NEOM Airport Welcomes First Flight

 Passengers traveled to NEOM via two Saudi airlines Airbus A320 aircrafts. (SPA)
Passengers traveled to NEOM via two Saudi airlines Airbus A320 aircrafts. (SPA)
TT

NEOM Airport Welcomes First Flight

 Passengers traveled to NEOM via two Saudi airlines Airbus A320 aircrafts. (SPA)
Passengers traveled to NEOM via two Saudi airlines Airbus A320 aircrafts. (SPA)

NEOM Airport in Saudi Arabia's Sharma on the Red Sea Coast received its first charter flight.

The plane transported 130 NEOM Project staffers in their first official visit to hold their first annual meeting on the project site. There is a plan to establish a network of airports in NEOM that will include an international airport with world-class standards.

Saudia operated two Airbus A320 aircraft to the NEOM Airport, which carries the symbol of an airport of the International Civil Aviation Organization.

Nadhmi Al-Nasr, CEO of the NEOM Project, said that the trip to the project site aimed at enabling the staffers to experience the outcome of their efforts to make the ambitious project successful since its launching last year.

He continued: “There is a big difference between knowing the details of the project in theory and going into it practically and exploring its treasures, beauty, and heritage.”

Saleh Al-Jasser, director general of Saudia, said: “We have great faith in this ambitious project, and hope that this trip would mark the beginning of a long and prosperous partnership with NEOM, with its great opportunities to support the Kingdom’s Vision 2030 as well as to write a new history for the region’s future and economy.”

Encouraging economic activities is one of the basic goals of NEOM. For this purpose, an infrastructure will be developed to attract emerging firms in the 16 targeted economic sectors; the future of energy, water, mobility, biotech, food, manufacturing, media, entertainment, culture and fashion, technology and digital, tourism, sport, design and construction, services, health and well-being, education, and livability.

The entire project’s space exceeds 25,000 sq. km of land and its cost is forecast to reach USD500 billion.

NEOM enjoys an uninterrupted coastline stretching over 468 kilometers.



Gold Rebounds to End 6-Session Losing Streak as Dollar Rally Pauses

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
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Gold Rebounds to End 6-Session Losing Streak as Dollar Rally Pauses

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 rebounded on Monday, having posted losses in the previous six sessions, with gains driven by a pause in the dollar's rally, while investors await comments from the Federal Reserve officials for clarity on the interest rate trajectory.
Spot gold rose 1% to $2,587.83 per ounce by 0917 GMT, moving away from a two-month low hit on Thursday. US gold futures were up 0.9% at $2,592.20.
Gold prices last week saw their biggest weekly decline in over three years as expectations of less-aggressive interest rate cuts by the Fed boosted the dollar.
However, the dollar was holding flat below Thursday's one-year high after rising 1.6% last week. A softer dollar makes bullion less expensive for buyers holding other currencies, Reuters said.
"We can look to the dollar for a significant part of the current gold price corrections ... I'm not saying you've found a solid physical floor yet, but clearly, some opportunistic buying is coming in to support the market as well," independent analyst Ross Norman said.
"As the year ends, we will see volatility in gold prices and there'll be some books clearing and profit-taking, regardless of what the Fed does in December."
Recent US economic data has reduced expectations for a December rate cut by the Fed. At least seven US central bank officials are due to speak this week.
Higher interest rates make holding gold, which doesn't pay any interest, less attractive.
"President Trump's inauguration is likely to see an ongoing strengthening of the USD (US dollar), which is negative for gold in the short to medium term. However, as his stated policies are likely to be significantly inflationary in the long term, this will benefit gold," said Michael Langford, chief investment officer at Scorpion Minerals.
Spot silver rose 1.4% to $30.63 per ounce, platinum added 1.4% at $951.59 and palladium climbed 1.8% to $967.62.