Gold Heads for Best Week Since January, US Jobs Data in Focushttps://english.aawsat.com/business/5304386-gold-heads-best-week-january-us-jobs-data-focus
Gold Heads for Best Week Since January, US Jobs Data in Focus
Gold necklaces are on display inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Mumbai, India April 18, 2018. (Reuters)
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Gold Heads for Best Week Since January, US Jobs Data in Focus
Gold necklaces are on display inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Mumbai, India April 18, 2018. (Reuters)
Gold rose more than 1% on Friday and was set for its biggest weekly gain since January, helped by weaker oil prices, while investors awaited key US nonfarm payrolls data for clues on the interest rate outlook.
Spot gold was up 1.1% at $4,285.89 per ounce, by 0635 GMT, after hitting a seven-week high on Thursday. Prices gained 6% for the week.
US gold futures rose 1.1% to $4,344.90.
Hopes of peace in the Middle East pushed inflation expectations lower, allowing gold to surge from a multi-week consolidation above $4,000, said Matt Simpson, a senior analyst at StoneX.
US President Donald Trump told reporters that he believed the war with Iran would be over soon.
Crude oil prices were headed for a weekly loss. Lower energy prices help ease inflation concerns and reduce expectations of higher-for-longer interest rates. Gold is an inflation hedge, but elevated interest rates tend to weigh on its appeal as it offers no yield.
"Regardless of how NFP plays out, $4,000 has proven to be a solid support level - and I suspect bulls are waiting for dips to take advantage of a much-needed correction higher towards $4,600. NFP may provide some noise over the near term, but price action has spoken, and gold looks like it wants to rally," Simpson added.
Traders currently see a 55% chance of a US rate hike in September, according to the CME FedWatch Tool.
"Going into August, we are somewhat friendlier towards gold and expect a wider trading band to set in," Marex said in a note.
Silver prices are testing the upper end of a trading range that has held for nearly two months, and a breakout could pave the way towards $68, it said.
Spot silver climbed 3.3% to $63.48, platinum rose 1.5% to $1,755.90 and palladium gained 0.3% to $1,374.30. All three metals were headed for weekly gains.
Saudi Arabia to Host Global Water Innovation Conference in Jeddahhttps://english.aawsat.com/business/5331896-saudi-arabia-host-global-water-innovation-conference-jeddah
Saudi Arabia to Host Global Water Innovation Conference in Jeddah
Participants at a previous edition of the Innovation Driven Water Sustainability Conference. (Saudi Water Authority)
Saudi Arabia will host water industry experts from more than 140 countries in Jeddah from December 14 to 16 for a conference focused on harnessing innovation to tackle growing water security challenges.
Organized by the Saudi Water Authority, the Innovation Driven Water Sustainability Conference (IDWS 2026) is expected to draw more than 10,000 participants and 250 speakers, with an exhibition featuring over 150 international brands.
Bringing together researchers, investors, technology companies and water utility operators, the event aims to bridge the gap between scientific advances and the practical needs of the industry, helping promising solutions reach commercial markets.
Tariq Al-Ghafari, the authority’s vice president for research and emerging water technologies, described the conference as an opportunity to connect new technologies with financing and operational expertise, paving the way for wider adoption.
The gathering comes as pressure on water resources intensifies, creating growing demand for investment in infrastructure and technology.
The global market for water security and infrastructure management is estimated at $303.8 billion, while planned construction and engineering projects in the water and wastewater sectors exceed $1.2 trillion.
Meeting the UN Sustainable Development Goals for clean water and sanitation will require an additional $131 billion to $140 billion annually, highlighting the scale of investment needed to expand access and modernize infrastructure.
According to the World Health Organization and UNICEF, around 1.8 billion people live in households without water supplies on the premises.
Agriculture alone accounts for approximately 72% of global freshwater withdrawals, according to the UN Food and Agriculture Organization, underscoring the importance of improving efficiency in water-intensive sectors.
Against this backdrop, the conference will explore ways to expand treated wastewater reuse, promote circular economy practices and apply artificial intelligence, digital technologies and data analytics to water management.
Discussions will also examine how regulation, financing and workforce development can speed up the adoption of new technologies, while improving efficiency across the water cycle, from production and treatment to resource recovery.
The program includes the MiyahThon innovation competition, startup showcases and the fourth edition of the Global Prize for Innovation in Water.
These initiatives are designed to bring innovators together with investors and water operators, giving emerging technologies a clearer path from development to commercial deployment.
By connecting research with investment and industry needs, the conference aims to help turn promising ideas into practical solutions as countries seek more efficient, resilient and sustainable water infrastructure.
Arada Enters Saudi Property Market with $13.3 Billion Portfoliohttps://english.aawsat.com/business/5331886-arada-enters-saudi-property-market-133-billion-portfolio
Arada Enters Saudi Property Market with $13.3 Billion Portfolio
The Saudi capital, Riyadh (SPA)
Property developer Arada is entering Saudi Arabia through a partnership with local firm XTOPIA, gaining access to a SAR 50 billion ($13.3 billion) land and development portfolio as the Kingdom continues to attract international investment despite global economic uncertainty.
