Saudi Arabia Demonstrates Leadership in Maritime Transport Industry

Saudi Arabia Demonstrates Leadership in Maritime Transport Industry
TT

Saudi Arabia Demonstrates Leadership in Maritime Transport Industry

Saudi Arabia Demonstrates Leadership in Maritime Transport Industry

Ambassador of Custodian of the Two Holy Mosques to the United Kingdom Prince Mohammed bin Nawaf bin Abdulaziz stressed his country’s keenness to create a good environment for the prosperity of the maritime transport industry to constitute an economic pillar and a large area for localization to achieve Saudi Vision 2030.

These comments were made by Prince Mohammed during his sponsorship of the induction meeting on the occasion of the Kingdom's candidacy for the membership of the International Maritime Organization Council for the category “C” and the definition of maritime transport in the Kingdom and its achievements.

The event took place in London on Thursday, and it was attended by Minister of Transport and CEO of the Saudi Public Transport Authority Dr. Nabil al-Amoudi, President of the Public Transport Authority Dr. Rumaih bin Mohammed al-Rumaih, with the participation of representatives of the International Maritime Organization (IMO).

Prince Mohammed said that the government of King Salman bin Abdulaziz Al Saud is keen to let the Kingdom achieve a leading position in the maritime transport industry and receive the support of its sisterly and friendly countries to nominate it for the membership in the IMO Council.

He also stressed the Kingdom’s commitment to all maritime treaties and agreements signed by Saudi Arabia and its pride to support the organization through its contribution to various funds related to the techniques of combating maritime piracy, maritime laws, and specialized marine education, which will benefit the maritime transport industry and its prosperity regionally and internationally.

For his part, Saudi Minister of Transport shed light on the significant transition experienced by maritime transport in its various components in the Kingdom, pointing out that the Kingdom has been an active member of the IMO since 1969.

During the meeting, he reviewed the enormous potential of the Saudi maritime transport industry, which effectively prepares the Kingdom to reserve a regional and international leadership position.

Amoudi highlighted, in his speech before the diplomatic community, the series of achievements made to the Kingdom through its strategic geographical location linking the three continents.

The Public Transport Authority has raised the Saudi flag on more than 273 vessels, and the weight of the load carried by these vessels exceeded 4.3 million tons, thus the Kingdom has the largest naval fleet in the region, Amoudi said.



Gold Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
TT

Gold Hits Four-week Peak on Safe-haven Demand

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices rose to a near four-week high on Thursday, supported by safe-haven demand, while investors weighed how US President-elect Donald Trump's policies would impact the economy and inflation.

Spot gold inched up 0.4% to $2,672.18 per ounce, as of 0918 a.m. ET (1418 GMT). US gold futures rose 0.7% to $2,691.80.

"Safe-haven demand is modestly supporting gold, offsetting downside pressure coming from a stronger dollar and higher rates," UBS analyst Giovanni Staunovo said.

The dollar index hovered near a one-week high, making gold less appealing for holders of other currencies, while the benchmark 10-year Treasury yield stayed near eight-month peaks, Reuters reported.

"Market uncertainty is likely to persist with the upcoming inauguration of Donald Trump as the next US president," Staunovo said.

Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries, CNN reported on Wednesday, citing sources familiar with the matter.

Trump will take office on Jan. 20 and his proposed tariffs could potentially ignite trade wars and inflation. In such a scenario, gold, considered a hedge against inflation, is likely to perform well.

Investors' focus now shifts to Friday's US nonfarm payrolls due at 08:30 a.m. ET for further clarity on the Federal Reserve's interest rate path.

Non-farm payrolls likely rose by 160,000 jobs in December after surging by 227,000 in November, a Reuters survey showed.

Gold hit a near four-week high on Wednesday after a weaker-than-expected US private employment report hinted that the Fed may be less cautious about easing rates this year.

However, minutes of the Fed's December policy meeting showed officials' concern that Trump's proposed tariffs and immigration policies may prolong the fight against rising prices.

High rates reduce the non-yielding asset's appeal.

The World Gold Council on Wednesday said physically-backed gold exchange-traded funds registered their first inflow in four years.

Spot silver rose 0.7% to $30.32 per ounce, platinum fell 0.8% to $948.55 and palladium shed 1.4% to $915.75.