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Saudi, British Companies Seek to Explore Sustainable Partnerships

Participants in the Great Futures Initiative conference which was recently held in Riyadh (Asharq Al-Awsat)
Participants in the Great Futures Initiative conference which was recently held in Riyadh (Asharq Al-Awsat)
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Saudi, British Companies Seek to Explore Sustainable Partnerships

Participants in the Great Futures Initiative conference which was recently held in Riyadh (Asharq Al-Awsat)
Participants in the Great Futures Initiative conference which was recently held in Riyadh (Asharq Al-Awsat)

Several major national companies are participating in the UK-Saudi Sustainable Infrastructure Summit in London on June 24-26.

According to information made available to Asharq Al-Awsat, the Federation of Saudi Chambers is seeking to mobilize the largest possible number of companies specialized in sustainable infrastructure to explore partnerships with the United Kingdom in green construction, smart cities, and technologies.

The summit will address topics that touch on the importance of Saudi-British cooperation in developing and financing sustainable infrastructure and development of cities, in addition to green technology and renewable energy initiatives.

Trade Exchange

The event will be followed by a meeting of the sectoral working groups on June 25 and an evening celebration of the tenth anniversary of the British-Saudi Business Council. The Sports Investment Forum will be held on June 26.

The value of trade exchange between Saudi Arabia and Britain exceeded 17 billion pounds ($21 billion), while the two countries aim to increase the volume of bilateral trade to $37.5 billion by 2030.

In May, Riyadh hosted the Great Futures conference, one of the initiatives of the Saudi-British Strategic Partnership Council, which is chaired by Saudi Crown Prince Mohammed bin Salman and UK Prime Minister Rishi Sunak.

The conference sought to strengthen economic relations in several promising sectors, in addition to developing trade and mutual investment.

The two kingdoms explored opportunities through 60 initiatives in 13 sectors that enhance economic, trade and investment partnerships in all fields.

Speaking at the event in May, Saudi Minister of Commerce Dr. Majid Al-Qasabi said that the United Kingdom is the second largest exporter of services in the world, and that his country has promising opportunities and a will to diversify the economy.

He added that joint cooperation between the two countries covers various fields, with a focus on the commercial, financial, digital, cultural, educational and health sectors, as well as sports, tourism and entertainment.

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Gold Set For Third Quarterly Gain; US Inflation Data in Focus

Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk/File Photo
Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk/File Photo
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Gold Set For Third Quarterly Gain; US Inflation Data in Focus

Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk/File Photo
Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk/File Photo

Gold prices eased on Friday, but were set for a third straight quarterly rise, while investors looked forward to US inflation data due later in the day for more clarity on the Federal Reserve's interest rate-cut timeline.
Spot gold was down 0.1% at $2,326.27 per ounce, as of 0741 GMT. Prices have gained over 4% for the quarter, Reuters said.
US gold futures was unchanged at $2,336.90.
"Gold is up on the quarter, largely as the scope for monetary easing in the US has increased ... China also bought large amounts of gold for their reserves, which helped offer support in the second quarter," said Ilya Spivak, head of global macro at Tastylive.
After adding to its gold reserves for 18 consecutive months, official data from the People's Bank of China (PBOC) showed its holdings were flat in May. A survey by the World Gold Council, however, found that more central banks may increase gold reserves within 12 months.
Gold rose more than 1% in the previous session after data showed a continued, though moderate, slowdown in US economic activity. Currently, the market sees a 64% chance of a first Fed rate cut in September, according to the CME FedWatch tool.
However, Fed Governor Michelle Bowman reiterated on Thursday that she is not ready yet to support a rate cut with inflation pressures still elevated.
The US personal consumption expenditures (PCE) price index - the Fed's preferred inflation measure - is due at 1230 GMT.
A soft set of PCE figures is required to keep hopes of Fed easing alive and further support gold, City Index senior analyst Matt Simpson said.
While bullion is considered an inflation hedge, higher rates increase the opportunity cost of holding the non-yielding asset.
Spot silver rose 0.3% to $29.15 and platinum gained 1.2% to $999.20. Both metals were set for quarterly gains.
Spot palladium climbed 2.6% to $953.07.