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Gold set for 3rd weekly gain as investors seek safe haven

Gold set for 3rd weekly gain as investors seek safe haven
Bullion was on track for a third straight weekly gain, having added 1.7 percent so far this week. Shutterstock
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Updated 21 March 2025

Gold set for 3rd weekly gain as investors seek safe haven

Gold set for 3rd weekly gain as investors seek safe haven
  • Gold hit record high of $3,057.21 per ounce on Thursday
  • Silver, platinum, palladium poised for weekly declines

BENGALURU: Gold prices fell on Friday, but were poised for a third straight weekly gain, bolstered by safe-haven demand amidst geopolitical and economic uncertainties as well as anticipation of US Federal Reserve rate cut later this year.

Spot gold was down 0.3 percent at $3,034.02 an ounce as of 3:59 p.m. Saudi time. US gold futures eased 0.1 percent to $3,040.90. Bullion has gained 1.7 percent so far this week.

“It’s just a little bit of profit taking ahead of the weekend. Ongoing safe-haven demand, both based on trade concerns and geopolitical risks continues to be the primary driving force,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.

Gold has hit 16 record highs so far this year, amid geopolitical tensions and economic uncertainty, with four surpassing the crucial $3,000 mark and hitting an all-time peak of $3,057.21 per ounce on Thursday.

US President Donald Trump still intends for new reciprocal tariff rates to take effect on April 2.

The Fed held its benchmark interest rate steady on Wednesday as widely expected, but indicated two quarter-percentage-point cuts before the end of the year.

Traders are pricing in 71 basis points of easing this year from the Fed with at least two rate reductions of 25 bps each, with a cut in July fully priced in, LSEG data showed.

Israel announced an escalation in air, land, and sea strikes against Hamas in Gaza to pressure the release of remaining hostages, effectively abandoning a two-month ceasefire and launching an all-out air and ground campaign against the dominant Palestinian militant group.

Gold, traditionally viewed as a safe-haven investment during times of inflation or economic volatility, tends to do well in a low interest rate environment.

Spot silver slid 1.4 percent to $33.08 an ounce, platinum lost 1 percent to $974.90 and palladium shed 0.6 percent to $946. All three metals were poised for weekly losses.


Global leaders call for unity against cybersecurity threats

The Global Cybersecurity Forum Annual Meeting kicked off in Riyadh on Wednesday. (AN photo by Abdulrahman bin Shalhoub)
The Global Cybersecurity Forum Annual Meeting kicked off in Riyadh on Wednesday. (AN photo by Abdulrahman bin Shalhoub)
Updated 01 October 2025

Global leaders call for unity against cybersecurity threats

The Global Cybersecurity Forum Annual Meeting kicked off in Riyadh on Wednesday. (AN photo by Abdulrahman bin Shalhoub)
  • Dangers highlighted at Global Cybersecurity Forum in Riyadh
  • Saudi ‘showing the way,’ Senegal’s Macky Sall tells Arab News

RIYADH: Day one of the Global Cybersecurity Forum Annual Meeting concluded here with calls for governments and the private sector to secure critical infrastructure and build international agreements against mounting cybersecurity threats.

Macky Sall, the former president of Senegal, told Arab News at the GCF: “Cybersecurity is a global challenge. It ignores borders.

“So if you want to have global action and be positive, we should bring together countries, states and nations and the private sector who are leading the big platform, what we call Big Tech.”

“(The) Kingdom of ֱ, with this initiative, launched in 2020, the Global Cybersecurity Forum, is showing the way, and the Kingdom invests a lot to fight terrorism and to develop capabilities,” he added.

Now in its fifth edition, the forum aims to continue strengthening the safety and resilience of cyberspace by advancing international collaboration.

The forum announced the Global Initiative for Capacity Building in Cyberspace, a major plan to scale cohesive advances in cyberspace, and strengthen online resilience.

The new initiative aims to deliver accelerated capacity development at scale in areas of greatest need through expert-led workshops, training and education programs, international simulations and cyber drills, and policy development support.

Also planned is collaboration around research and development to enhance the skills of beneficiaries worldwide, including policy practitioners, law enforcement personnel, and cyber diplomats.

Implementation will be led by ֱ’s National Cybersecurity Authority, Saudi Information Technology Co., and the GCF, in partnership with UN agencies.

The plan is to include the UN Development Program, UN Office on Disarmament Affairs, UN Office on Drugs and Crime, UN Interregional Crime and Justice Institute, UN Institute for Disarmament Research, and the International Telecommunication Union, alongside Interpol.

In an interview with Arab News, Jurgen Stock, former secretary-general of Interpol, said: “GCF is a wonderful and a needed platform, a global platform to deal with something that is global by nature, which is cybercrime.”

“All the threats related to our digital environment, which I mean, almost since a couple of years, have only shown one direction.

