Int’l Exhibition in Riyadh for Construction, Building Solutions

Riyadh hosts the “Big Five Saudi” exhibition for building industry sustainability (Asharq Al-Awsat)
Riyadh hosts the “Big Five Saudi” exhibition for building industry sustainability (Asharq Al-Awsat)
TT

Int’l Exhibition in Riyadh for Construction, Building Solutions

Riyadh hosts the “Big Five Saudi” exhibition for building industry sustainability (Asharq Al-Awsat)
Riyadh hosts the “Big Five Saudi” exhibition for building industry sustainability (Asharq Al-Awsat)

In a step that enhances Saudi Arabia's economic, commercial and investment activities, Riyadh is preparing to host the “Big Five Saudi” exhibition for reviewing the latest technologies, innovations and sustainable solutions for construction and leading long-term partnerships.

The Big 5 Saudi exhibition will be opened by Deputy Minister of Industry and Mineral Resources Eng. Osama Al-Zamil.

The exhibition aims to provide a platform for exchanging experiences and providing support to about 400 local and international parties from 35 countries. This is done to enhance cooperation and present more than a thousand solutions and building products to more than 15,000 expected participants who will be attending the exhibition at the Riyadh International Convention and Exhibition Center.

Projects under construction in the Kingdom have a value of over $1.4 trillion, of which the construction and transportation sector account for the lion's share, with a value exceeding $825 billion, according to a report issued by MedProjects.

Muhammad Kazi, vice president of construction at DMG Events, the company organizing the exhibition between March 28 and 31, told Asharq Al-Awsat that it is the first event of its kind in the building materials industry this year.

Kazi noted that the exhibition will feature six sessions with prominent speakers from the Diriyah Gate Development Authority, the Saudi Entertainment Enterprises Company, and the United Nations Global Compact.

The exhibition’s activities, according to Kazi, will deal with sustainable development and leadership in the construction environment in the Kingdom. They will also focus on partnerships to achieve investment in Saudi projects and the adoption of new technologies in the construction industry.



Gold Hits Four-week Peak on Safe-haven Demand

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
TT

Gold Hits Four-week Peak on Safe-haven Demand

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 rose to a near four-week high on Thursday, supported by safe-haven demand, while investors weighed how US President-elect Donald Trump's policies would impact the economy and inflation.

Spot gold inched up 0.4% to $2,672.18 per ounce, as of 0918 a.m. ET (1418 GMT). US gold futures rose 0.7% to $2,691.80.

"Safe-haven demand is modestly supporting gold, offsetting downside pressure coming from a stronger dollar and higher rates," UBS analyst Giovanni Staunovo said.

The dollar index hovered near a one-week high, making gold less appealing for holders of other currencies, while the benchmark 10-year Treasury yield stayed near eight-month peaks, Reuters reported.

"Market uncertainty is likely to persist with the upcoming inauguration of Donald Trump as the next US president," Staunovo said.

Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries, CNN reported on Wednesday, citing sources familiar with the matter.

Trump will take office on Jan. 20 and his proposed tariffs could potentially ignite trade wars and inflation. In such a scenario, gold, considered a hedge against inflation, is likely to perform well.

Investors' focus now shifts to Friday's US nonfarm payrolls due at 08:30 a.m. ET for further clarity on the Federal Reserve's interest rate path.

Non-farm payrolls likely rose by 160,000 jobs in December after surging by 227,000 in November, a Reuters survey showed.

Gold hit a near four-week high on Wednesday after a weaker-than-expected US private employment report hinted that the Fed may be less cautious about easing rates this year.

However, minutes of the Fed's December policy meeting showed officials' concern that Trump's proposed tariffs and immigration policies may prolong the fight against rising prices.

High rates reduce the non-yielding asset's appeal.

The World Gold Council on Wednesday said physically-backed gold exchange-traded funds registered their first inflow in four years.

Spot silver rose 0.7% to $30.32 per ounce, platinum fell 0.8% to $948.55 and palladium shed 1.4% to $915.75.