Adeer Company Sells Kunoz Al-Dhahran Land at More than SAR700 Mln

Adeer Company Sells Kunoz Al-Dhahran Land at More than SAR700 Mln
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Adeer Company Sells Kunoz Al-Dhahran Land at More than SAR700 Mln

Adeer Company Sells Kunoz Al-Dhahran Land at More than SAR700 Mln

Saudi Arabia’s Adeer Real Estate Company announced selling Kunoz al-Dhahran land in a record time for SAR724,148,976 during the public auction it organized at the Grand Hayat Hotel in Khobar on Monday, to be added to its successful auctions this year.

CEO of Adeer Mutab Al Saad expressed joy with the auction’s great success.

He extended his appreciation to all the attendees, including developers, investors and businessmen who were keen to participate in this auction and competed to win the unique land that enjoys incomparable investment advantages.

Al Saad said that the auction’s success came as a result of solid foundations and rules, citing the detailed planning of the extensive marketing and advertising campaign the company launched, as well as the preparations that were carried out in accordance with the highest quality standards.

The event was well organized and managed with high professionalism, he affirmed, which reflects the Company’s extensive experience in real estate marketing for the Kingdom’s largest and most important projects.

Mutab pointed out that the Company always seeks to provide key real estate opportunities, which are characterized by their vital locations and components, to meet the investors’ needs.



Dollar Hobbled by Economic Worries; Euro Remains in Favor

US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
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Dollar Hobbled by Economic Worries; Euro Remains in Favor

US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters
US dollar drifted within a tight range on Monday, pressured by lower Treasury yields - Reuters

The dollar hovered near a five-month low against major peers on Monday, bruised by President Donald Trump's erratic trade policies and soft economic data, at a time when other currencies, including the euro, benefit from domestic drivers.

The euro was last at $1.0905, up 0.2% on the day, and heading back towards the $1.0947 it hit last week, its highest since October 11.

The Japanese yen was also marginally stronger on the day at 148.48 per dollar, again after hitting its strongest in five months last week at 146.5 to the dollar.

That left the dollar index, which measures the US currency against its six major counterparts, at 103.5, just off its five-month trough of 103.21 reached last Tuesday, Reuters reported.

Currency markets have undergone a shift in recent months, as traders re-evaluate their initial expectations that Trump's economic policies would both support the dollar and cause other currencies to weaken.

In fact the reverse has happened, and analysts at Societe Generale said on Monday that they had changed their currency forecasts "to reflect Germany's planned fiscal changes, the US economy's self-inflicted (relative) fragility, and Japan’s escape from deflation".

They see the euro at $1.13 by year-end and the yen at 139 per dollar.