SPARK Becomes 1st Saudi Industrial City to Receive Sustainable Gold Classification With Distinction

An artist's impression of King Salman Energy Park. (SPA)
An artist's impression of King Salman Energy Park. (SPA)
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SPARK Becomes 1st Saudi Industrial City to Receive Sustainable Gold Classification With Distinction

An artist's impression of King Salman Energy Park. (SPA)
An artist's impression of King Salman Energy Park. (SPA)

The Sustainable Building Program of the Ministry of Municipal and Rural Affairs and Housing awarded the King Salman Energy City (SPARK) the first sustainable gold classification with distinction in Saudi Arabia.

The announcement came during the inauguration ceremony of the ETMAM program in Riyadh, in the presence of Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Municipal, Rural Affairs and Housing Majed bin Abdullah Al-Hogail, and Abdulkarim Alghamdi, Vice President of Project Management at Saudi Aramco.

Alghamdi said that the King Salman Energy City (SPARK), launched by Saudi Aramco, was seeking to create a sustainable ecosystem at a global level.

Such achievement enhances SPARK’s ability to support manufacturers and investors in their path towards obtaining a “sustainable” certificate for their own facilities, he added.

The sustainable building program aims to address long-term sustainability challenges, and helps cities and communities develop responsible plans to improve sustainability, environmentally-friendly systems in energy, water, waste and transportation, and many other elements that contribute to quality of life and enhance the local economy, in line with the Kingdom’s ambitious Vision 2030.

The Developers Services Center (ETMAM) is considered one of the most important national initiatives aimed at facilitating the launching of the real estate sector in the Kingdom, creating an attractive environment and increasing the volume of investments inside and outside Saudi Arabia.



Gold on Track for Weekly Gain on Trump Uncertainty; US Jobs Report Awaited

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 on Track for Weekly Gain on Trump Uncertainty; US Jobs Report Awaited

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 inched higher on Friday as uncertainty around US President-elect Donald Trump's policies firmed demand for bullion, while investors awaited a key jobs report to assess the Federal Reserve's rate cut trajectory.
Spot gold edged 0.2% higher to $2,675.49 per ounce as of 0725 GMT. Bullion has gained more than 1% so far this week, set for its highest weekly jump since mid-November. US gold futures rose 0.3% to $2,698.30.
The US non-farm payrolls report is due at 1330 GMT. According to a Reuters survey, payrolls are expected to have increased by 160,000 in December, following a jump of 227,000 in November.
"We expect gold to drop a little in case the non-farm payroll report comes on a higher side," said Jigar Trivedi, senior analyst at Reliance Securities.
"Gold found support after a weaker-than-expected private employment report for December reinforced the notion that the Fed may need to adopt a less cautious approach to rate cuts," Trivedi said.
Kansas City Fed President Jeff Schmid on Thursday signaled a reluctance to cut rates again as the Fed faces a resilient economy and inflation that remains above its 2% target.
Trump's proposed tariffs and immigration policies may also prolong the fight against inflation.
Traders now expect the first Fed rate cut this year in either May or June, according to the CME FedWatch Tool.
Gold acts as a hedge against inflation, but higher interest rates reduce the appeal of holding the bullion.
Spot silver was up 0.3% to $30.2 per ounce and the COMEX contract was trading at $31.17, both near one-month peaks.
"Our view is that the incoming US administration will tailor economic and trade policy to promote national prosperity, and that silver will recover along with gold in the second half (of 2025) to $35 per ounce," Deutsche Bank said in a note.
Platinum shed 0.4% to $955.97 and palladium added 0.9% to $934.16. All three metals were also set for weekly gains.