US 'World Trade' Hubs Eye Developing Activity in Saudi Arabia

World Trade Centers Association plans expanding activity in Saudi Arabia to contribute to current development opportunities in the Kingdom (Asharq Al-Awsat)
World Trade Centers Association plans expanding activity in Saudi Arabia to contribute to current development opportunities in the Kingdom (Asharq Al-Awsat)
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US 'World Trade' Hubs Eye Developing Activity in Saudi Arabia

World Trade Centers Association plans expanding activity in Saudi Arabia to contribute to current development opportunities in the Kingdom (Asharq Al-Awsat)
World Trade Centers Association plans expanding activity in Saudi Arabia to contribute to current development opportunities in the Kingdom (Asharq Al-Awsat)

Megaprojects launched under Saudi Arabia’s national plan for transformation, dubbed “Vision 2030”, are increasingly driving world trade associations to expand the scope of activities in the Kingdom.

Aaron Starks, the Vice President of Global Business Services at the World Trade Center Utah, told Asharq Al-Awsat that Saudi Arabia’s future is “bright” and that the Center was looking for ways to engage in trade and innovation there.

Recognizing the Kingdom as the biggest Middle East market, Starks noted that some reports predict the Saudi economy will grow by 4% in 2021.

This, according to Starks, will lead to pumping more investment into agricultural technology and general infrastructure.

“Saudi Arabia is also preparing to attract a vibrant workforce from surrounding areas as the economy diversifies,” said Starks, adding that the Kingdom is “working to develop a reputation for quality education, innovation and encouraging entrepreneurship in the region.”

Abdullah Bin Zaid al-Melehi, who heads the Saudi-based company “Al-Tamayoz,” revealed that the World Trade Centers Association (WTCA) and his firm were preparing a joint work plan for international companies interested in Saudi economic projects.

World trade centers will share their helpful experience and motivate Saudi companies to implement various promising projects with the help of artificial intelligence, al-Melehi told Asharq Al-Awsat.

He said that cooperation with global trade associations would positively reflect on stimulating private sector companies in the Kingdom and aid in realizing transformative projects like NEOM and The Line.



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.