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Preparations Underway to Establish Economic City on Iraqi-Jordanian Borders

Yanal Nawaf Al-Barmawy, Chairman of the Board of Directors of the Iraqi-Jordanian Company for Industry. (ONA)
Yanal Nawaf Al-Barmawy, Chairman of the Board of Directors of the Iraqi-Jordanian Company for Industry. (ONA)
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Preparations Underway to Establish Economic City on Iraqi-Jordanian Borders

Yanal Nawaf Al-Barmawy, Chairman of the Board of Directors of the Iraqi-Jordanian Company for Industry. (ONA)
Yanal Nawaf Al-Barmawy, Chairman of the Board of Directors of the Iraqi-Jordanian Company for Industry. (ONA)

The Iraqi-Jordanian Company for Industry announced an open international tender to build a joint economic city on the border between the two countries.

The company added that the developer will finance, implement, manage, invest, promote and operate the planned economic city and maintain its facilities.

Yanal Nawaf Al-Barmawy, Chairman of the Board of Directors of the Company, explained that the project would be built on an area of 22 million square meters allocated from the border lands of Jordan and Iraq, with the aim to enhance bilateral economic cooperation, and contribute to Arab economic integration in a number of fields.

In a statement to Oman News Agency, Barmawy noted that the project seeks to bring about the required development in the eastern regions of Iraq and the western regions of Jordan, reduce unemployment, revitalize the logistical sectors, increase exports, and meet the needs of the two countries’ markets for various commodities.

He also said that the city will be established and developed in three stages, and will include industrial, commercial and logistical components, as well as centers for the promotion of business, finance, education, health, transportation, housing, in addition to construction, infrastructure and green spaces.

Work on the project is expected to begin during the first quarter of 2024.

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Gold Near Record High; Investors Await Fed Chair Powell's Speech

FILE - Gold bars are shown stacked in a vault at the United States Mint, on July 22, 2014, in West Point, N.Y. (AP Photo/Mike Groll, File)
FILE - Gold bars are shown stacked in a vault at the United States Mint, on July 22, 2014, in West Point, N.Y. (AP Photo/Mike Groll, File)
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Gold Near Record High; Investors Await Fed Chair Powell's Speech

FILE - Gold bars are shown stacked in a vault at the United States Mint, on July 22, 2014, in West Point, N.Y. (AP Photo/Mike Groll, File)
FILE - Gold bars are shown stacked in a vault at the United States Mint, on July 22, 2014, in West Point, N.Y. (AP Photo/Mike Groll, File)

Gold prices rebounded and looked set to scale a fresh peak on Thursday, on mounting expectations for another US interest rate cut this year, while investors awaited Federal Reserve Chair Jerome Powell's address later today for more policy cues.
Spot gold climbed 0.4% to $2,668.05 per ounce, as of 0913 GMT, a few dollars away from the record $2,670.43 it hit on Wednesday.
US gold futures were up 0.2% to $2,691.20, reported Reuters.
"Gold price strength is feeding on itself just now. That’s to say momentum is driving speculative flows despite a rising US dollar and Treasury yields," said independent analyst Ross Norman.
"Powell's comments will be observed for indications about the depth of further cuts. But really it's a case of when, not if."
Last week, the Fed trimmed the benchmark policy rate by 50 basis points to 4.75%-5.00%. Traders now see a 62% chance of an additional 50 bps reduction in November, according to the CME FedWatch Tool.
Lower interest rates boost non-yielding gold's appeal.
Powell is set to give opening remarks later in the day at a conference, where New York Fed President John Williams and Fed Vice Chair for Supervision Michael Barr will also speak.
Markets will also scan the US jobless claims data on Thursday and the core personal consumption expenditure index - the Fed's preferred inflation indicator - on Friday.
Bullion has risen more than 29% so far in 2024, hitting record highs several times, fueled by the US rate cuts, safe-haven demand due to geopolitical and economic uncertainty and robust central bank buying.
"In the coming weeks, gold could set new records and we see $3,000 an ounce as the maximum extension of the bullish movement," analysts at Intesa Sanpaolo said.
"We forecast a 4Q24 gold average of $2,595, as some profit-taking could materialize towards year end."
Among other metals, spot silver climbed 0.9% to $32.16 per ounce, holding close to the four-month high it hit on Wednesday.
Platinum rose 1.8% to $1,005.61 and palladium gained 2.4% to $1,062.36.