Saudi GACA Revenues Jump 5%

Saudi GACA Revenues Jump 5%
TT

Saudi GACA Revenues Jump 5%

Saudi GACA Revenues Jump 5%

Saudi Arabia’s General Authority of Civil Aviation (GACA) revealed that the Kingdom’s aviation sector is undergoing core changes, especially as it expands its network of international airports.

The GACA pointed out to seven domestic airports being turned international, bringing the number of international airports in the Kingdom up to 13. A few years ago, the Kingdom only had three international airports.

This upgrade has contributed to an overall 5 percent increase in revenues.

In light of the growing importance of the airport industry, Saudi Arabia sees the civil aviation sector as a leading economic contributor that directly influences GDP.

According to the GACA, the aviation sector in the Kingdom saw an overall increase in revenues, which included subsidiaries, during 2018. Revenues amounted to more than SR8.8 billion ($2.3 billion), an increase of approximately 5 percent when compared to 2017.

Official data showed that 2018 saw an 8 percent jump in the number of passengers and flight traffic across the Kingdom’s airports.

The number of passengers in 2018 exceeded 99.86 million, while the number of flights at Saudi airports reached 771,800, an increase of 4.1 percent compared to 2017.

The GACA aims to develop and improve services provided to passengers at the Kingdom's airports.

In a comprehensive report, the GACA showed that the satisfaction rate of passengers with the quality of services provided at airports in 2018 was at 70 percent.

The number of applicants surveyed by the report reached more than 8 million passengers.



Gold Poised for Biggest Weekly Fall in over Five Months on Dollar Strength

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 Poised for Biggest Weekly Fall in over Five Months on Dollar Strength

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 dropped on Friday, poised for their steepest weekly decline in over five months, pressured by a stronger dollar and as markets absorbed the implications of Donald Trump's victory and its potential impact on US interest rate expectations.

Spot gold fell 0.6% to $2,690.62 per ounce as of 9:50 a.m. ET (1450 GMT), and was down 1.6% for the week.

US gold futures shed 0.3% to $2,697.90.

The dollar index gained 0.3%, on track for a weekly gain, Reuters reported

"In the last month, the story has been the uncertainty risk of the election and if there was going to be normalisation of transition, but this election appeared to be very decisive on the White House," said Alex Ebkarian, chief operating officer at Allegiance Gold.

"A lot of risk-on assets started benefiting in terms of the potential future implication of policies, so we had money go out of metals into these alternatives."

The Federal Reserve on Thursday cut interest rates by 25 basis points, but indicated a cautious approach to further cuts.

Trump's victory has fuelled questions about whether the Fed may proceed to cut rates at a slower and smaller pace, given the former president's tariff policy.

However, Fed Chair Jerome Powell said the election results would have no "near-term" impact on monetary policy.

The prospect of rate cuts, starting with the half basis point reduction in September, has underpinned gold's record rally this year.

Although bullion is reputed as a hedge against inflation, higher interest rates reduce non-yielding gold's appeal.

"Should markets restore the odds for a pre-Christmas Fed rate cut...that should help keep spot gold above the psychological $2700 level," Exinity Group Chief Market Analyst Han Tan said.

On the physical front, gold demand in India faltered, while Japan and Singapore saw some buying.

Spot silver fell 1.3% to $31.58 per ounce, platinum fell 1.8% to $979.15, palladium shed 2.3% to $1,001.25. All three metals were heading for weekly declines.