Broad Saudi Participation in SIAL PARIS 2022 Food Show

Saudi Arabia is working to strengthen the regional position of its food industry (Asharq Al-Awsat)
Saudi Arabia is working to strengthen the regional position of its food industry (Asharq Al-Awsat)
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Broad Saudi Participation in SIAL PARIS 2022 Food Show

Saudi Arabia is working to strengthen the regional position of its food industry (Asharq Al-Awsat)
Saudi Arabia is working to strengthen the regional position of its food industry (Asharq Al-Awsat)

Saudi Arabia’s Exports Development Authority revealed on Saturday that 50 of the Kingdom’s food sector companies are participating in the SIAL Paris 2022 Food Show, which is running from Oct.15 to Oct.19.

Participation at the exhibition significantly raises brand awareness for Saudi exports, strengthening their position in regional and global markets. Moreover, the fair offers an opportunity for Saudi companies to identify international business prospects as it links exporters with potential clients.

The exhibition allows for promoting national products and services on major trade platforms that bring together investors and those interested in several fields, especially food. This helps increase the market share of participants.

Saudi Arabia has put in motion a bold plan for economic diversification that aims to increase the private sector’s contribution to GDP to 65% while creating new non-oil growth engines by 2030.

Through Kingdom Vision 2030, Saudi Arabia aims to diversify non-oil exports and increase its share in the non-oil GDP to 50%.

As one of the world’s largest food and beverage trade shows, SIAL Paris 2022 focuses on several different sectors and activities, including animal production, aquaculture, cultivation of permanent and non-permanent crops, fishing, meat processing, and so much more.

The exhibition also tackles critical challenges facing the food industry and its exports in the world.

SIAL includes about 21 sections. It brings together more than 7,000 exhibitors from more than 119 countries. More than 160,000 visitors are expected to attend the show.



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
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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.