“The numbers, unfortunately, are going up, and now with new technologies coming up, artificial intelligence first and foremost, of course, this threat is not going away.”

“And we have to deal and to address that threat in a collective way. No country, no region, no company, no government can fight that in isolation. We need strong partnerships. And I think this is exactly what GCF is about.”

Stock praised ֱ for “its efforts in building partnerships with law enforcement, with regulators, telecommunication companies, IT security companies, and finally also law enforcement help closing these gaps as quickly as possible.”

According to the GCF 2024 Cybersecurity Workforce Report there is a worldwide shortage of 2.8 million cybersecurity professionals and skills gaps reported by 43 percent of information security executives.

The report highlights the urgency of a coordinated global effort to bridge persistent cybersecurity capacity gaps.

Speaking at a panel titled “Against the Odds: Gaining Consensus Amid Complexity,” Croatia’s former president Kolinda Grabar-Kitarovic called for stronger regulation of AI and greater information sharing.

Sall urged action to bridge divides between developed and developing countries, while former US cyber director Chris Inglis emphasized the importance of building digital infrastructure that delivers real benefits for citizens.

Global leaders at the forum emphasized the importance of future-proofing international agreements, closing the digital gap between nations, and fostering collaboration that delivers tangible benefits.


Saudi budget carrier flyadeal begins service to Damascus 

Saudi budget carrier flyadeal begins service to Damascus 
Updated 01 October 2025

Saudi budget carrier flyadeal begins service to Damascus 

Saudi budget carrier flyadeal begins service to Damascus 

RIYADH: Saudi low-cost carrier flyadeal has started direct flights to Damascus, re-establishing air links between the two countries after a period of suspended services.

The inaugural flight, arriving from Jeddah on Oct. 1, was welcomed by Abdullah Al-Harith, Saudi deputy ambassador to Syria, at Damascus International Airport. 

The airline received regulatory approval earlier this year to operate to Syria, with CEO Steven Greenway announcing a planned launch in July. 

The move is part of a wider regional trend, with airlines such as flynas, FlyDubai, and Royal Jordanian also resuming services to Damascus. 

The return of international carriers follows recent decisions by the US and EU to lift long-standing economic sanctions on Syria, enabling renewed trade, tourism, and investment opportunities. 


KAFD and RCRC sign agreement to launch first phase of Riyadh Creative District

KAFD and RCRC sign agreement to launch first phase of Riyadh Creative District
Updated 01 October 2025

KAFD and RCRC sign agreement to launch first phase of Riyadh Creative District

KAFD and RCRC sign agreement to launch first phase of Riyadh Creative District

RIYADH: The first phase of the Riyadh Creative District is set to take shape after the King Abdullah Financial District Development and Management Co. signed a lease agreement with the Royal Commission for Riyadh City. 

Under the deal, RCRC will lease three landmark buildings within KAFD to host RCD’s initial operations, positioning the district as a hub for media, cultural, and creative technology enterprises. 

The initiative supports Vision 2030 objectives to transform Riyadh into a global center for innovation and culture. Launched under the patronage of Crown Prince Mohammed bin Salman, RCD seeks to unite Saudi and international talent to drive content creation, cultural exchange, and economic diversification. 

Mohammed Al-Sudairy, acting CEO at KAFD DMC, said the agreement “highlights KAFD’s commitment to shaping the industries of tomorrow.”   

He added: “By bringing together creative thinkers, business leaders, and cultural institutions in a single destination, we are opening doors for emerging talent and advancing Riyadh’s status as a global hub for creative and cultural innovation.”  

Mazen Tammar, vice president of City Marketing and Investment Promotion at RCRC, noted that hosting RCD’s first phase in KAFD “reflects our shared vision of building Riyadh into a world-leading destination for creativity and innovation.”   

He emphasized that the initiative “will empower the creative community, nurture local creative talent, attract global partners, and advance Riyadh’s role as a cultural and economic hub in line with Vision 2030.”  

The RCD was launched in February by the RCRC board of directors and has already begun attracting international institutions.   

Earlier this year, Italian fashion school Instituto Marangoni inaugurated its Riyadh campus within the district, marking a key milestone in the project's development.  


Closing Bell: Saudi main index closes in green at 11,529 

Closing Bell: Saudi main index closes in green at 11,529 
Updated 01 October 2025

Closing Bell: Saudi main index closes in green at 11,529 

Closing Bell: Saudi main index closes in green at 11,529 

RIYADH: ֱ’s Tadawul All Share Index rose on Wednesday, gaining 26.39 points, or 0.23 percent, to close at 11,529.36. 

The total trading turnover of the benchmark index was SR5.99 billion ($1.59 billion), as 116 of the listed stocks advanced, while only 131 retreated. 

