New Authority in Jeddah Seeks to Promote Development

The city of Jeddah is preparing for a new phase of development, with the transformation of the city’s project management office into the Jeddah Governorate Development Authority.  (SPA)
The city of Jeddah is preparing for a new phase of development, with the transformation of the city’s project management office into the Jeddah Governorate Development Authority. (SPA)
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New Authority in Jeddah Seeks to Promote Development

The city of Jeddah is preparing for a new phase of development, with the transformation of the city’s project management office into the Jeddah Governorate Development Authority.  (SPA)
The city of Jeddah is preparing for a new phase of development, with the transformation of the city’s project management office into the Jeddah Governorate Development Authority. (SPA)

The city of Jeddah, located on the western coast of Saudi Arabia, is preparing for a new phase of development, with the transformation of the city’s project management office into the Jeddah Governorate Development Authority.

Jeddah is the gateway to international trade and foreign markets. It accommodates one the most important global ports in the Kingdom, the Jeddah Islamic Port, which stretches over an area of 12.5 square kilometers.

The city is also home to many factories that meet international standards and embraces more than 320 commercial centers and markets, which account for more than 21 percent of the commercial centers in the Kingdom.

The authority will seek to develop the city in line with the Kingdom’s Vision 2030 and the economic transformation plan.

Dr. Faisal Al Fadel, member of the Shura Council, said that the Cabinet’s decision to transform the Governorate Projects Management Office into an authority is a qualitative and major organizational shift for the development of the Jeddah region.

He added that the move targets comprehensive development in the various urban, demographic, economic, social, cultural, tourism, environmental, transportation, infrastructure, and digital fields. It also aims to provide the governorate’s needs of services and public facilities.

The authority will have a key role in unifying and harmonizing development decisions among the concerned authorities, with the aim of maximizing the benefits of the community economy, achieving optimal utilization of potentials and resources and meeting the needs of the Jeddah Governorate, Fadel underlined.

The authority will be an independent legal entity that will supervise the governorate’s development initiatives, projects and programs.

“This is a major qualitative leap,” he stated.



Gold Advances as Softer Core CPI Data Revives Fed Easing Hopes

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Advances as Softer Core CPI Data Revives Fed Easing Hopes

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold prices extended gains on Wednesday, as the dollar dipped after US core inflation data came in softer than expected, abating inflation pressures and rekindling expectations that the Federal Reserve's easing cycle may not be over yet.

Spot gold gained 0.4% to $2,688.19 per ounce by 0915 a.m. ET (1415 GMT). US gold futures were up 1.1% to $2,711.40.

Excluding volatile food and energy components, core CPI increased 3.2% on an annual basis, compared with an expected 3.3% rise, the US Bureau of Labor Statistics said on Wednesday, Reuters reported.

"Core CPI came in a little bit below expectations. This is a bit of a positive for gold... The corollary to this is that the Fed will not necessarily exclude the possibility of cutting rates," said Bart Melek, head of commodity strategies at TD Securities.

"The probability of a rate cut in January is kind of nothing, but we are pricing some rate cuts by the end of the year here."

Markets now expect the Fed to deliver 40 basis points (bps) worth of rate cuts by year-end, compared with about 31 bps before the inflation data.

The dollar index eased 0.4%, making bullion more attractive for other currency holders. The benchmark 10-year Treasury yields also slipped.

Investors are worried that the potential for tariffs after President-elect Donald Trump re-enters the White House next week could stoke inflation and limit the Fed's ability to lower rates to a greater extent.

Non-yielding bullion is considered a hedge against inflation, although higher rates diminish its appeal.

However, the uncertainties around Trump's tariffs and trade policies for the global economy and their potential impact on growth are likely to sustain safe-haven demand for gold, said Zain Vawda, market analyst at MarketPulse by OANDA.

Spot silver firmed 1% to $30.23 per ounce, platinum rose 0.4% to $938.70, and palladium added 2% to $960.25.