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Riyadh Int’l Industry Week Connects 10,000 Leaders Worldwide

Saudi Arabia’s Deputy Minister of Industry and Mineral Resources Khalil bin Salamah speaks at the event. (Asharq Al-Awsat)
Saudi Arabia’s Deputy Minister of Industry and Mineral Resources Khalil bin Salamah speaks at the event. (Asharq Al-Awsat)
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Riyadh Int’l Industry Week Connects 10,000 Leaders Worldwide

Saudi Arabia’s Deputy Minister of Industry and Mineral Resources Khalil bin Salamah speaks at the event. (Asharq Al-Awsat)
Saudi Arabia’s Deputy Minister of Industry and Mineral Resources Khalil bin Salamah speaks at the event. (Asharq Al-Awsat)

Saudi Arabia’s Deputy Minister of Industry and Mineral Resources Khalil bin Salamah highlighted the Kingdom’s strong position in the industry globally, revealing that over 10,000 industrial leaders from around the world gathered at the Riyadh International Industry Week 2024, which kicked off on Monday.

Bin Salamah stressed that Saudi Arabia aims to boost its manufacturing sector, especially in specialized chemicals, which could greatly contribute to the economy by creating more jobs and increasing exports.

He said the strategy includes focusing on 39 priority commodities such as building chemicals and automotive components.

During the event's second day, held at the Riyadh International Convention and Exhibition Center on Tuesday, the deputy minister emphasized Saudi Arabia’s leadership in the petrochemical industry, which plays a crucial role in driving economic growth and supporting related industries, such as automotive and pharmaceuticals.

Bin Salamah added that his ministry is working closely with the Ministry of Energy and other government bodies to strengthen the petrochemical supply chains in Saudi Arabia.

This involves ensuring a steady and competitive supply of petrochemical materials for producing specialized products, boosting growth, and exports in the sector.

They’re also focused on building specialized industrial complexes that link up with raw material sources or demand centers, offering infrastructure and services to specific industrial clusters.

They have various initiatives in place, including product development, promoting local content, and empowering exports.

“We aim to lead private sector investment in manufacturing industries and capitalize on the Kingdom’s rapid growth. Collaboration between basic and advanced companies is key to developing businesses, creating opportunities, and driving targeted transformation,” emphasized Bin Salameh.

“We're currently working on maximizing production capacities by integrating petrochemical supply chains. This involves addressing challenges related to petrochemical materials. We urge all sector companies to join us in tackling challenges and finding solutions,” he explained.

He stressed that Saudi Arabia aims to bolster its industrial base and diversify the economy, with private sector investment being crucial.

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Business

Gold Rises on Fed Rate Cut Expectations, Weaker Dollar

A one-ounce gold bar is displayed at Witter Coins on October 07 2025 in San Francisco. (AFP)
A one-ounce gold bar is displayed at Witter Coins on October 07 2025 in San Francisco. (AFP)
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Gold Rises on Fed Rate Cut Expectations, Weaker Dollar

A one-ounce gold bar is displayed at Witter Coins on October 07 2025 in San Francisco. (AFP)
A one-ounce gold bar is displayed at Witter Coins on October 07 2025 in San Francisco. (AFP)

Gold prices rose on Monday, driven by growing expectations of a US interest rate cut that pressured the dollar, ahead of a Federal Reserve policy meeting this week.

Spot gold rose 0.3% to $4,209.43 per ounce by 0851 GMT. US gold futures for December delivery fell 0.1% to $4,239.40 per ounce.

The dollar index edged lower, hovering near the one-month low reached on December 4, making dollar-priced gold more affordable for overseas buyers.

"Gold is benefiting from a weaker U.S. dollar and market participants expecting the Fed to cut interest rates this week," said UBS analyst Giovanni Staunovo.

Data last week showed that US consumer spending grew moderately in September. That reflected a slowdown in economic momentum amid rising costs and weakness in the labor market as private payrolls saw their steepest decline in over two-and-a-half years in November.

According to CME's FedWatch tool, markets are pricing in an 87% probability of a 25-basis-point rate cut at the Fed's December 9-10 policy meeting, following the release of weak economic data and dovish remarks from several Fed officials.

Lower interest rates typically bolster demand for non-yielding assets like gold.

"We still look for more rate cuts next year, which should push gold to $4,500/oz next year," added Staunovo.

Silver was up 0.3% at $58.43 per ounce, after hitting a record high of $59.32 on Friday.

"Silver is benefiting from the same factor as gold. Additionally the expectation of improving industrial demand as a result of monetary and fiscal stimulus helped silver to outperform gold in recent weeks," Staunovo said.

The white metal has doubled in price this year, driven by supply deficits and its designation as a critical mineral by the US.

Elsewhere, platinum gained 0.6% to $1,650.90 and palladium rose 1% to $1,471.26.

Business

Saudi Arabia’s Mawani, ARASCO to Establish Logistics Center at King Abdulaziz Port

Saudi Arabia’s Mawani, ARASCO to Establish Logistics Center at King Abdulaziz Port
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Saudi Arabia’s Mawani, ARASCO to Establish Logistics Center at King Abdulaziz Port

Saudi Arabia’s Mawani, ARASCO to Establish Logistics Center at King Abdulaziz Port

The Saudi Ports Authority (Mawani) signed a contract with Arabian Agricultural Services Company (ARASCO) to establish a logistics center for storage and distribution at King Abdulaziz Port in Dammam, reported the Saudi Press Agency on Monday.

Valued at SAR200 million, the center will span 40,000 square meters and aims to bolster food security in the Kingdom while increasing port capacity.

The move aligns with the objectives of the National Transport and Logistics Strategy to solidify the Kingdom's position as a global logistics hub.

The contract further strengthens Mawani’s ongoing efforts to boost the efficiency of national supply chains and optimize operations at King Abdulaziz Port.

The investment is designed to bolster King Abdulaziz Port's capabilities in grain unloading and storage by constructing warehouses capable of handling up to 100,000 metric tons.

Business

Iranian Products Featured at Arab, Global Expo in Makkah 

The Iranian pavilion at the Arab and Global Expo in Makkah. (SPA)
The Iranian pavilion at the Arab and Global Expo in Makkah. (SPA)
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Iranian Products Featured at Arab, Global Expo in Makkah 

The Iranian pavilion at the Arab and Global Expo in Makkah. (SPA)
The Iranian pavilion at the Arab and Global Expo in Makkah. (SPA)

The Iranian pavilion at the Arab and Global Expo in Makkah displayed a variety of Iranian products from numerous sectors, attracting a large number of visitors.

The pavilion featured food items, spices, sweets, and nuts, as well as textiles, leather goods, handicrafts, and handmade items, all representing Iranian heritage.

The pavilion's participation aims to strengthen trade relations with the Saudi and Gulf markets and open new channels for economic cooperation.

The exhibition provides an important platform to showcase the quality and competitiveness of Iranian industries.

The Arab and Global Expo in Makkah, running until December 12, is one of the most prominent trade events, bringing together companies and institutions from several countries to promote trade and present innovative and diverse products to visitors.