SAC Ensures Global Foothold of Saudi Quality Control

Saudi Trade and Investment Minister Majid bin Abdullah Al Qasabi. Asharq Al-Awsat
Saudi Trade and Investment Minister Majid bin Abdullah Al Qasabi. Asharq Al-Awsat
TT

SAC Ensures Global Foothold of Saudi Quality Control

Saudi Trade and Investment Minister Majid bin Abdullah Al Qasabi. Asharq Al-Awsat
Saudi Trade and Investment Minister Majid bin Abdullah Al Qasabi. Asharq Al-Awsat

The Saudi cabinet has approved granting the Saudi Accreditation Committee independence, rebranding it as the Saudi Accreditation Center (SAC).

Such a move is set to widen the horizon and reinforce the center’s performance and works.

SAC is a new platform aimed at increasing quality control for services and products offered in the Kingdom, contributing more to achieving the objectives of Kingdom Vision 2030.

It is expected to contribute indirectly to achieving four of the first level targets for Vision 2030: Developing and diversifying the economy, enhancing government effectiveness, enabling a healthy living, and increasing employment rates.

Over the past years, SAC has been responsible for the policy-making process when it comes to accreditation regulations, as well as the granting, renewing, freezing, withdrawing, expanding and limiting accreditation for certification-issuing third parties.

Saudi Trade and Investment Minister Majid bin Abdullah Al Qasabi noted that the SAC rebranding and structural shakeup will aid the Kingdom in taking longer strides towards completing a reliable and impartial national quality-regulation infrastructure with international recognition.

“Independent accreditation is an essential step in the right direction to avoid conflicts of interest, ensure the integrity of national infrastructure activities for quality, and gain international recognition,” Qasabi said.

Qasabi also affirmed SAC will indirectly contribute to developing and diversifying the economy and enhancing institutional efficiency.

This follows SAC successfully accomplishing digitization for all its accreditation activity, which has contributed significantly to enabling beneficiaries, residents and committee members to access the Commission's services, complete accreditation procedures and follow-up online.

This has significantly reduced the period of processing from an average of 260 days, when the system is introduced in 2016, to 175 days in 2018.

The national accreditation body holds core values of impartiality, integrity, competency and teamwork spirit and looks to partake in developing the Kingdom’s economy by raising the level of technical competency, establishing conformity in terms of certification-granting bodies and insuring better consumer protection. 



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

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
TT

Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

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 prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.