The MSCI Tadawul Index also increased, up 6.46 points or 0.43 percent, to close at 1,506.44. 

The Kingdom’s parallel market Nomu gained 116.96 points, or 0.46 percent, to close at 25,589.40. This comes as 48 of the listed stocks advanced, while 34 retreated. 

The best-performing stock was Saudi Kayan Petrochemical Co., with its share price surging by 6.37 percent to SR6.01. 

Other top performers included Nahdi Medical Co., which saw its share price rise by 4.45 percent to SR124.30, and Gulf Union Alahlia Cooperative Insurance Co., which saw a 3.94 percent increase to SR13.97. 

CHUBB Arabia Cooperative Insurance Co. rose 3.82 percent to SR41.32, while Middle East Paper Co. gained 3.19 percent to SR28.50. 

On the downside, Fawaz Abdulaziz Alhokair Co. slipped 3.24 percent to SR27.48, making it the session’s weakest performer. 

Derayah Financial Co. fell 3.09 percent to SR30.72, while Alujain Corp. dropped 2.46 percent to SR34.94. 

Amlak International Finance Co. fell 2.44 percent to SR12.39, while Makkah Construction and Development Co. dropped 2.41 percent to SR87.05. 

On the announcements front, Sustainable Infrastructure Holding Co. has signed an agreement to acquire a 51 percent majority stake in Port Services & Storage Co. for up to SR132 million. 

According to a press release, the deal, which includes an initial payment and future performance-based earn-outs, is slated for completion in the final quarter of 2025, pending regulatory approval. 

This strategic acquisition aims to strengthen SISCO’s integrated logistics platform, expand its footprint in the Eastern Province, and create synergies with its existing logistics real estate assets. 

SISCO Holding’s shares traded 0.18 percent higher on the main market to close at SR33.06. 


ֱ signs 5 agreements with Vietnamese firms to expand investment footprint 

ֱ signs 5 agreements with Vietnamese firms to expand investment footprint 
Updated 01 October 2025

ֱ signs 5 agreements with Vietnamese firms to expand investment footprint 

ֱ signs 5 agreements with Vietnamese firms to expand investment footprint 

RIYADH: ֱ has signed five agreements with Vietnamese firms spanning construction, tourism, and infrastructure, expanding its investment footprint in the Southeast Asian nation. 

The deals also included advanced furniture manufacturing and workforce training, aimed at strengthening the Kingdom’s industrial sector and attracting foreign investment, the Saudi Press Agency reported. 

They were signed in the presence of Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef during the Saudi-Vietnamese Business Forum in Hanoi, part of the minister’s official visit to deepen economic ties and attract quality investments in line with Vision 2030.

The forum was hosted at the Hanoi Chamber of Commerce and Industry and co-organized with the Federation of Saudi Chambers. 

It aligns with ֱ’s National Industrial Development Program, launched in 2019, which aims to integrate strategic sectors and leverage local content alongside Fourth Industrial Revolution technologies to build a diversified, value-driven economy. 

The development reflects the Kingdom’s growing focus on international partnerships, underpinned by its $1.92 billion investment in Vietnam across energy, industry, and technology sectors. 

Alkhorayef emphasized the strong bilateral economic relations and the Saudi-Vietnamese Business Council’s role in boosting cooperation, particularly in industry and mining, according to a statement by the Ministry of Industry and Mineral Resources. 

In a post on his X account, Alkhorayef said: “I held bilateral meetings with several investors and leaders of Vietnamese companies to discuss the Kingdom’s competitive investment advantages, enabling mechanisms and incentives that facilitate foreign investment, and measures to streamline the investor journey.” 

He added that the talks explored promising opportunities for industrial and mining cooperation between the two countries. 

The minister emphasized the Kingdom’s keenness to attract quality foreign investments in industry and mining, outlining the most promising investment opportunities these sectors offer, as well as the enablers and incentives provided by the industrial and mineral resources system to facilitate the journey of international investors. 

These include, he added, financing solutions offered by the Saudi Industrial Development Fund and the Saudi Export–Import Bank. 

He also shed light on the Kingdom’s local content policies, which encourage industrial localization and give domestic manufacturers a competitive edge in government procurement, according to the press release. 

Regarding mining, he highlighted its transformation into a key pillar of the national industry under Vision 2030, with the Comprehensive Mining and Mineral Industries Strategy and the National Geological Survey Program increasing ֱ’s estimated mineral wealth from $1.3 trillion to $2.5 trillion. 

The event was attended by Saudi Ambassador to Vietnam Mohammed Dahlawi, CEO of the National Industrial Development Center Saleh Al-Sulami, Chairman of the Saudi-Vietnamese Business Council Ahmed Al-Theeb, and senior government and private-sector representatives from both countries. 

The forum offered a platform to explore cooperation in advanced industries, research, innovation, and artificial intelligence.