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Ecotourism... A Future Direction for Investment in Saudi Arabia

Part of the events of the Qassim Investment Forum, Asharq Al-Awsat
Part of the events of the Qassim Investment Forum, Asharq Al-Awsat
    Buraydah (Central Saudi Arabia) – Asharq Al-Awsat
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Ecotourism... A Future Direction for Investment in Saudi Arabia

Part of the events of the Qassim Investment Forum, Asharq Al-Awsat
Part of the events of the Qassim Investment Forum, Asharq Al-Awsat

A Saudi investment forum has highlighted ecotourism as one of the most prominent investment shifts in the Kingdom during the coming period.

Prince Faisal bin Mishaal bin Saud, Governor of Qassim region, stressed the importance of overcoming obstacles for investors, pointing to cooperation in this regard with the Commerce Ministry by opening a comprehensive services center.

The services center, according to Prince Faisal, will facilitate the investment process in the Kingdom.

Prince Faisal’s statements came during the main session of the Qassim Investment Forum. The forum’s theme revolved around the future shift towards investment in the Kingdom and its alignment with Saudi Arabia’s national transformation plan, Vision 2030.

The three-day forum is being held at the King Khalid Cultural Center in Buraydah, with the participation of several government agencies and decision makers from eight vital sectors.

Supervised by authorities in the Qassim region, the forum is being held in partnership with the Qassim Municipality.

Prince Faisal urged government sectors and municipalities to facilitate the investment process to develop the economic sector.

Prince Mutaib bin Fahd bin Farhan, Advisor to the Chairman of the Board of Directors of the King Salman Royal Reserve Development Authority, explained that based on the directives of King Salman and Crown Prince Mohammed bin Salman, about seven reserves were established to restore vegetation at the level of the Kingdom.

These reserves include the King Salman Reserve and the King Abdulaziz Reserve. Moreover, Saudi authorities are saving no effort in combating desertification.

Prince Faisal added that many areas are witnessing the return of wildlife and vegetation. This will aid in the establishment of several sites that could be used in ecotourism in the Qassim region.

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Business

Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
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Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer

Oil prices rose on Monday after the US intercepted ​an oil tanker in international waters off the coast of Venezuela and tensions in Russia's war against Ukraine remained high, with both developments raising fears of supply disruption.

Brent crude futures gained $1.31, or 2.17%, to $61.78 a barrel by 1316 GMT. US West Texas Intermediate crude rose by $1.25, or 2.2%, to $57.77.

Market participants now see a risk of disruption to Venezuelan oil exports because of the US ‌embargo, having previously ‌been complacent in that regard, said ‌UBS ⁠analyst Giovanni ​Staunovo.

Venezuelan crude ‌accounts for about 1% of global supply.

Growing supply from the US and the OPEC+ producer group have largely offset worries over supply disruption elsewhere to keep Brent futures around $65 a barrel in the second half of 2025, though prices have eased in the past month because of oversupply concerns.

Oil prices have been supported by developments off Venezuela while ⁠Russia-Ukraine tensions simmer in the background in an otherwise very bearish market, said June ‌Goh, analyst at Sparta Commodities.

The US Coast ‍Guard is pursuing an oil ‍tanker in international waters near Venezuela in what would be the ‍second such operation over the weekend and the third in less than two weeks if successful, officials told Reuters on Sunday.

A rebound in oil prices has been sparked by US President Donald Trump's announcement of a "total ​and complete" blockade of sanctioned Venezuelan oil tankers and subsequent developments there, followed by reports of a Ukrainian drone strike ⁠on a Russian shadow fleet vessel in the Mediterranean, said IG analyst Tony Sycamore.

The Brent and WTI benchmarks fell by about 1% last week.

US special envoy Steve Witkoff said on Sunday that talks between US, European and Ukrainian officials in Florida over the past three days in an effort to end Russia's war in Ukraine had focused on aligning positions. Those meetings and separate talks with Russian negotiators had been productive, he said.

However, the top foreign policy aide of Russian President Vladimir Putin said that changes made by the Europeans ‌and Ukraine to US proposals had not improved prospects for peace.

Business

GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
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GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA

The Construction Cost Index in Saudi Arabia rose 1% in November 2025 compared with the same month last year, driven by equal 1% increases in both residential and non-residential construction costs, according to data released by the Kingdom’s General Authority for Statistics (GASTAT).

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025.

The Construction Cost Index bulletin is part of GASTAT’s ongoing efforts to develop statistical products for vital sectors and provide a reliable and effective reference with accurate estimates to support decision-making by contractors, real estate developers, and relevant entities.

These efforts contribute to drawing a clear roadmap for residential and non-residential construction projects in the building and construction sector.

Business

Gold Breaks $4,400 for 1st Time on Fed Rate-cut Bets, Silver Hits New High

FILE PHOTO: UK gold bullion bars are stacked at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
FILE PHOTO: UK gold bullion bars are stacked at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
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Gold Breaks $4,400 for 1st Time on Fed Rate-cut Bets, Silver Hits New High

FILE PHOTO: UK gold bullion bars are stacked at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
FILE PHOTO: UK gold bullion bars are stacked at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo

Gold jumped past the $4,400-per-ounce level for the first time on Monday, riding on growing expectations of further US rate cuts and strong safe-haven demand, with silver also joining the rally to hit an all-time high.

Spot gold was up 1.7% at $4,411.01 per ounce, as of 0822 GMT, having climbed down from the record high of $4,420.01 hit earlier in the day. Spot silver climbed 2.5% to hit $69.44, Reuters reported.

US gold futures for February delivery rose 1.3% to $4,444.00 per ounce.

Bullion has gained 67% ⁠so far this year, shattering multiple records and breaching the $3,000 and $4,000 per-ounce milestones for the first time. It is poised for its biggest annual gain since 1979.

Silver has surged 138% year-to-date, vastly outperforming gold, underpinned by robust investment inflows and persistent supply constraints.

"With December usually producing positive returns for gold and silver, seasonality is on their side," said StoneX ⁠senior analyst Matt Simpson.

"Given that gold has already risen 4% this month and we're nearing the end of the year, bulls may want to tread with caution as volumes are to deplete and odds of profit-taking are also likely on the rise."

Spot gold may extend gains to $4,427 per ounce, as it has broken a key resistance at $4,375, Reuters technical analyst Wang Tao said.

Traditionally viewed as a safe-haven asset, gold has been supported by heightened geopolitical and trade tensions, steady central bank buying and expectations of lower interest rates next year.

A ⁠softer dollar has provided an additional tailwind by making the metal cheaper for overseas buyers.

Markets are currently pricing in two US rate cuts for next year despite the Federal Reserve signaling caution. Non-yielding assets such as gold tend to benefit in lower interest rate environments.

Simpson said two Fed rate cuts were penciled in for 2026, with a faster US jobs slowdown and a shift to a more dovish Fed likely to add further upside to gold.

Elsewhere, platinum jumped 4.3% to $2,058.35, hitting its highest in more than 17 years, while palladium climbed 4.1% to $1,784.00, a near three-year high.