Saudi Fozan, Sakan Sign Agreement to Provide Housing Units for Joodeskan Platform

The program aims to benefit more than 1,000 people in the Eastern Province in Saudi Arabia. (Asharq Al-Awsat)
The program aims to benefit more than 1,000 people in the Eastern Province in Saudi Arabia. (Asharq Al-Awsat)
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Saudi Fozan, Sakan Sign Agreement to Provide Housing Units for Joodeskan Platform

The program aims to benefit more than 1,000 people in the Eastern Province in Saudi Arabia. (Asharq Al-Awsat)
The program aims to benefit more than 1,000 people in the Eastern Province in Saudi Arabia. (Asharq Al-Awsat)

Saudi Fozan signed an agreement with the National Housing Development Organization (Sakan) to provide 178 housing units, valued at $18.1 million, to provide housing solutions to the beneficiaries of the Joodeskan platform.

The program aims to benefit more than 1,000 people in the Eastern Province in Saudi Arabia, in a step that supports achieving the goals of Vision 2030 in empowering the non-profit sector and providing adequate housing for needy families.

Minister of Municipal and Rural Affairs and Housing Majed al-Hogail announced that the national companies give as part of their community initiatives.

Hogail lauded the Fozan program for its societal role in promoting housing stability for the neediest families by donating the project to Joodeskan platform that provides housing units for the beneficiaries included in the al-Fozan Affordable Housing Project.

Joodeskan is under the supervision of the National Housing Development, which aims to support and help needy families in the housing sector.

The platform provides charitable residential donations in a transparent, accurate, and professional manner.

Chairman of the board of Fozan Holding Abdullah bin Abdullatif al-Fozan stressed that this step is a continuation of the program’s role in helping society and meeting its needs in various fields.

Al-Fozan indicated that those in charge of the program believe they have a responsibility towards society, launching and sponsoring initiatives, namely the developmental housing projects that contribute to achieving stability for the beneficiaries and provide sustainable housing solutions for them.

Chairman of the Sakan board Ziad al-Hogail lauded the efforts of members of the Fozan initiative, which is one of the aspects of community partnership and integration between sectors that contributes to improving the services provided to citizens and achieving the goals of Vision 2030 and the Quality of Life Program.



Gold Rebounds to End 6-Session Losing Streak as Dollar Rally Pauses

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
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Gold Rebounds to End 6-Session Losing Streak as Dollar Rally Pauses

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices rebounded on Monday, having posted losses in the previous six sessions, with gains driven by a pause in the dollar's rally, while investors await comments from the Federal Reserve officials for clarity on the interest rate trajectory.
Spot gold rose 1% to $2,587.83 per ounce by 0917 GMT, moving away from a two-month low hit on Thursday. US gold futures were up 0.9% at $2,592.20.
Gold prices last week saw their biggest weekly decline in over three years as expectations of less-aggressive interest rate cuts by the Fed boosted the dollar.
However, the dollar was holding flat below Thursday's one-year high after rising 1.6% last week. A softer dollar makes bullion less expensive for buyers holding other currencies, Reuters said.
"We can look to the dollar for a significant part of the current gold price corrections ... I'm not saying you've found a solid physical floor yet, but clearly, some opportunistic buying is coming in to support the market as well," independent analyst Ross Norman said.
"As the year ends, we will see volatility in gold prices and there'll be some books clearing and profit-taking, regardless of what the Fed does in December."
Recent US economic data has reduced expectations for a December rate cut by the Fed. At least seven US central bank officials are due to speak this week.
Higher interest rates make holding gold, which doesn't pay any interest, less attractive.
"President Trump's inauguration is likely to see an ongoing strengthening of the USD (US dollar), which is negative for gold in the short to medium term. However, as his stated policies are likely to be significantly inflationary in the long term, this will benefit gold," said Michael Langford, chief investment officer at Scorpion Minerals.
Spot silver rose 1.4% to $30.63 per ounce, platinum added 1.4% at $951.59 and palladium climbed 1.8% to $967.62.