عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Exports Launches 'Import from Saudi' to Boost National Products in New Global Markets

The flag of Saudi Arabia (Asharq Al-Awsat)
The flag of Saudi Arabia (Asharq Al-Awsat)
TT
TT

Saudi Exports Launches 'Import from Saudi' to Boost National Products in New Global Markets

The flag of Saudi Arabia (Asharq Al-Awsat)
The flag of Saudi Arabia (Asharq Al-Awsat)

The Saudi Export Development Authority (Saudi Exports) has launched the "Import from Saudi" Service, designed to connect international importers with Saudi exporters, streamline the import process and promote Saudi products in new global markets.
This service aligns with the authority's mission to expand the reach and presence of Saudi products internationally, contributing to the sustainable growth of the Kingdom of Saudi Arabia's non-oil exports, SPA reported.
Saudi Exports Spokesperson Thamer Al-Mishrafi emphasized the authority's commitment to broadening the commercial horizons for national products.

He highlighted the importance of developing innovative solutions and supportive services to achieve the ambitious objective of increasing the percentage of non-oil exports and bolstering their contribution to the national economy.
Importers can register on the Saudi Exports website to gain easy access to Saudi exporters, gather information about Saudi products, and receive guidance in locating suitable companies. Upon registration, a database is created that includes the importers' contact details and specific import needs.

Most Viewed

 
 
Business

Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

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

Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

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

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.