Saudi Business Delegation Visits Kurdistan to Explore Investment Prospects

A general view of Erbil, Kurdistan. (Getty Images)
A general view of Erbil, Kurdistan. (Getty Images)
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Saudi Business Delegation Visits Kurdistan to Explore Investment Prospects

A general view of Erbil, Kurdistan. (Getty Images)
A general view of Erbil, Kurdistan. (Getty Images)

A large Saudi business delegation arrived in Erbil on Monday to discuss investment opportunities in the Iraqi Kurdistan Region.

The delegation was led by Saudi Ambassador to Baghdad Abdulaziz Al-Shamri and included 35 senior Saudi businessmen and investors in various fields.

The Saudi delegation – the biggest to visit the region so far - held talks immediately upon arrival with the head of the regional government, Najirvan Barzani, and the concerned ministers in the regional government on ways to strengthen economic relations between Saudi Arabia and Kurdistan in different sectors, mainly the fields of trade, housing and oil.

The governor of Erbil, Nawzad Hadi, told reporters that the Saudi official delegation included the president of the Saudi Chambers of Commerce, and would hold an expanded conference on Tuesday with businessmen in the region in order to form a joint body for economic cooperation, similar to the joint committee in Baghdad between Saudi and Iraqi businessmen.

“The visit of the Saudi delegation is a very important beginning to strengthen economic relations between Saudi Arabia and the region of Kurdistan in various fields,” he stated.

Dara Jalil Khayat, President of Erbil Chamber of Commerce, told Asharq Al-Awsat that the visit aimed to strengthen relations between businessmen from both sides and would contribute to moving forward the economy and investment in the region.

Khayat said that the visit came at a very important time after the elimination of the ISIS in Iraq and the major openness to various countries in the world.

“We have great historical and economic ties with our brothers in Saudi Arabia. We hope that these relations will be invested on the long term. Saudi products are here in the cities of the region, and we also aspire for a strong Saudi commercial and industrial presence,” he added.



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.