Saudi Arabia Secures Top Spot in Arab Region, 20th Globally in QI4SD

A drone view shows the last supermoon of 2024 dubbed "Beaver Moon" during early hours of moon-rise over Riyadh, Saudi Arabia, November 15, 2024. (Reuters)
A drone view shows the last supermoon of 2024 dubbed "Beaver Moon" during early hours of moon-rise over Riyadh, Saudi Arabia, November 15, 2024. (Reuters)
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Saudi Arabia Secures Top Spot in Arab Region, 20th Globally in QI4SD

A drone view shows the last supermoon of 2024 dubbed "Beaver Moon" during early hours of moon-rise over Riyadh, Saudi Arabia, November 15, 2024. (Reuters)
A drone view shows the last supermoon of 2024 dubbed "Beaver Moon" during early hours of moon-rise over Riyadh, Saudi Arabia, November 15, 2024. (Reuters)

Saudi Arabia came first in the Arab region Middle East and North Africa in the Quality Infrastructure for Sustainable Development Index (QI4SD) 2024 released biennially by the United Nations Industrial Development Organization (UNIDO).

It also came in the 20th position globally, climbing 25 places compared to the 2022 index.

Key elements of quality infrastructure assessed in the index encompass standards, metrology, standardization, accreditation, conformity assessment, and national policies.

Saudi Standards, Metrology and Quality Authority (SASO) Governor Dr. Saad bin Othman Al-Qasbi said the positions in the index mirror the national efforts led by SASO in collaboration with the Saudi Accreditation Center and pertinent stakeholders from the public and private sectors.

These positions bolster Saudi Arabia's global standing and help achieve a more prosperous and competitive economy, he added in a statement.

Al-Qasbi praised the evolution of the Kingdom's quality system and its impact on living standards, economic growth, and business operations, which have contributed to Saudi Arabia's advancements in global rankings.

Saudi Arabia's place among the top 20 nations is testimony to its dedication to boosting quality infrastructure and refining its legal framework and regulations.



Gold Drops Nearly 2% on Profit-booking, Trump's Treasury Secretary Pick

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
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Gold Drops Nearly 2% on Profit-booking, Trump's Treasury Secretary Pick

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 dropped nearly 2% on Monday, weighed down by profit-taking after a five-session rally, with further pressure from the announcement of fund manager Scott Bessent as the next US Treasury secretary.
Spot gold was down 1.8% at $2,664.53 per ounce, as of 0619 GMT, after declining more than 2% earlier in the session. Bullion had hit its highest since Nov. 6 earlier in the day.
US gold futures shed 1.7% to $2,666.40.
Gold's five-session rally has paused due to some profit-taking and Donald Trump's pick of Bessent as the next US Treasury secretary, hinting at tempered use of tariffs and easing US-China trade uncertainty, said IG market strategist Yeap Jun Rong.
President-elect Trump has floated the idea of a 60% tariff on Chinese goods and at least a 10% levy on all other imports.
Gold is considered a safe investment during times of economic and political uncertainty.
Investors are also awaiting minutes of the Federal Reserve's November meeting, GDP data (first revision), and core PCE figures, all due this week.
Traders currently see a 56% chance of another 25-basis-point rate cut in December, compared to 62% last week, according to the CME Fedwatch tool.
Recent less dovish signals from US policymakers suggest any unexpected rise in inflation could strengthen expectations of a rate hold in December, Rong said.
Higher interest rates tend to make gold less appealing, as they yield no interest.
Some Fed policymakers last week expressed concerns that inflation progress may have stalled, advocating for caution, while others emphasized the need for continued rate cuts.
On the geopolitical front, Hezbollah fired heavy rockets at Israel on Sunday, following an Israeli airstrike that killed at least 29 in Beirut. There were reports of damage near Tel Aviv.
Spot silver fell 2.2% to $30.63 per ounce, platinum was down 1.2% to $952.00 and palladium slipped 1% to $998.88.