Excellent Prospects for Broader Saudi-Omani Economic Cooperation, Integration

Saudi and Omani business sectors look forward to a qualitative leap in economic integration and trade and investment cooperation (Asharq Al-Awsat)
Saudi and Omani business sectors look forward to a qualitative leap in economic integration and trade and investment cooperation (Asharq Al-Awsat)
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Excellent Prospects for Broader Saudi-Omani Economic Cooperation, Integration

Saudi and Omani business sectors look forward to a qualitative leap in economic integration and trade and investment cooperation (Asharq Al-Awsat)
Saudi and Omani business sectors look forward to a qualitative leap in economic integration and trade and investment cooperation (Asharq Al-Awsat)

Saudi Arabia and Oman are on track towards greater commercial, investment, and economic cooperation and integration, especially in strategic sectors, industrial cities, logistics, renewable energy, and petrochemical manufactures, Omani and Saudi business sector experts predicted.

Oman’s ruler, Sultan Haitham bin Tarik, will be arriving in Saudi Arabia on Sunday for a two-day official visit and a summit with Saudi King Salman in the northwestern mega-city of Neom.

It is noteworthy that this visit is the Omani ruler’s first since being appointed as Sultan back in January and is set to produce a qualitative leap to boost cooperation and reinforce bilateral ties between the Kingdom and Sultanate.

Experts from both sides have called for formulating common visions and an annual work plan that includes specific objectives for raising the volume of trade and investment exchanges between the two countries.

Each of the Saudi-Omani Business Council (SOBC) and the Federation of Saudi Chambers (FSC) stated that the high-level visit reveals the depth of relations between the Kingdom and the Sultanate.

They also noted that economic cooperation would top the visit’s agenda given its significance to Saudi Arabia’s “Vision 2030” and Oman’s “Vision 2040.”

For his part, Saudi Commerce Minister Majid Al-Qasabi reasserted the depth and strength of Saudi-Omani bilateral relations across all fields, especially in the commercial domain, which currently is experiencing remarkable developments due to the ambitious visions of the two countries.

The two countries aim to raise their bilateral trade exchange volume, which reached over SAR58.6bn during the past six years (2015-2020), Al-Qasabi said.

He also stressed that the two sides are keen to consolidate cooperation through the SOBC to translate investment opportunities into tangible partnerships.

The SOBC is working to enhance joint work between Saudi Arabia and Oman to realize the grand ambitions leaderships have in both countries, the head of the SOBC, Nasser Bin Said Al-Hajiri, confirmed to Asharq Al-Awsat.

Moreover, Al-Hajiri revealed that the SOBC is working on enhancing available opportunities, raising the exchange of visits for governmental, commercial, and investment delegations, and boosting cooperation between research and study centers in the two countries.



Gold Price Firms on Israel-Iran Conflict, Platinum Scales over 10-year High

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
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Gold Price Firms on Israel-Iran Conflict, Platinum Scales over 10-year High

Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewellery is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo

Gold prices gained on Thursday as fears of an escalating conflict between Israel and Iran drove investors towards the safe-haven metal, while platinum scaled its highest level since September 2014.

Spot gold was up 0.2% at $3,374.49 an ounce at 1100 GMT US gold futures fell 0.5% to $3,391.00.

"We're seeing some haven flows in gold, which is really not surprising given what's happening ... with the fighting between Iran and Israel," said Fawad Razaqzada, market analyst at City Index and FOREX.com.

Equity markets have dipped, which is also supporting the precious metal, Razaqzada added, Reuters reported.

Israel said on Friday it had struck Iran's only functioning nuclear power plant on the Gulf coast, potentially a major escalation in its air war against Iran.

Meanwhile, the Fed held interest rates steady on Wednesday and policymakers still forecast cutting rates by half-a-percentage point this year, but have slowed their overall outlook for rate cuts in response to a more challenging economic outlook.

However, Fed Chair Jerome Powell cautioned against putting too much weight on this outlook, warning of "meaningful" inflation ahead as higher import tariffs loom.

Gold is considered a safe-haven asset during times of geopolitical and economic uncertainty. It also tends to thrive in a low-interest rate environment.

In other metals, platinum lost 2.5% to $1,289.71, having risen to its highest level since September 2014 earlier in the session.

Platinum prices are supported by rising Chinese imports, ongoing supply concerns, high lease rates and increased investor interest as high gold prices push consumers toward cheaper alternatives, analysts say.

"The supply-demand dynamics at play in the platinum market do hint at there being further upside in store for the price," KCM Trade Chief Market Analyst Tim Waterer said.

Palladium lost 1.1% to $1,036.74, while silver fell 1.2% to $36.31 per ounce.