Saudi Ministry Signs Infrastructure Financing Deals Worth $6 Billion

Saudi Arabia signs financing agreements to fund infrastructure projects in 2023 and 2024. (Asharq Al-Awsat)
Saudi Arabia signs financing agreements to fund infrastructure projects in 2023 and 2024. (Asharq Al-Awsat)
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Saudi Ministry Signs Infrastructure Financing Deals Worth $6 Billion

Saudi Arabia signs financing agreements to fund infrastructure projects in 2023 and 2024. (Asharq Al-Awsat)
Saudi Arabia signs financing agreements to fund infrastructure projects in 2023 and 2024. (Asharq Al-Awsat)

Saudi Arabia’s finance ministry has signed financing agreements with local banks worth SAR25 billion ($6.65 billion) to fund infrastructure projects due to start in 2023-2024, the National Debt Management Center said on Wednesday.

Saudi Arabia’s planned projects come in line with the ministry’s goal to enable and support strategic infrastructure projects.

They seek to highlight the Kingdom’s efforts toward economic, social, and cultural diversification, in line with Vision 2030.

The infrastructure projects will strengthen areas of economic activity, create jobs and drive economic development.

Separately, Saudi Arabia’s Tadawul All Share Index (TASI) dropped 1.5% on Wednesday to close at 11,893 points, with the total value of traded shares reaching nearly SAR5.4 billion ($1.4 billion), its largest drop since June.

The Saudi Parallel Equity Market Index (NOMU) ended the day by dropping 0.69%, to close at 145.85 points.



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.