Saudi Roadmap to Build World’s Largest Park

King Salman Park in the center of the Saudi capital (Asharq Al-Awsat)
King Salman Park in the center of the Saudi capital (Asharq Al-Awsat)
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Saudi Roadmap to Build World’s Largest Park

King Salman Park in the center of the Saudi capital (Asharq Al-Awsat)
King Salman Park in the center of the Saudi capital (Asharq Al-Awsat)

At a time when Riyadh’s green strategy is in full swing, an official source at the King Salman Park Foundation confirmed that efforts are underway to transform the proposed large-scale public park and urban district in Riyadh into a tangible reality.

Director of Public Relations and Marketing at the King Salman Park Foundation Faisal Al-Majed revealed that a road map for operational work is currently being carried out.

According to Al-Majed, the Foundation’s participation at Riyadh’s International Exhibition and Forum on Afforestation Technologies, which was held from May 29-31, confirms its commitment to planting one million trees.

Al-Majed noted that the Forum had advanced efforts on exchanging research and expertise and contributed to launching a scientific study that can map out the implementation of the park project.

Speaking to Asharq Al-Awsat, Al-Majed confirmed that the Foundation will work to re-engineer the park’s soil to prepare it for planting.

Soil re-engineering includes adding more than one layer of soil and microorganisms.

Moreover, it also incorporates increasing the level of nitrogen to increase fertility.

The Green Riyadh project alone will see 7.5 million trees planted across the capital, and will contribute to an increase in per capita green space.

Al-Majed noted that gains from such projects include boosting biodiversity, whether in birds, insects, or the green environment of the city of Riyadh.

He also pointed out that King Salman Park Foundation is one of the four major projects launched by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz in March 2019.

King Salman Park is built on more than 16km2 to become the largest urban park in the world offering a wide range of options and quality activities for the city's residents and visitors.

The Park will contribute significantly to increasing the vegetation in the region and raising the rate of per capita green spaces, which will have a direct and positive impact on the quality of the environment and the climate.



Gold Hits Nearly Two-month High as Middle East Tensions Spur Safe-haven Demand

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
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Gold Hits Nearly Two-month High as Middle East Tensions Spur Safe-haven Demand

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 climbed on Friday to their highest levels in nearly two months, and were on track for a weekly gain, after Israeli military strikes on Iran drove investors toward safe-haven assets.

Spot gold was up 1.2% at $3,423.30 an ounce, as of 0544 GMT, after hitting its highest since April 22 earlier in the session. Bullion has gained more than 3.4% so far this week.

US gold futures gained 1.2% to $3,444.50.

Geopolitical tensions escalated after Israel targeted Iran's nuclear facilities, as tensions mounted over US efforts to halt Iran's production of atomic bomb materials.

"This latest spike in hostilities in the Middle East has taken the focus off trade negotiations for now, with investors making a play towards safe-haven assets in response," said Tim Waterer, chief market analyst at KCM Trade.

Israel declared a state of emergency, citing expected missile and drone strikes from Tehran, and the US military is preparing for various contingencies in the Middle East, including potential assistance with evacuating American civilians, a US official told Reuters on condition of anonymity.

"Gold surged past resistance around $3,400 on news of the airstrikes, and further upside could be in-store should the escalation continue," Waterer said.

Signaling a cooling US labor market and subdued inflation pressures, new applications for unemployment benefits held at an eight-month high last week, while slowing domestic demand helped restrain producer prices in May.

The data, released a day after the Labor Department reported a moderate rise in consumer prices in May, bolstered expectations of an earlier rate cut.

Traders are now expecting a Federal Reserve interest rate cut of 55 basis points by the year-end, starting in September rather than October as previously anticipated.

Elsewhere, spot silver fell 0.3% at $36.25 per ounce, platinum lost 1% at $1,282.55 and palladium shed 0.5% to $1,050.61. All three metals were set for weekly gains.