The new venture, Arada KSA, will launch its first project in Riyadh’s Al Rimal district, a SAR 14 billion residential development comprising around 3,500 villas and townhouses.
Arada KSA Chairman Mohammed AlDhabaan told Asharq Al-Awsat that the investment reflected long-term confidence in Saudi Arabia’s economic prospects, supported by Vision 2030 reforms, infrastructure development and growing housing demand.
The Kingdom’s clear economic policies, sustained reforms and improving investment environment provide the certainty needed for long-term commitments, he explained.
“Our investment in the Kingdom is not tied to temporary market conditions but rests on firm confidence in its future and the economic transformation driven by Vision 2030 with government support,” AlDhabaan said.
He described the Riyadh development as an investment in the future rather than simply a response to current demand, marking the beginning of a lasting commitment to the Saudi market.
Arada KSA Chairman Mohammed AlDhabaan (Asharq Al-Awsat)
Housing demand and prices
AlDhabaan expressed optimism about the sector’s prospects, citing population growth, the formation of new households, urban expansion and government initiatives to increase homeownership and improve quality of life.
The next phase of growth, he argued, would be measured not only by the number of homes built but also by developers’ ability to create communities that meet residents’ everyday needs.
Location, affordability, access to financing, infrastructure and confidence in developers would shape demand, while land and construction costs would remain key factors influencing prices.
“No single project can determine market prices. They are influenced by supply and demand, land and construction costs, and financing,” he noted.
“However, increasing supply, diversifying housing products and improving development efficiency can strengthen competition and give buyers more options.”
Developers that combine quality design and construction with integrated facilities and reliable delivery would have a competitive advantage, he added.
First project in Riyadh
Arada KSA’s inaugural development in northeastern Riyadh will feature approximately 3,500 villas and townhouses alongside educational, retail and sports facilities, a community center and green spaces incorporating around 100,000 trees.
The company will work with relevant government authorities to prepare a master plan aligned with the capital’s urban development requirements.
The project will be financed through an investment structure regulated by Saudi Arabia’s Capital Market Authority and managed by a licensed financial company. Construction and sales are scheduled to begin in 2027.
Design model for one of the company’s projects in Saudi Arabia (Asharq Al-Awsat)
Partnership and expansion
Established with XTOPIA, Arada KSA will have access to a 10 million-square-meter land portfolio across Riyadh, Jeddah and Makkah, providing opportunities for further residential developments in the coming years.
AlDhabaan, who also chairs XTOPIA, will lead the new company, bringing together Arada’s international experience in developing residential communities and its Saudi partner’s knowledge of the local market.
He believes the combination will allow the venture to build a lasting presence in the Kingdom while contributing to Vision 2030’s housing and quality-of-life objectives.
The Saudi expansion forms part of Arada’s broader international strategy. Its development portfolio is valued at approximately SAR 189 billion ($50.4 billion) across five markets: Saudi Arabia, the United Arab Emirates, the United Kingdom, Australia and Syria.
The company has more than 70,000 residential units in its portfolio, including around 17,000 already completed, according to its figures.
Green Riyadh initiative
The Al Rimal development also aligns with Saudi Arabia’s efforts to improve urban living standards and expand green spaces.
Through the Green Riyadh initiative, the Royal Commission for Riyadh City aims to plant 7.5 million trees across the capital and increase green space per resident from 1.7 square meters to 28 square meters by 2030.
Arada’s entry comes as local and international developers compete to meet rising housing demand and offer buyers a wider range of residential options.
UK Debt Hits $4.01 Trillion as Inflation Rate Jumpshttps://english.aawsat.com/business/5331850-uk-debt-hits-401-trillion-inflation-rate-jumps
UK Debt Hits $4.01 Trillion as Inflation Rate Jumps
FILE PHOTO: People walk past the Bank of England building in London, Britain, September 16, 2026. REUTERS/Corey Rudy/File Photo
Britain's government borrowed more than expected again in September and public debt surpassed £3 trillion ($4.01 trillion), according to official data that underscored finance minister John Healey's challenge in his first budget next week.
Borrowing hit £24.52 billion last month, pushed up by spending on debt interest. A Reuters poll of economists had pointed to a deficit of £23.85 billion in the month.
Over the first six months of the 2026/27 financial year, the shortfall stood at £97.8 billion, down by £4.4 billion from a year earlier but above the forecast of £91.8 billion made by the Office for Budget Responsibility before the Iran war began.
Healey is expected to raise taxes on banks among other measures on October 28 in order to stay on track to meet his fiscal rules.
However, his margin for error is expected to have narrowed sharply in large part due to the rise in borrowing costs for government debt around the world since the start of the conflict in the Gulf.
Wednesday's data showed public sector debt was estimated to have exceeded £3 trillion for the first time. However, as a proportion of the economy, debt was lower than a year earlier, the Office for National Statistics said.
Britain's annual inflation rate also accelerated by more than expected in September, rising to 3.5 percent on elevated energy prices, official data showed.
The Consumer Prices Index jumped from a rate of 3.1 percent in August, the Office for National Statistics said.
Analysts' consensus forecast had been for inflation to reach 3.4 percent in September.
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