Arab Parliament Selects NEOM as Best Arab Project

Visitors watch a 3D presentation during an exhibition on NEOM in Riyadh, Saudi Arabia, October 25, 2017. (Reuters)
Visitors watch a 3D presentation during an exhibition on NEOM in Riyadh, Saudi Arabia, October 25, 2017. (Reuters)
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Arab Parliament Selects NEOM as Best Arab Project

Visitors watch a 3D presentation during an exhibition on NEOM in Riyadh, Saudi Arabia, October 25, 2017. (Reuters)
Visitors watch a 3D presentation during an exhibition on NEOM in Riyadh, Saudi Arabia, October 25, 2017. (Reuters)

The Arab Parliament has selected the Saudi city of NEOM as the best Arab project to achieve sustainable development in 2022.

NEOM was chosen for promoting the concept of the future and sustainable development, as one of the models for building generations, creating smart cities, and supporting efforts to preserve the environment.

NEOM, located in the far northwest of the Kingdom in the Emirate of Tabuk, is a Saudi project aimed at building the first cognitive city with world-class technology. It was launched by Crown Prince Mohammed bin Salman in October 2017 and stretches over an area of 460 kilometers on the Red Sea coast.

NEOM recently announced the building of a new city called The Line, which is projected to become a global hub for generating clean energy.

A model for extraordinary living, The Line will paint a revolutionary picture for what future communities would look like and how they would come to live in harmony with nature, NEOM CEO Nadhmi Al-Nasr said in an interview with Asharq Al-Awsat last month.

He added that the pedestrian city would offer an attractive environment for innovators, entrepreneurs and investors.

An official statement said construction would start in Q1 2021 on the project, which is expected to contribute $48 billion to the Kingdom's GDP and provide 380,000 job opportunities by 2030.



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.