Saudi FII Signs 16 Global Partnerships

A previous edition of the “Future Investment Initiative” forum (Asharq Al-Awsat)
A previous edition of the “Future Investment Initiative” forum (Asharq Al-Awsat)
TT

Saudi FII Signs 16 Global Partnerships

A previous edition of the “Future Investment Initiative” forum (Asharq Al-Awsat)
A previous edition of the “Future Investment Initiative” forum (Asharq Al-Awsat)

The Future Investment Initiative (FII) announced signing 16 partnerships with international corporate companies to make an impact in five key areas: artificial intelligence, robotics, education, healthcare, and sustainability.

The partnership contracts come at a time when the Saudi capital, Riyadh, is preparing to hold the fifth session of the FII from October 26 to 28under the slogan “Investing in Humanity.”

Discussions will revolve around investments that would achieve the most significant benefit to humanity, especially as multiple sectors experience an economic renaissance in the post-pandemic era.

According to information released on Thursday, the platform will bring together state leaders, company leaders, policymakers, investors, and innovators from all over the world.

The global forum will explore pioneering solutions that address challenges facing society and work to achieve those solutions.

Over three days, the FII forum will feature interactive summits on investment in education, metaverses, and ESG standards.

FII Institute CEO Richard Attias said: “Each partner brings unique and pioneering technology that supports the FII Institute mission to make a positive impact on humanity. The investments, inventions, research, and products from these top global companies all aim to create a better world for all.”

“As multiple sectors witness a renaissance in a post-COVID era, the 5th Anniversary of FII will bring together world leaders, experts, innovators, and media in a global forum to explore solutions to society’s most pressing challenges and propel action towards their realization,” he added.

The FII is working to present facts and figures as part of launching several indicators to help government policymakers and the private sector to support investment in the future of humanity.



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
TT

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.