Saudi Arabia, Tajikistan Sign Agreement to Establish Joint Business Council

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
TT

Saudi Arabia, Tajikistan Sign Agreement to Establish Joint Business Council

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

The Federation of Saudi Chambers and the Chamber of Commerce and Industry in Tajikistan signed an agreement on Monday to establish a Saudi-Tajik Business Council aimed at strengthening trade and investment relations between the two nations.

The agreement was signed in Riyadh by Chairman of the Federation of Saudi Chambers Hassan Al-Huwaizi and Chairman of the Tajik Chamber of Commerce and Industry Jamshed Jumakhonzoda. The signing ceremony was attended by Tajikistan's First Deputy Prime Minister Hokim Kholiqzoda, Saudi Minister of Investment Khalid Al-Falih, and several officials and business leaders from both countries.

The business council will engage in systematic trade and investment promotion activities across various sectors identified in the economic cooperation agenda. It will serve as a platform for Saudi and Tajik business communities to network, showcase their activities, and foster commercial partnerships.

Additionally, the council will work to open new avenues for economic collaboration, facilitate continuous interaction between the private sectors of both countries, and exchange information on market opportunities. Plans include organizing exhibitions, conferences, and trade delegation visits to enhance mutual economic ties.

This agreement marks a significant step forward in expanding bilateral economic cooperation, aligning with both nations’ goals to strengthen partnerships and explore new business opportunities.



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
TT

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.