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Saudi PIF Signs Revolving Credit Facility for $15 Billion

The previous loan involved 17 banks, while the latest one includes six further financial institutions from Europe, the US, the Middle East and Asia. Asharq Al-Awsat
The previous loan involved 17 banks, while the latest one includes six further financial institutions from Europe, the US, the Middle East and Asia. Asharq Al-Awsat
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Saudi PIF Signs Revolving Credit Facility for $15 Billion

The previous loan involved 17 banks, while the latest one includes six further financial institutions from Europe, the US, the Middle East and Asia. Asharq Al-Awsat
The previous loan involved 17 banks, while the latest one includes six further financial institutions from Europe, the US, the Middle East and Asia. Asharq Al-Awsat

Saudi Arabia's Public Investment Fund (PIF) said on Wednesday it had signed a revolving credit facility for $15 billion with a group of 23 financial institutions, replacing a previous loan for the same amount agreed upon in 2021.
The facility will be available for three years and is extendable for two more, a PIF statement said.
A revolving loan is one that can be drawn, repaid and drawn again during the lending period.
The previous loan involved 17 banks, while the latest one includes six further financial institutions.
The group includes institutions from Europe, the US, the Middle East and Asia, according to the statement.

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Gold Holds above $2,500/Oz Level on Fed Optimism, Middle East Concerns

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
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Gold Holds above $2,500/Oz Level on Fed Optimism, Middle East Concerns

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)

Gold prices were little changed on Tuesday, but held above the $2,500 per-ounce psychological level on investor optimism for imminent US rate cuts and lingering concerns about the Middle East conflict.
Spot gold was nearly unchanged at $2,513.74 per ounce, as of 0722 GMT. Prices have risen more than 21% this year, hitting a record high of $2,531.60 on Aug. 20.
US gold futures fell 0.3% to $2,548.20.
A September US rate cut has been set in stone, but the debate revolving around its size may prompt a wait-and-see mode as investors look forward to upcoming economic data to anchor their views, said IG market strategist Yeap Jun Rong.
Traders see a 70% chance of a 25-basis-point (bp) rate cut and about 30% probability of a bigger 50-bp reduction, according to the CME FedWatch tool.
A low interest rate environment tends to boost non-yielding bullion's appeal.
San Francisco Federal Reserve President Mary Daly said a quarter-percentage point cut in borrowing costs next month was likely.
"We expect the upward trend for gold prices to persist, given its positive performance in past Fed rate-easing cycles, healthy central bank demand and its status as a good hedge against geopolitical and economic risks," Yeap said.
Residents of Lebanese cities felt only partial relief on Monday that one of the biggest exchanges of fire between armed group Hezbollah and the Israeli military the previous day was over, worn down by the relentless tension of 10 months of conflict.
ANZ commodity strategist Soni Kumari said gold prices can hit $2,550 levels in mid-longer term, but in the near-term the market might look for an opportunity to correct.
Among other metals, spot silver rose 0.2% to $29.96 per ounce, platinum fell 0.7% to $955.17 and palladium gained 0.7% to $965.07.