Saudi Arabia Highlights Important Mining Investment Opportunities in Emerging Markets

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia Highlights Important Mining Investment Opportunities in Emerging Markets

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

Saudi government agencies will participate in the Future Minerals Summit, which will kick off in Riyadh Tuesday to present investment opportunities accompanying the Forum through an integrated platform that includes all aspects of the investor's journey in the Saudi mining sector.

The mining sector in the Kingdom includes 12 government agencies, including the Ministry of Investment, which considers the Summit a new national anchor that achieves aspirations in reviewing investment opportunities and developing and diversifying the economy according to the objectives of Vision 2030.

The Ministry aims to shed light on the mining sector in the Kingdom and investing opportunities and ease of doing business.

The three-day Summit will present several projects and opportunities in emerging markets through its sessions and workshops.

The exhibition focuses on presenting technologies that will contribute to establishing the future mining sector in which Saudi Arabia will play a fundamental role. It also has pavilions dedicated to regional countries.

The Summit and the accompanying exhibition will enhance the Kingdom's strategic leadership in this sector, contribute to the presentation of advanced technologies and innovations, and facilitate new partnerships and knowledge exchange.

Meanwhile, the Ministry of Environment, Water, and Agriculture renewed its commitment to environmental sustainability and the prosperity of development sectors.

Participating in the Summit, the Royal Commission for Jubail and Yanbu aspires to bolster the sector's potential, encourage investments, and shed light on the most prominent prospects of opportunities in the Kingdom.

The Saudi Export Development Authority will review the opportunities to increase the Kingdom's exports in global markets.

The Saudi Industrial Development Fund believes the Summit will support the industrial sector as a global platform to highlight its advantages.

The Saudi EXIM Bank is also participating in the Summit to highlight the importance of investment in the Kingdom, with integration and coordination between sectors.

The Local Content and Government Procurement Authority's participation in the Summit aims to publicize its role in building a stable and sustainable economy by localizing content and establishing new economic horizons.

The National Industrial Development Center will present the ambitious Vision 2030 that the Summit will promote and highlight the qualitative opportunities and competitive advantages of investing in the mining sector and its sustainable investment opportunities.



Gold Eases as Traders Wait for US Economic Data

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters
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Gold Eases as Traders Wait for US Economic Data

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. Reuters

Gold prices eased on Tuesday, while investors awaited a slew of US economic data to gauge the size of the Federal Reserve's expected interest rate cut this month.
Spot gold fell 0.2% at $2,495.50 per ounce by 0630 GMT. Prices hit a record high of $2,531.60 on Aug. 20.
US gold futures steadied at $2,527.50.
The dollar lingered near a two-week high, making bullion less appealing for other currency holders.
"Gold is unable to recapture levels around all-time highs due to lack of fresh positive catalysts. If we see U.S. data pointing to a weak economy and the Fed taking to the narrative of having a jumbo rate cut, gold will rally," said Kelvin Wong, OANDA's senior market analyst for Asia Pacific.
"Prices could go as high as $2,640 this year."
Market focus is on Friday's US August non-farm payrolls report. Economists surveyed by Reuters expect the addition of 165,000 US jobs.
ISM surveys, JOLTS job openings and ADP employment report are also on investors' radar.
Traders currently see a 31% chance of a 50-basis-point rate cut at the Fed's Sept. 17-18 policy meet and a 69% chance of a quarter-point cut.
Last week, data showed US consumer spending picked up in July, arguing against a 50-bp rate cut.
Gold "remains our preferred hedge against geopolitical and financial risks, with additional support from imminent Fed rate cuts and ongoing emerging market central bank buying. We open a long gold trade recommendation," Goldman Sachs said.
Bullion is considered a safe asset amid turmoil and tends to thrive in a low rate environment.
Spot gold may test support at $2,473, a break below that could open the way towards $2,434, according to Reuters technical analyst Wang Tao.
Spot silver dipped 0.5% to $28.35, platinum fell 1% to $921.05 and palladium lost 1% to $968.62.