third consecutive weekly gain.