Calls to Accelerate Development of Saudi-Kuwaiti Trade Relations

Participants attend the Kuwaiti-Saudi Business Forum on Friday. (Asharq Al-Awsat)
Participants attend the Kuwaiti-Saudi Business Forum on Friday. (Asharq Al-Awsat)
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Calls to Accelerate Development of Saudi-Kuwaiti Trade Relations

Participants attend the Kuwaiti-Saudi Business Forum on Friday. (Asharq Al-Awsat)
Participants attend the Kuwaiti-Saudi Business Forum on Friday. (Asharq Al-Awsat)

The Federation of Saudi Chambers of Commerce stressed the need to accelerate ongoing efforts to develop commercial relations between the Kingdom and Kuwait and to diversify private sector partnerships.

The Federation emphasized that Saudi-Kuwaiti economic relations enjoy great support from the political leadership in both countries, backed by effective institutional organizational frameworks.

A recent economic report issued by the Center for Economic Studies in the Federation of Saudi Chambers noted that the Covid-19 pandemic reduced the volume of trade exchange between the two countries, which amounted to about 7.7 billion riyals (USD 2 billion) in 2020. This made Kuwait rank fourth among GCC countries in the volume of trade exchange with the Kingdom.

According to the report, the value of Saudi exports decreased last year by 15% compared to 2019, while Kuwaiti exports dropped by 14%, which led to a 15% decrease in the volume of trade exchange between the two countries.

The report underlined the need to work to increase coordination and cooperation in sectors and areas that achieve common economic interests.

It also reviewed the advantages of direct investment in Kuwait represented in policies to improve the business climate to empower the private sector and to simplify registration and licensing procedures for investors, as well as allowing foreign ownership of up to 100%.

Meanwhile, the Kuwaiti-Saudi Business Owners Forum concluded its activities on Friday, with the signing of six agreements between Kuwaiti and Saudi companies.

The investment, renewable energy and water sectors, Gulf integration in the fields of chemical industries, the national real estate strategy and real estate investment opportunities were the main topics of discussion at the forum.



Safe-Haven Gold Breaks $2,700/Oz Level as Uncertainty Looms

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Safe-Haven Gold Breaks $2,700/Oz Level as Uncertainty Looms

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold breached the $2,700-per-ounce level on Friday for the first time ever, as US election jitters and simmering Middle East tensions boosted safe-haven demand, while a looser monetary policy environment also added fuel to the rally.
Spot gold firmed 0.6% to $2,709.28 per ounce by 0430 GMT and gained 2% this week. US gold futures rose 0.6% to $2,724.50.
Gold could gather further traction given the fluidity of election developments and geopolitical uncertainties, said OCBC FX strategist Christopher Wong.
Hezbollah said it will escalate war with Israel after the killing of Hamas leader Yahya Sinwar.
Elsewhere, with less than three weeks remaining to cast votes this US presidential election, Democratic Vice President Kamala Harris and Republican former President Donald Trump are stretching for the support of every last voter.
"Gold has scoffed at a surging dollar and rallies at every chance it gets. It's just a bull market that shows no signs of exhaustion," said Tai Wong, a New York-based independent metals trader.
US economic data released overnight pointed to a strengthening economy, which boosted the US dollar. But traders still see a 90% chance of a Federal Reserve rate cut in November. The European Central Bank cut interest rates for the third time this year as the euro zone economy sags.
Lower rates increase the non-yielding bullion's appeal.
Bullion will continue to perform well over the long term, benefiting from the precarious fiscal situations of many Western nations, and the global desire for a store of value independent of other assets and institutions, said Ryan McIntyre, senior portfolio manager at Sprott Asset Management.
Delegates to the London Bullion Market Association's annual gathering
predicted
gold would rise to $2,941 over the next 12 months and silver to $45.
Spot silver rose 0.9% to $31.97 and headed for a weekly gain. Platinum added 0.6% to $997.80 and palladium increased 0.6% to $1,048.55.