Saudi Arabia Adopts Smart City Strategy

General view of Riyadh, Saudi Arabia. (SPA)
General view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia Adopts Smart City Strategy

General view of Riyadh, Saudi Arabia. (SPA)
General view of Riyadh, Saudi Arabia. (SPA)

Saudi Arabia has adopted a new strategy for smart cities, which aims to transform the municipal and residential sector services into smart services through digital technologies and the Internet of Things (IoT).

The strategy aims to enhance economic prosperity, environmental sustainability, and adequate government supervision.

The strategy was established with the participation of all the municipalities in the municipal sector. It was developed for each secretariat of its own, including a roadmap until 2030.

It identifies six goals that take into account the priorities and challenges of each region.

The Ministry of Municipal, Rural Affairs, and Housing stated that over 50 initiatives will be launched in nine sectors by 2030.

The initiatives include smart parking and systems to preserve the environment and waste disposal, housing and smart community management, land and asset management, urban landscape improvement, and urban planning.

The ministry stressed that through the strategy, it aims to achieve three main goals: improving the quality of life of citizens, achieving financial sustainability, and improving the quality of services.

Smart cities will create solutions to the complex challenges associated with development, namely sustainability, congestion, transportation, and energy use. It seeks to improve the quality of life for all members of society.



Gold Steady as Market Eyes Middle East Conflict, Fed Decision

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
TT
20

Gold Steady as Market Eyes Middle East Conflict, Fed Decision

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 were steady on Tuesday as investors assessed the conflict between Israel and Iran and looked ahead to this week's US Federal Reserve's policy meeting.

Spot gold was steady at $3,383.01 an ounce, as of 0851 GMT US gold futures fell 0.5% to $3,401.30.

Israel and Iran exchanged attacks for a fifth consecutive day on Tuesday, Reuters reported.

US President Donald Trump urged an evacuation of Iran's capital Tehran and cut short his trip to the G7 summit in Canada. A separate report said he had asked for his administration's National Security Council to be prepared in the situation room.

"Markets are waiting for the latest signals whether hostilities between Israel and Iran would escalate or will remain contained," said Han Tan, chief market analyst at Exinity Group.

"Gold still retains its bias for lurching upwards on signs of a worsening Middle East conflict, given the precious metal's stature as the preferred safe haven of late."

Zero-yield bullion is considered a hedge against geopolitical and economic uncertainty and tends to thrive in a low-interest environment.

The US central bank rate decision and Chair Jerome Powell's remarks are due on Wednesday. Traders are currently pricing in two cuts by the end of the year.

Meanwhile, Citi lowered its short-term and long-term price targets for gold, projecting prices could drop below $3,000 per ounce by late 2025 or early 2026, driven by declining investment demand and an improving global growth outlook, it said in a note on Monday.

Elsewhere, spot silver was up 0.3% at $36.45 per ounce, platinum was unchanged at $1,246.59, while palladium fell 0.4% to $1,025.44.