Supporting Int’l Travel to Establish Riyadh as a Global Connectivity Hub

A part of the first group of passengers in the two new international terminals that were inaugurated at King Khalid International Airport (Asharq Al-Awsat)
A part of the first group of passengers in the two new international terminals that were inaugurated at King Khalid International Airport (Asharq Al-Awsat)
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Supporting Int’l Travel to Establish Riyadh as a Global Connectivity Hub

A part of the first group of passengers in the two new international terminals that were inaugurated at King Khalid International Airport (Asharq Al-Awsat)
A part of the first group of passengers in the two new international terminals that were inaugurated at King Khalid International Airport (Asharq Al-Awsat)

Riyadh Governor Prince Faisal bin Bandar on Monday attended the opening ceremony of international travel terminals 3 and 4 at King Khalid International Airport, an expansion which will support travel movement going through the Saudi capital.

The two new terminals will “increase the airport’s capacity with high-level equipment,” Saleh Al-Jasser, Saudi minister of transport and logistics, and the chairman of the General Authority of Civil Aviation, told Asharq Al-Awsat.

Moreover, the minister noted that the addition aligns with the national aviation strategy.

Saudi Arabia had recently launched its national aviation strategy. Through the strategy, the Kingdom is working to connect 250 destinations directly to and from Saudi airports.

Al-Jasser said that the two terminals will support international travel coinciding with the launch of the 2022 FIFA World Cup, and strengthen Riyadh’s position as a global connectivity hub that empowers the tourism and economic sector.

He said that the capacity of the Kingdom’s airports has been raised and the passenger experience improved to achieve the objectives of the National Transport and Logistics Strategy in accordance with Saudi Vision 2030.

Abdulaziz Al-Duailej, president of the General Authority for Civil Aviation, said that terminals 3 and 4 will be an important addition to the airport as it seeks to reach a total capacity of 13 million passengers annually.

“This is the beginning of further expansions and future developments for the airport of the capital city according to a comprehensive plan,” said Al-Duailej.

The two new halls incorporate the latest operating technologies, while the aviation arena has been designed to accommodate wide-body aircraft, giving the airport a competitive advantage.

The terminals’ 22 travel gates are supported by 95 counters dedicated to finalizing travel procedures, and 12 self-service machines.

Riyadh Airports Company (RAC) has been managing and operating King Khalid International Airport since its establishment in 2016.

The RAC was established as part of the privatization program of the aviation sector in Saudi Arabia to advance the sector and improve services provided to passengers.

In total, King Khalid International Airport in Riyadh includes five passenger terminals, 40 passenger bridges and a car park to accommodate 11,600 vehicles.

It also includes two private terminals, the royal hall, the central control tower, and two parallel runways each with a length of 4,260 meters (13,980 feet).



Gold Rises on Increasing Fed Rate-cut Bets, Weaker Dollar

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/File Photo
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/File Photo
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Gold Rises on Increasing Fed Rate-cut Bets, Weaker Dollar

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/File Photo
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/File Photo

Gold rose on Wednesday as expectations of a US Federal Reserve interest rate cut in September gained traction following mild inflation data, while a weaker dollar bolstered demand.

Spot gold gained 0.6% to $3,363.61 per ounce by 1026 GMT. US gold futures for December delivery rose 0.5% to $3,414.10.

"Market participants are starting to debate if the Fed will do a 50 basis point cut at its September meeting following the comments from US Treasury Secretary Bessent yesterday, with a focus on incoming weaker US economic data supporting that," said UBS commodity analyst Giovanni Staunovo, Reuters reported.

Markets are pricing in a more than 96% chance of a Fed rate cut next month, after July's mild inflation bump signalled limited impact from US import tariffs on consumer prices, with at least one additional reduction anticipated by year-end.

Gold, a non-yielding asset often viewed as a safe haven during times of economic or geopolitical uncertainties, typically benefits from a low-interest-rate environment.

The dollar index hit a two-week low, making greenback-priced bullion more affordable for overseas buyers.

Europe and Ukrainian leaders will speak with US President Donald Trump at a virtual meeting on Wednesday ahead of his summit with Russian President Vladimir Putin, as they try to drive home the perils of selling out Kyiv's interests in pursuit of a ceasefire.

"Don't expect those talks to meaningfully influence the gold market, (they) might trigger some short-term volatility. Near-term prices are likely to move sideways, until incoming US economic (data) starts to support a faster (Fed) rate cut cycle," Staunovo said.

Meanwhile, the US and China extended their tariff truce by another 90 days, averting triple-digit duties on each other's goods.

Spot silver rose 1.7% to $38.53 per ounce, platinum was up 0.7% at $1,345.89 and palladium gained 0.5% to $1,135.45.