Fahd Al-Turki: G20 Summit Raises Global Ranking of Saudi Research Centers

Vice President of the King Abdullah Petroleum Studies and Research Center (KAPSARC)Fahd Al-Turki, Asharq Al-Awsat
Vice President of the King Abdullah Petroleum Studies and Research Center (KAPSARC)Fahd Al-Turki, Asharq Al-Awsat
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Fahd Al-Turki: G20 Summit Raises Global Ranking of Saudi Research Centers

Vice President of the King Abdullah Petroleum Studies and Research Center (KAPSARC)Fahd Al-Turki, Asharq Al-Awsat
Vice President of the King Abdullah Petroleum Studies and Research Center (KAPSARC)Fahd Al-Turki, Asharq Al-Awsat

Fahd Al-Turki, Vice President of the King Abdullah Petroleum Studies and Research Center (KAPSARC), said that the G20 Riyadh summit 2020 will highlight Saudi Arabia globally, expand partnership networks, and enhance intellectual leadership, along with upgrading the global ranking of Saudi research centers.

A think tank conference bringing together a research and policy advice network for the G20 Saudi Presidency, dubbed Think20 (T20), will be held in Riyadh on Sunday and will discuss about 122 research tracks that represent the priorities of most think tanks and studies conducted.

Speaking to Asharq-Awsat, Turki said recommendations reached at the conference will be submitted to the leaders of the twenty countries next October, a few days before the G20 summit is held in Riyadh.

He also stated that KAPSARC and the King Faisal Center for Research and Islamic Studies were chosen to participate in the leadership of the T20, which is one of the communication groups in the G20 formed with the aim of providing information, research papers and supporting the outcomes of the summit to be held in Saudi Arabia this year.

The T20 group, according to Turki, aims to shape and influence the global dialogue through evidence-based research, to include national interests in the global agenda by holding dialogues and discussion sessions between different thought and opinion institutions, and to provide a platform for energy research centers and Saudi thought institutions to share their views and research.

Turki pointed out that Saudi Arabia seeks to achieve a future of economic prosperity, sustainability and inclusion, and therefore focused its goals on climate change and the environment by looking to set up a circular economy with low carbon emissions.

He also said that Saudi Arabia is focused on the empowerment of women and youth for a more inclusive society that observes pluralism, economic development and financial sustainability.



Gold Eases as Traders Wait for US Economic Data

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters
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Gold Eases as Traders Wait for US Economic Data

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters

Gold prices eased on Tuesday, while investors awaited a slew of US economic data to gauge the size of the Federal Reserve's expected interest rate cut this month.
Spot gold fell 0.2% at $2,495.50 per ounce by 0630 GMT. Prices hit a record high of $2,531.60 on Aug. 20.
US gold futures steadied at $2,527.50.
The dollar lingered near a two-week high, making bullion less appealing for other currency holders.
"Gold is unable to recapture levels around all-time highs due to lack of fresh positive catalysts. If we see U.S. data pointing to a weak economy and the Fed taking to the narrative of having a jumbo rate cut, gold will rally," said Kelvin Wong, OANDA's senior market analyst for Asia Pacific.
"Prices could go as high as $2,640 this year."
Market focus is on Friday's US August non-farm payrolls report. Economists surveyed by Reuters expect the addition of 165,000 US jobs.
ISM surveys, JOLTS job openings and ADP employment report are also on investors' radar.
Traders currently see a 31% chance of a 50-basis-point rate cut at the Fed's Sept. 17-18 policy meet and a 69% chance of a quarter-point cut.
Last week, data showed US consumer spending picked up in July, arguing against a 50-bp rate cut.
Gold "remains our preferred hedge against geopolitical and financial risks, with additional support from imminent Fed rate cuts and ongoing emerging market central bank buying. We open a long gold trade recommendation," Goldman Sachs said.
Bullion is considered a safe asset amid turmoil and tends to thrive in a low rate environment.
Spot gold may test support at $2,473, a break below that could open the way towards $2,434, according to Reuters technical analyst Wang Tao.
Spot silver dipped 0.5% to $28.35, platinum fell 1% to $921.05 and palladium lost 1% to $968.62.