Saudi Industry to Build Digital System That Attracts Quality Investments

 The sessions of the 21st annual meeting of the Saudi Economic Association (SEA) kicked off on Monday in Riyadh. (Asharq Al-Awsat)
The sessions of the 21st annual meeting of the Saudi Economic Association (SEA) kicked off on Monday in Riyadh. (Asharq Al-Awsat)
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Saudi Industry to Build Digital System That Attracts Quality Investments

 The sessions of the 21st annual meeting of the Saudi Economic Association (SEA) kicked off on Monday in Riyadh. (Asharq Al-Awsat)
The sessions of the 21st annual meeting of the Saudi Economic Association (SEA) kicked off on Monday in Riyadh. (Asharq Al-Awsat)

The Saudi Ministry of Industry and Mineral Resources unveiled an endeavor to build a digital system that would contribute to attracting quality investments in the industrial and mining sectors.

This came during the sessions of the 21st annual meeting of the Saudi Economic Association (SEA), which kicked off on Monday, under the patronage of Eng. Abdullah Al-Sawaha, Minister of Communications and Information Technology.

Participants discussed the digital transformation of the public and private sectors, along with its strategies, road map, and the means to help telecommunication companies benefit from the opportunities that arose during the Covid-19 pandemic.

Eng. Mohammad Al-Muhanna, the Undersecretary of the Ministry of Industry and Mineral Resources for digital transformation, underlined the ministry’s efforts to make the Kingdom a hub for quality investments in industry and mining, by building a digital system based on dedicated platforms that enrich interaction and effective participation within the sector.

For his part, Ali Al-Wehaibi, the Director General of Planning and Digital Excellence at the Ministry of Human Resources and Social Development for digital transformation, noted that the solutions pursued by his ministry in overcoming the pandemic focus on developing electronic platforms, including friendly settlement services, in addition to enhancing remote work.

He explained that his ministry submitted a study that included several recommendations on the means to develop long-term and short-term plans to deal with epidemic risks, expand infrastructure and communication systems, and create a legal and legislative environment that regulates digital transactions.

A second panel discussion, entitled “Digital Transformation of the Private Sector”, was attended by Dr. Abdullah Dahlan, Founder and Chairman of the Board of Trustees of the University of Business and Technology in Jeddah, Engineer Yasser Al-Farhan, Chairman of the Board of Directors of Advanced Systems and Technologies Company, and Engineer Raed Al-Fayez, Deputy Governor for the IT and emerging technologies at the Communications and Information Technology Commission, as well as Mashael bin Saedan, founder and CEO of Al Saedan for Development and a member of the Board of Directors of the Saudi Economic Association.



Gold at Near 2-week Low after Trump Announces Israel-Iran Ceasefire

A goldsmith displays gold ornaments during a gold trade at Hua Seng Heng gold shop in Bangkok, Thailand, 23 June 2025. EPA/RUNGROJ YONGRIT
A goldsmith displays gold ornaments during a gold trade at Hua Seng Heng gold shop in Bangkok, Thailand, 23 June 2025. EPA/RUNGROJ YONGRIT
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Gold at Near 2-week Low after Trump Announces Israel-Iran Ceasefire

A goldsmith displays gold ornaments during a gold trade at Hua Seng Heng gold shop in Bangkok, Thailand, 23 June 2025. EPA/RUNGROJ YONGRIT
A goldsmith displays gold ornaments during a gold trade at Hua Seng Heng gold shop in Bangkok, Thailand, 23 June 2025. EPA/RUNGROJ YONGRIT

Gold prices fell to a near two-week low on Tuesday as risk appetite improved after US President Donald Trump said Iran and Israel had agreed to a ceasefire, denting demand for safe-haven assets.

Spot gold was down 0.9% at $3,338.39 an ounce, as of 0526 GMT, after hitting its lowest level since June 11 earlier in the session, Reuters reported.

US gold futures slipped 1.2% to $3,352.60.

"It seems like there's a good bit of geopolitical risk that's exiting the market here near term after, of course, we have signs of de-escalation between the US and Iran," said Ilya Spivak, head of global macro at Tastylive.

Trump announced a complete ceasefire between Israel and Iran, potentially ending the 12-day conflict that saw millions flee Tehran and prompted fears of further escalation in the region.

There was no immediate comment from Israel. While an Iranian official earlier confirmed that Tehran had agreed to a ceasefire, the country's foreign minister said there would be no cessation of hostilities unless Israel stopped its attacks.

Global shares rallied, while oil prices slipped to a one-week low after Trump announced the Iran-Israel ceasefire.

Meanwhile, US Federal Reserve Vice Chair for Supervision Michelle Bowman said on Monday that the time to cut interest rates is approaching amid potential risks to the job market.

Investors await testimony by Fed Chair Jerome Powell before the House Financial Services Committee later on Tuesday. Powell has been cautious about signaling near-term easing.

"The bias for gold prices is higher, but we might see a correction in the near-term and an uptick in the dollar if Powell convinces markets that they're not going to cut more than twice this year," Spivak said.

Gold tends to thrive in a low-interest-rate environment.

Elsewhere, spot silver eased 0.1% to $36.08 per ounce, platinum fell 0.3% to $1,290.67, while palladium slipped 1.3% to $1,062.94.