World Defense Show in Riyadh: 85% of Space Allocated

World Defense Show in Saudi Arabia witnesses broad participation (Asharq Al-Awsat)
World Defense Show in Saudi Arabia witnesses broad participation (Asharq Al-Awsat)
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World Defense Show in Riyadh: 85% of Space Allocated

World Defense Show in Saudi Arabia witnesses broad participation (Asharq Al-Awsat)
World Defense Show in Saudi Arabia witnesses broad participation (Asharq Al-Awsat)

The World Defense Show, the global defense and security event to be held in Riyadh, has already allocated 85 percent of its space amid a broad international, global, regional, and local participation of defense and security companies.

Sponsored by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, the event is organized by the General Authority for Military Industries (GAMI) and will include leading global defense companies such as Embraer, General Dynamics, Lockheed Martin, NORINCO, and Rolls Royce.

Several government agencies in the Kingdom, such as the Ministry of Defense, the Ministry of National Guard, the Ministry of Interior, the Presidency of State Security, and the General Authority for Military Industries, have confirmed their participation.

GAMI Governor Ahmed al-Ohali indicated that the exhibition provides tremendous opportunities for exhibitors and investors to participate in a market that seeks to localize a vital sector, estimated at billions of dollars in one of the largest economies in the world.

Ohali stressed that the Kingdom welcomes those wishing to establish partnerships with local manufacturers and contribute to the localization of the defense and security industries.

For his part, CEO of World Defense Show Shaun Ormrod announced that with over 800 exhibitors, 30,000 visitors, and 85 military delegations, the World Defense Show would open the local and regional defense industry to partnerships and investments from international defense players.

“This will be the first time the global industry has had such open access to all the opportunities with Saudi defense entities, and we are greatly looking forward to providing the world’s best meeting environment for global industry decision-makers.”

Ormrod stressed that the exhibition’s organizing committee is working to provide an ideal environment to organize meetings between decision-makers in the global defense industry and review the manufacturers’ capabilities and priorities.

The World Defense Show is held every two years and focuses on defense interoperability across air, land, sea, security, and space, which will enable the industry to keep pace with developments across defense and technology.

The speed at which these developments occur compels the industry to cooperate across borders and domain expertise to generate opportunities throughout the defense value chain.

The event has laid the foundations for advancing the defense industry and addressing the challenges of ever-deeper defense systems integration by connecting key defense contacts, primes, SMEs, and buyers.



Gold Hits Nearly Two-month High as Middle East Tensions Spur Safe-haven Demand

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Hits Nearly Two-month High as Middle East Tensions Spur Safe-haven Demand

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices climbed on Friday to their highest levels in nearly two months, and were on track for a weekly gain, after Israeli military strikes on Iran drove investors toward safe-haven assets.

Spot gold was up 1.2% at $3,423.30 an ounce, as of 0544 GMT, after hitting its highest since April 22 earlier in the session. Bullion has gained more than 3.4% so far this week.

US gold futures gained 1.2% to $3,444.50.

Geopolitical tensions escalated after Israel targeted Iran's nuclear facilities, as tensions mounted over US efforts to halt Iran's production of atomic bomb materials.

"This latest spike in hostilities in the Middle East has taken the focus off trade negotiations for now, with investors making a play towards safe-haven assets in response," said Tim Waterer, chief market analyst at KCM Trade.

Israel declared a state of emergency, citing expected missile and drone strikes from Tehran, and the US military is preparing for various contingencies in the Middle East, including potential assistance with evacuating American civilians, a US official told Reuters on condition of anonymity.

"Gold surged past resistance around $3,400 on news of the airstrikes, and further upside could be in-store should the escalation continue," Waterer said.

Signaling a cooling US labor market and subdued inflation pressures, new applications for unemployment benefits held at an eight-month high last week, while slowing domestic demand helped restrain producer prices in May.

The data, released a day after the Labor Department reported a moderate rise in consumer prices in May, bolstered expectations of an earlier rate cut.

Traders are now expecting a Federal Reserve interest rate cut of 55 basis points by the year-end, starting in September rather than October as previously anticipated.

Elsewhere, spot silver fell 0.3% at $36.25 per ounce, platinum lost 1% at $1,282.55 and palladium shed 0.5% to $1,050.61. All three metals were set for weekly gains.