Arab Countries Urge Saudi Industry to Meet their Needs

Arab countries urge Saudi factories to more effectively contribute to the production of vital commodities during pandemic
Arab countries urge Saudi factories to more effectively contribute to the production of vital commodities during pandemic
TT

Arab Countries Urge Saudi Industry to Meet their Needs

Arab countries urge Saudi factories to more effectively contribute to the production of vital commodities during pandemic
Arab countries urge Saudi factories to more effectively contribute to the production of vital commodities during pandemic

Arab countries have urged Saudi factories to more effectively contribute to the production of vital commodities necessary for exports to the Arab world.

This appeal comes as the coronavirus pandemic has had a largescale economic impact.

The Council of Saudi Chambers (CSC) called on operating companies to meet the needs of Arab states in food and medical products.

In April, the Arab Industrial Development and Mining Organization (AIDMO) launched an interactive platform on offers of Arab industrial products that would serve as a commercial knowledge base.

This platform is aimed at supporting and coordinating efforts of Arab member states to face the impact of the pandemic on Arab industry.

The CSC requested the data of companies and institutions that have a production capacity to meet the needs of the Arab world.

The platform will be updated on a regular basis in line with regional and international developments in order to monitor the implications of the pandemic on the industrial sector.

The Chambers of Commerce and Industry across the Kingdom have directed factories, plants and companies to benefit from the platform.

The Organization stressed that the pandemic represents one of the major challenges facing Arab states, mainly in the import and export of commodities necessary to confront the disease and meet basic food needs.

The e-platform includes requests and offers available on official websites to meet the needs of Arab countries in food, health and medical goods.

It also suggests to some Arab companies and factories that have the necessary production capabilities to meet those needs.

Interested government agencies and private sector institutions can contribute to the platform by registering data and submitting requests and offers.



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.