Saudi Arabia, US Discuss Supporting Growth of Digital Economy in the Region

The Saudi Minister of Communications and Information  met in Washington with the US Secretary of Commerce. SPA
The Saudi Minister of Communications and Information met in Washington with the US Secretary of Commerce. SPA
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Saudi Arabia, US Discuss Supporting Growth of Digital Economy in the Region

The Saudi Minister of Communications and Information  met in Washington with the US Secretary of Commerce. SPA
The Saudi Minister of Communications and Information met in Washington with the US Secretary of Commerce. SPA

Saudi Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Sawah has met in Washington with the US Secretary of Commerce, Gina Raimondo.

Friday’s meeting was attended by Princess Reema bint Bandar bin Sultan bin Abdulaziz, the Saudi Ambassador to the US.

During the meeting, the two sides discussed strengthening the strategic partnership between the Kingdom and the US to support the growth of the digital economy in the region, as Saudi Arabia is a pivotal hub for technology and innovation.

They also discussed the acceleration of the growth of modern technologies to serve scientific and technical progress in various sectors, highlighting the expanding investment opportunities in the digital economy between the two countries.

Al-Sawah also held separate talks with White House officials.

Al-Sawah met with deputy national security advisor for cyber and emerging technology Anne Neuberger to discuss enhancing partnerships in the fifth- and sixth-generation technologies.
The minister also met with special presidential coordinator for global infrastructure and energy security Amos Hochstein and National Security Council Middle East and North Africa coordinator Brett McGurk to discuss cooperation in digital economy and innovation.
At a separate meeting with Chirag Parikh, the executive secretary of the White House National Space Council, Al-Sawah discussed joint investments in space economies and technologies and developing national talents.



Gold Firms in Thin Trade as Investors Weigh Fed Outlook

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 Firms in Thin Trade as Investors Weigh Fed Outlook

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 firmed on Monday, although trading was thin due to the holiday season and as investors looked for cues on the US Federal Reserve's monetary policy trajectory for next year after it signaled gradual easing in its latest meeting.
Spot gold added 0.3% at $2,628.63 per ounce, as of 0941 GMT, trading in a narrow $16 range. US gold futures eased 0.1% to $2,643.10.
"(It's a) Quiet day with lower liquidity and limited data releases during the holiday season," said UBS analyst Giovanni Staunovo.
"We retain a constructive outlook for gold in 2025, targeting a move to $2,800/oz by mid-2025."
The Fed cut rates by 25 basis points on Dec. 18, although the central bank's predictions of fewer rate cuts in 2025 resulted in a decline in gold prices to their lowest level since Nov. 18 last week.
US consumer spending increased in November, supporting the Fed's hawkish stance, a sentiment that was also shared by San Francisco Fed President Mary Daly.
Higher interest rates dull non-yielding bullion's appeal.
"Presently, we are in a lull for Christmas week with the gold price trending sideways. Federal Reserve policy is clear with expectations of rising interest rates in the second half of the year," said Michael Langford, chief investment officer at Scorpion Minerals.
"The next big impact is the incoming presidency of (Donald) Trump and the initial presidential decrees that he might declare. This has the potential to add to market volatility and be bullish for gold prices."
Gold, often considered a safe-haven asset, typically performs well during economic uncertainties.
Spot silver rose 0.8% to $29.75 per ounce and platinum climbed 1.3% to $938.43. Palladium steadied at $920.53.