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Second Phase of Development of Al-Ula Airport Completed

Al-Ula airport. (Asharq Al-Awsat)
Al-Ula airport. (Asharq Al-Awsat)
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Second Phase of Development of Al-Ula Airport Completed

Al-Ula airport. (Asharq Al-Awsat)
Al-Ula airport. (Asharq Al-Awsat)

The Royal Commission for Al-Ula announced on Friday the completion of the second phase of its project to develop the Al-Ula airport in northwestern Saudi Arabia.

The airport is one of the main strategic factors that will transform Al-Ula into a major tourist destination and logistic hub.

The completion of this phase of the project coincides with the Commission’s preparations to reopen the region to visitors starting October.

The second phase saw the renovation of the main building and expansion of runways to receive more aircraft. The airport will also now receive 400,000 passengers annually.

The new additions at the facility include the establishment of a VIP reception hall and better services to improve the traveler experience.

Royal Commission for Al-Ula official spokesman Saad Al-Matrafi said the airport will create job opportunities for the locals because it is a logistic hub that meets the demands of northwestern Saudi Arabia.

In cooperation with Saudi Arabian Airlines, the commission has resumed flights from Riyadh to Al-Ula, with four taking place weekly. Flights from Al-Ula to Jeddah and other cities are expected to resume soon.

In 2019, the airport received some 52,000 travelers from 855 flights.

The first phase of the development of Al-Ula airport was completed in 2019.

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Gold Poised for Biggest Weekly Fall in over Five Months on Dollar Strength

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
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Gold Poised for Biggest Weekly Fall in over Five Months on Dollar Strength

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 dropped on Friday, poised for their steepest weekly decline in over five months, pressured by a stronger dollar and as markets absorbed the implications of Donald Trump's victory and its potential impact on US interest rate expectations.

Spot gold fell 0.6% to $2,690.62 per ounce as of 9:50 a.m. ET (1450 GMT), and was down 1.6% for the week.

US gold futures shed 0.3% to $2,697.90.

The dollar index gained 0.3%, on track for a weekly gain, Reuters reported

"In the last month, the story has been the uncertainty risk of the election and if there was going to be normalisation of transition, but this election appeared to be very decisive on the White House," said Alex Ebkarian, chief operating officer at Allegiance Gold.

"A lot of risk-on assets started benefiting in terms of the potential future implication of policies, so we had money go out of metals into these alternatives."

The Federal Reserve on Thursday cut interest rates by 25 basis points, but indicated a cautious approach to further cuts.

Trump's victory has fuelled questions about whether the Fed may proceed to cut rates at a slower and smaller pace, given the former president's tariff policy.

However, Fed Chair Jerome Powell said the election results would have no "near-term" impact on monetary policy.

The prospect of rate cuts, starting with the half basis point reduction in September, has underpinned gold's record rally this year.

Although bullion is reputed as a hedge against inflation, higher interest rates reduce non-yielding gold's appeal.

"Should markets restore the odds for a pre-Christmas Fed rate cut...that should help keep spot gold above the psychological $2700 level," Exinity Group Chief Market Analyst Han Tan said.

On the physical front, gold demand in India faltered, while Japan and Singapore saw some buying.

Spot silver fell 1.3% to $31.58 per ounce, platinum fell 1.8% to $979.15, palladium shed 2.3% to $1,001.25. All three metals were heading for weekly declines.