Saudi Arabia: Soudah Development to Boost Tourism in Region

 Experts said that Al Soudah project will involve a diversity of urban developments and activate the investment of the country's different terrain. (Photo: Reuters)
Experts said that Al Soudah project will involve a diversity of urban developments and activate the investment of the country's different terrain. (Photo: Reuters)
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Saudi Arabia: Soudah Development to Boost Tourism in Region

 Experts said that Al Soudah project will involve a diversity of urban developments and activate the investment of the country's different terrain. (Photo: Reuters)
Experts said that Al Soudah project will involve a diversity of urban developments and activate the investment of the country's different terrain. (Photo: Reuters)

Saudi Arabia's Crown Prince Mohammad bin Salman announced on Wednesday the launch of the Soudah Development Company, in the Asir, with expected investments exceeding 11 billion riyals ($2.9 billion).

According to experts, the project will involve a diversity of urban developments and activate the investment of the country's different terrain.

They also said that the new company would revive several sectors in the region, the most important of which are real estate, construction and retail.

Saudi Minister of Tourism Ahmed Al-Khatib, emphasized the Crown Prince’s support to the tourism sector, whether through the major projects in the Red Sea to promote sun and sea tourism, or through the launching of Al Soudah Development, which will attract tourists to a mountainous region.

Ajlan Al-Ajlan, Chairman of the Council of Saudi Chambers, said that the launch of the company with investments worth more than 11 billion riyals constituted a strategic investment that would increase opportunities for entrepreneurship and generate more jobs in the region.

For his part, Vice Chairman of the Chamber of Commerce and Industry in Riyadh and Chairman of the Tourism Committee, Nayef Al-Rajhi, told Asharq Al-Awsat that the Kingdom “possesses all what's needed for tourism success, due to the different topography of its various regions that suit the requirements of all societal groups.”

Al-Rajhi stated that the project would provide thousands of direct and indirect jobs that would enable citizens to enter the labor market, thus reducing the unemployment rate. It would also offer many opportunities for companies specialized in tourism, hospitality and entertainment services.

In remarks to Asharq Al-Awsat, Muhaidib Al-Muhaidib, General Manager of Al-Sarh Travel and Tourism Company, stressed the importance of diversifying the options for the Saudi, Arab and foreign tourists, from resorts on the sea and desert areas, in addition to transforming the Soudah area into a new mountainous tourist destination that will further develop the Saudi tourism sector.



Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Extends Gains as Trump Tariffs Fuel Safe Haven Flows

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices rose for a second straight session on Tuesday, but traded below the recent all-time highs, as uncertainty around US President Donald Trump's tariff plans continued to fuel economic growth concerns and safe haven flows into bullion.

Spot gold gained 0.6% at $2,913.79 an ounce as of 0714 GMT. It hit a record high of $2,942.70 last week.

US gold futures added 0.9% to $2,925.50.

"Trump's disruptive modus operandi, aggressive rhetoric and tariffs - whether actual or threatened - could unravel global trade and intricate supply chains," said Nikos Tzabouras, senior financial writer at trading platform Tradu, Reuters reported.

"With uncertainty surrounding the global economy and the broader geopolitical landscape in the Trump 2.0 era, gold is set to remain a natural beneficiary of risk-off flows and central bank buying."

Since taking office last month, Trump has swiftly redrawn the global trade battlefield with a series of tariffs, while plans are already in motion for sweeping reciprocal tariffs, aimed squarely at any nation that taxes US products.

"Gold continues to benefit from the uncertainty surrounding the US. government's tariff policy. Central bank buying should also continue to provide support, even if there is no new data on this," Commerzbank analysts said in a note.

The market's focus has now shifted to the US Federal Reserve's January meeting minutes due on Wednesday for clues into the central bank's interest rate trajectory.

"Price gains are also supported by growing expectations that the Fed will cut rates in 2025 - a sentiment that gained further traction among traders after last week's disappointing US retail sales figures," Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said.

Bullion benefits from geopolitical and economic uncertainties, as well as rising price pressures, but higher interest rates diminish the asset's allure.

Spot silver fell 0.9% to $32.50 an ounce. Platinum jumped 0.9% to $985.20 and palladium climbed 1.6% to $978.00.