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Saudi Arabia Announces Opening of Neom Bay Airport

Neom Bay airport (Asharq Al-Awsat)
Neom Bay airport (Asharq Al-Awsat)
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Saudi Arabia Announces Opening of Neom Bay Airport

Neom Bay airport (Asharq Al-Awsat)
Neom Bay airport (Asharq Al-Awsat)

Saudi Arabia's General Authority of Civil Aviation announced on Tuesday the opening of Neom Bay Airport in the northern region of Sharma.
 
The Authority said that the airport has been licensed and was ready to receive commercial flights starting next Sunday, after the first phase of development work was completed and was registered by the International Air Transport Association (IATA) earlier with the code “NUM.”

Neom Bay Airport will conduct regular flights to investors and employees of Saudi Arabia’s giant Neom project. It is also considered a new window on the Red Sea. It is one of the most modern and important airports in the Middle East region and the most geographically distinct since it is located on the borders of three countries: Saudi Arabia, Jordan and Egypt.
 
The airport establishment comes within Saudi Vision 2030 and aims to support the development of the national economy by creating a modern and global logistics platform for organizations and individuals around the world.

The total area of the airport is 3,643 sq. meters and has a hangar to accommodate as many as six aircraft.

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Gold Steady as Focus Shifts to US Data for Economic Cues

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Steady as Focus Shifts to US Data for Economic Cues

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices were little changed on Monday, while investors awaited a slew of US economic data including the December nonfarm payrolls report for further guidance on the Federal Reserve's stance on interest rates.
Spot gold held its ground at $2,635.39 per ounce by 0510 GMT. US gold futures dropped 0.2% to $2,646.80.
How the US jobs data fares this week could hold the key to whether gold breaks out of its recent range, said Tim Waterer, chief market analyst at KCM Trade.
"There is a plethora of US data due for release this week (including ISM Services PMI data), and any downside misses could hurt the USD and help gold."
The US jobs report, due on Friday, is expected to provide more clues to the Fed's rate outlook after the US central bank rattled markets last month by reducing its projected cuts for 2025.
Investors are also awaiting ADP hiring and job openings data, as well as minutes of the Fed's last policy meeting for further direction.
Gold flourishes in a low-interest-rate environment and serves as a hedge against geopolitical uncertainties and inflation.
US President-elect Donald Trump is set to return to office on Jan. 20 and his proposed tariffs and protectionist policies are expected to fuel inflation.
This could prompt the Fed to go slow on rate cuts, limiting gold's upside. After three rate cuts in 2024, the Fed has projected only two reductions for 2025 due to persistent inflation.
The US central bank's benchmark policy rate should stay restrictive until it is more certain that inflation is returning to its 2% target, Richmond Federal Reserve President Thomas Barkin said on Friday.
Spot silver was down 0.2% at $29.57 per ounce, platinum dipped 0.7% to $931.30 and palladium fell 0.4% to $918.22.