Arab-British Summit Highlights Youth as Key Driver of Regional Economies

Secretary-General of the Arab League addresses the Arab-British Summit in London (Arabic Website)
Secretary-General of the Arab League addresses the Arab-British Summit in London (Arabic Website)
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Arab-British Summit Highlights Youth as Key Driver of Regional Economies

Secretary-General of the Arab League addresses the Arab-British Summit in London (Arabic Website)
Secretary-General of the Arab League addresses the Arab-British Summit in London (Arabic Website)

The Arab British Economic Summit 2019 (ABES 2019), which kickstarted in London on Wednesday, witnessed the participation of dozens of representatives of major financial institutions, investors and statesmen who came together to explore means of bolstering trade ties and encouraging investment in youth, infrastructure, and renewable energy.

Speakers focused on the importance of investing in the stock of human capital present in the Middle East and North Africa and promoting Arab-British cooperation in energy, education, health, and infrastructure.

The repercussions of Britain's exit from the European Union, named Brexit, dominated official and sideline meetings held at the event. Nevertheless, Brexit was reviewed positively by attending investors who saw the split as an opportunity to push forward economic relations between the two sides.

Elizabeth Symons, Baroness Symons of Vernham Dean, considered the energy, education and health sectors as great sectors offering broad opportunities for cooperation between the UK and Arab countries.

In a statement to Asharq Al-Awsat, lady Symons noted that one of the main sectors in which Britain is distinguished and seeks to enhance cooperation with the region is renewable energy, especially the means of generating them.

She added that the education sector is another prominent area for cooperation anchored in the exchange of knowledge and qualifying youth for modern-day jobs that are heavily reliant on information technology.

She added that the discussions between the participants on the sidelines of the economic summit focused on the funding that may be obtained by investors from the Middle East and North Africa in Britain.

Chairman of the Council of Saudi Chambers (CSC) Sami bin Abdullah Al-Obaidi, for his part, reiterated the need for exerting more efforts on all levels, including both business and government. This is set to maximize trade exchange, strengthen economic partnership, and build joint projects in various producing and industrial sectors.

According to Obaidi, services sectors are also slated to reap the benefits of outcomes achieved in future-held summits, forums, and conferences.

The Saudi official underlined that economic integration between Saudi Arabia and Britain is not new, but dates back years.

“British companies will be one of our best partners in the mega projects of Kingdom Vision 2030,” Obaidi was cited as on the sidelines of ABES, adding that will be achieved through the exchange of experience and advanced entrepreneurship.



Gold Hits Three-week Peak on Softer Dollar and Safe Haven Inflows

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 Hits Three-week Peak on Softer Dollar and Safe Haven Inflows

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 touched their highest level in three weeks on Friday supported by a softer dollar and safe-haven buying, while markets braced for potential economic and interest rate changes from US President-elect Donald Trump's proposed policies.

Spot gold was little changed at $2,658.11 per ounce, as of 1115 GMT, hitting its highest level since Dec. 13. Bullion is up about 1.5% for the week so far.

US gold futures were steady at $2,672.20.

The dollar index fell 0.3% from over a two-year high hit in the previous session, making dollar-priced bullion more affordable for holders of other currencies, Reuters reported.

"Gold bulls are setting the tone early doors this year, enjoying the lift from safe haven bids while riskier equities struggle to hold on to nascent gains," said Exinity Group Chief Market Analyst Han Tan.

On the geopolitical front, in Gaza Israeli airstrikes killed at least 68 Palestinians, Gaza authorities said. While, Russia launched a drone strike on the Ukrainian capital Kyiv on Wednesday, city officials said.

Trump's inauguration on Jan. 20 has heightened uncertainty, with his proposed tariffs and protectionist policies expected by many economists to be inflationary and potentially spark trade wars.

"Markets are aware that Trump's policies risk reawakening US inflationary impulses, which should be a boon for gold so long as markets adhere to the precious metal’s role as an inflation hedge," Tan added.

Bullion, which is considered a hedge against economic and geopolitical uncertainties, tends to thrive in lower interest rate environment.

After delivering three consecutive interest rate cuts in 2024, the US central bank now projects only two reductions in 2025 due to due to stubbornly high inflation.

Spot silver rose 0.6% to $29.75 per ounce.

"Lower real US yields and stronger global industrial production should favor the metal in 2025," UBS said in a note, adding that they see silver to trade between $36-38/oz in 2025.

Platinum added 0.8% to $930.09, and palladium gained 1.2% to $922.58. Both metals were on track for weekly gains.