Saudi Arabia Operates New Salwa Crossing with Qatar

The Emir of the Eastern Province in Saudi Arabia at the inauguration of the Salwa border crossing with Qatar (Asharq Al-Awsat)
The Emir of the Eastern Province in Saudi Arabia at the inauguration of the Salwa border crossing with Qatar (Asharq Al-Awsat)
TT
20

Saudi Arabia Operates New Salwa Crossing with Qatar

The Emir of the Eastern Province in Saudi Arabia at the inauguration of the Salwa border crossing with Qatar (Asharq Al-Awsat)
The Emir of the Eastern Province in Saudi Arabia at the inauguration of the Salwa border crossing with Qatar (Asharq Al-Awsat)

Prince Saud bin Nayef bin Abdulaziz, Governor of the Eastern Province, launched on Monday the trial operation of the passengers’ section at the new Salwa crossing, which links Saudi Arabia with Qatar.

He noted that the crossing would primarily contribute to enhancing vehicle and passenger traffic, in addition to promoting trade volume exchange and economic relations between the two Gulf states.

“The Kingdom’s advancement in various fields contributed to achieving sustainable development,” Prince Saud said, adding that many vital projects implemented in Saudi Arabia have become the focus of the world’s attention.

These projects “draw a road map towards a promising future in line with the Kingdom’s 2030 vision, through the development of the infrastructure of the land ports in the Kingdom,” he remarked.

For his part, Governor of Zakat, Tax and Customs Authority of Saudi Arabia Eng. Suhail bin Mohamed Abanmi said that the new Salwa border crossing project has been fully equipped with the essential integrated services and utilities for the clearance of all passing vehicles and passengers.

The border crossing would represent a vital factor in enhancing vehicle and passenger traffic, in addition to promoting trade volume and economic relations between the two countries, he added.

He stressed that the authority has worked on holding a number of strategic partnerships with entities in the public and private sectors, relying on best practices in the design, development and operation of the port infrastructure, thus contributing to strengthening the Kingdom’s economy, and facilitating all land transit operations between the Kingdom and neighboring countries.



Gold Rises on Dip-buying, Focus on US-China Trade Updates

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
TT
20

Gold Rises on Dip-buying, Focus on US-China Trade Updates

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo

Gold prices rebounded on Thursday as investors bought bullion following a sharp decline in the previous session, while focus still remained on US-China trade tensions.
Spot gold was up 1.6% to $3,340.79 an ounce, as of 0907 GMT, Reuters reported. Bullion lost over 3% on Wednesday, in its worst daily performance since late November.
US gold futures gained 1.8% to $3,352.10.
"Gold's pullback earlier has cleared some of the froth from its latest surge. That in turn attracted some buy-the-dip action, amid still-persistent global trade war fears," said Han Tan, Exinity Group's chief market analyst.
"Given the still-evident tailwinds for this precious metal, gold bugs could ultimately conquer the $3,500 level with conviction."
Non-yielding bullion, traditionally seen as a hedge against global instability, has risen over 27% so far this year.
The International Monetary Fund made sharp reductions to its outlook for both US and global growth this year, with President Donald Trump's tariff policy the central reason behind the downgrade.
"If the economic outlook deteriorates further, then there's no reason why gold could not receive another strong bid," said Ole Hansen, head of commodity strategy at Saxo Bank.
However, US Treasury Secretary Scott Bessent said the US economic growth will surpass the IMF's revised estimate of 1.8%, down from 2.7% in January, if Trump administration's policies are implemented.
He also said that the excessively high tariffs between the US and China are unsustainable, and must be reduced before trade negotiations can proceed.
Supporting gold, the US dollar eased, making the greenback-priced bullion cheaper for overseas buyers.
Spot silver fell 0.5% to $33.37 an ounce, platinum was steady at $973.25 and palladium was down 0.6% to $939.53.