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)
TT

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 Prices Hold Steady as Investors Await US Fed Policy Cues

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)
TT

Gold Prices Hold Steady as Investors Await US Fed Policy Cues

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 remained steady on Wednesday, as investors awaited the US Federal Reserve's decision on interest rates due later in the day, while also focusing on US President Donald Trump's trade policies following his tariff threats.

Spot gold eased 0.2% to $2,758.49 per ounce by 09:55 a.m. ET (1455 GMT), while US gold futures rose 0.3% to $2,775.60, widening the premium over spot gold rates.

The Fed is scheduled to release its latest policy decision and statement at 2 p.m. EST (1900 GMT), with Fed Chair Jerome Powell due to hold a press conference half an hour later to elaborate on the meeting.

The US central bank is widely expected to hold interest rates steady as it awaits further inflation and jobs data and more clarity on the economic impact of Trump's policies before deciding whether to cut borrowing costs again.

"However, the Fed's commentary in regards to the potential for an interest rate cut in the March meeting is going to be in focus," said David Meger, director of metals trading at High Ridge Futures.

Gold prices neared all-time highs last week after Trump called for lower interest rates. Bullion tends to thrive in a low-interest-rate environment as it yields no interest.

Prices, however, retreated sharply on Monday as a sell-off in technology stocks, driven by Chinese AI model DeepSeek, sparked a rush to liquidate bullion to counter losses, according to Reuters.

The sell-off in the stock market seen on Monday may not be over and the unpredictability of Trump's policies is contributing to an increased demand for gold as a safe-haven, said Jim Wyckoff, a senior market analyst at Kitco Metals.

Trump still plans to make good on his promise to issue tariffs on Canada and Mexico, and his policies are widely seen as inflationary.

Elsewhere, spot silver gained 1.7% to $30.92 per ounce, platinum also added 0.5% to $946.45. Palladium was up 0.8% to $962.50.