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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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Safe-Haven Gold Breaks $2,700/Oz Level as Uncertainty Looms

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
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Safe-Haven Gold Breaks $2,700/Oz Level as Uncertainty Looms

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 breached the $2,700-per-ounce level on Friday for the first time ever, as US election jitters and simmering Middle East tensions boosted safe-haven demand, while a looser monetary policy environment also added fuel to the rally.
Spot gold firmed 0.6% to $2,709.28 per ounce by 0430 GMT and gained 2% this week. US gold futures rose 0.6% to $2,724.50.
Gold could gather further traction given the fluidity of election developments and geopolitical uncertainties, said OCBC FX strategist Christopher Wong.
Hezbollah said it will escalate war with Israel after the killing of Hamas leader Yahya Sinwar.
Elsewhere, with less than three weeks remaining to cast votes this US presidential election, Democratic Vice President Kamala Harris and Republican former President Donald Trump are stretching for the support of every last voter.
"Gold has scoffed at a surging dollar and rallies at every chance it gets. It's just a bull market that shows no signs of exhaustion," said Tai Wong, a New York-based independent metals trader.
US economic data released overnight pointed to a strengthening economy, which boosted the US dollar. But traders still see a 90% chance of a Federal Reserve rate cut in November. The European Central Bank cut interest rates for the third time this year as the euro zone economy sags.
Lower rates increase the non-yielding bullion's appeal.
Bullion will continue to perform well over the long term, benefiting from the precarious fiscal situations of many Western nations, and the global desire for a store of value independent of other assets and institutions, said Ryan McIntyre, senior portfolio manager at Sprott Asset Management.
Delegates to the London Bullion Market Association's annual gathering
predicted
gold would rise to $2,941 over the next 12 months and silver to $45.
Spot silver rose 0.9% to $31.97 and headed for a weekly gain. Platinum added 0.6% to $997.80 and palladium increased 0.6% to $1,048.55.