Morocco: SMAP Expo Milan 2019 Receives 20,000 Visitors

SMAP Logo of 2018
SMAP Logo of 2018
TT

Morocco: SMAP Expo Milan 2019 Receives 20,000 Visitors

SMAP Logo of 2018
SMAP Logo of 2018

Moroccan real estate and lifestyle expo, SMAP Expo Milan 2019, received 20,000 people this year during its showing days between November 1 and 3, where 35 exhibitors showcased their projects on various Moroccan cities.

This year, the event dedicated a special celebration to the Beni Mellal-Khenifra region as a guest of honor.

The program also included seminars and interactive meetings on the legal framework of the real estate in Morocco, market conditions and issues of financing the acquisition of property, taxes and investment opportunities.

The exhibition aims to bring the real estate market closer to the Moroccan community in Italy and neighboring European countries, by showing comprehensive and carefully selected housing projects in various regions of Morocco.

It also includes areas for banks and financial companies specialized in financing real estate and insurance, as well as notaries and representatives of Moroccan public departments to enable visitors to complete their transactions.

The exhibition stems from the association of Moroccan immigrants to their motherland, trying to facilitate the acquisition of a secondary residence in Morocco.

It wants to bring all relevant interests in one place and provide clarity about the Moroccan market including counseling and awareness services, through the discussions organized on the sidelines.

The SMAP Group organized the exhibition, in cooperation with the Ministry of Planning of the National Territory, Urban Planning, Housing and City Policy (MAPNTUPHCP), as well as the Moroccan Federation of Real Estate Developers, as part of the tour of the Moroccan real estate and art of living “SMAP Roadshow 2019”

The expo was first held in Paris in June, and later in May 2020, the French capital will host the exhibition “SMAP Immo Paris” as the first leg of “SMAP Roadshow 2020”.



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.