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Saudi Entertainment Authority Continues Crackdown on Black Market Tickets

Large crowds of visitors at one of the General Entertainment Authority's events.(Asharq Al-Awsat)
Large crowds of visitors at one of the General Entertainment Authority's events.(Asharq Al-Awsat)
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Saudi Entertainment Authority Continues Crackdown on Black Market Tickets

Large crowds of visitors at one of the General Entertainment Authority's events.(Asharq Al-Awsat)
Large crowds of visitors at one of the General Entertainment Authority's events.(Asharq Al-Awsat)

Since 2016, Saudi Arabia’s General Entertainment Authority (GEA) has been fighting against black market ticket sales for events like concerts, theater shows, and sports matches.

On Monday, GEA Governor Turki Al-Sheikh announced their biggest crackdown yet, blocking the sale of over 4,000 tickets. Al-Sheikh pledged continued efforts to stop ticket scalping and mentioned upcoming features to help reduce the problem.

“We encourage you to buy tickets from the official platform,” he said.

“Our aim is to ensure you get tickets at fair prices,” he added in a post on X.

Last year, Al-Sheikh launched “WeBook,” the official site for booking tickets to Riyadh Season 2023. The platform offers many benefits and services, urging users to register to combat black market ticket sales.

Moreover, GEA is working with the Saudi Authority for Data and Artificial Intelligence to shut down sites selling overpriced tickets. They are connecting the ticketing system to offer fair prices and fight the black market.

Fahad bin Naif, CEO of NOB for marketing solutions, emphasized the importance of awareness before discussing penalties.

He highlighted the entertainment sector’s vital role in the economy and the need to eliminate black market ticket sales.

“The entertainment sector is rapidly developing,” he stressed, adding that “using modern technologies like WeBook can help prevent market manipulation.”

WeBook and other official platforms by the GEA will make it easier for everyone to buy tickets fairly, stopping black market practices and ensuring transparency.

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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
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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.