13 Entities Highlight Development of Saudi Logistics Services at Shanghai Expo

The Saudi pavilion at the International Transportation and Logistics Expo (CITLE) in Shanghai, China. (Asharq Al-Awsat)
The Saudi pavilion at the International Transportation and Logistics Expo (CITLE) in Shanghai, China. (Asharq Al-Awsat)
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13 Entities Highlight Development of Saudi Logistics Services at Shanghai Expo

The Saudi pavilion at the International Transportation and Logistics Expo (CITLE) in Shanghai, China. (Asharq Al-Awsat)
The Saudi pavilion at the International Transportation and Logistics Expo (CITLE) in Shanghai, China. (Asharq Al-Awsat)

Thirteen Saudi entities working in the transportation and logistics services are highlighting the Kingdom’s infrastructure development in the maritime, land, air and rail sectors at China’s International Transportation and Logistics Expo (CITLE), underway in Shanghai from June 25-27.

Saudi Arabia witnessed rapid progress in the transportation and logistics services sector after it developed a national strategy in 2021 that defines the country’s ambitious path and goals to consolidate its position as a global logistics hub linking the three continents.

Entities participating in the Shanghai exhibition include the Ministry of Transport and Logistics Services, the Ministry of Investment, the National Industrial Development and Logistics Services Program (NIDLP), the General Authority of Civil Aviation, the Transport General Authority, as well as the Zakat, Tax and Customs Authority, and other bodies concerned with transportation and logistics services.

The participation of Saudi government entities aims to shed light on the progress achieved and work to promote cooperation with local and international markets with the aim to develop the sector, take advantage of the Kingdom’s distinctive geographical location, and enact regulations and legislation to create a stimulating and attractive investment environment that will transform Riyadh into a global logistics platform.

The expo is considered Asia’s leading trade fair for logistics, transportation, information technology and supply chain management. It also serves as a business platform for the logistics and transportation industry and features comprehensive programs and a number of conferences.



Gold Eyes Best Quarter in over Eight Years

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Eyes Best Quarter in over Eight Years

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold halted its record run on Friday but remained on track for its best quarter since 2016 after a rally catalysed by an outsized US Federal Reserve interest rate cut, while markets braced themselves for a crucial inflation report due later in the day.

Spot gold was down 0.1% at $2,666.50 per ounce as of 1115 GMT, below the all-time peak of $2,685.42 hit in the previous session. It is heading for its best quarter since the first three months of 2016.

US gold futures fell 0.2% to $2,688.90, Reuters reported.

"The market at this point in time has priced in all the good news and there's also some hesitancy from fresh buyers to get involved at these record high levels," said Ole Hansen, head of commodity strategy at Saxo Bank.

Bullion has risen 29% so far this year, hitting successive record peaks after last week's half-percentage-point cut by the Federal Reserve and the stimulus measures announced by China earlier this week.

Silver prices surged, tracking bullion's strong performance, though some analysts warn that the rally may fade.

"Overall, industrial demand is still supportive for silver. But we need to have a stronger economic performance in China as well as in other developed countries," said ANZ commodity strategist Soni Kumari.

The surge in silver prices is more a spillover impact from gold, Kumari said.

Spot silver eased 0.1% to $31.98 per ounce, after hitting its highest since December 2012 at $32.71 on Thursday. It is set for a third straight week of gains.

"I do believe silver will continue to outperform gold. But as we all know, wherever gold goes, silver tends to go, but faster," Hansen added.

Both gold and silver serve as safe-haven investments, but the latter has more industrial applications, so tends to underperform during recessions and outperform when economies expand.

Inflows into gold exchange-traded funds, particularly from Western investors, are set to rise in coming months, adding yet more positive stimulus for already record high bullion prices. Some banks expect gold to rise towards $3,000.

In other metals, platinum was up 0.5% at $1,012.40 but palladium fell nearly 1.5% to $1,031.75.