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Future Investment Initiative - Day 2

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Princess Reema bint Bandar, deputy head of planning and development at the General Sport Authority, speaks at the Future Investment Initiative. (Arab News)
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At least 25 deals worth more than $50 billion have been signed at opening day of the Future Investment Initiative in Riyadh. (AFP)
Updated 25 October 2018
Arab News
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Future Investment Initiative - Day 2

Updated 25 October 2018
Arab News

RIYADH: The Future Investment Initiative has entered its second day, after Tuesday’s opening flurry in which 25 deals valued at more than $50 billion were signed.

Wednesday’s initial plenary sessions focused on better business, capital markets and private equity versus public markets.

To view the livestream:

 

 

 

 

Those in attendance for today’s sessions included Alex Dimitrief, president and CEO of GE Global; Ziad Abu-Ghararah, secretary general of PERSGA; Paul Holthus, chief executive of the World Ocean Council and Mehmood Khan, chief science officer of PepsiCo.

Others included Marianne Laigneau, group senior executive vice president of EDF, and Soren Schroder, chief executive of Bunge Limited.

Speakers on the capital markets panel were Ibrahim Al-Omar, governor of the Saudi Arabian General Investment Authority (SAGIA); Samir Assaf, CEO of HSBC Global Banking & Markets; and Shujun Li, founder and managing partner of Trustbridge Partners.

Al-Omar, during the session, described the strength of the Kingdom’s financial sector, particularly the “high liquidity” in banks. The SAGIA chief mentioned Saudi Arabia’s diversification away from oil, as encompassed in the Vision 2030 strategy which, according to him, “is a once in a lifetime transformation.”

 

 

HSBC’s Assaf described the change in roles of banks after the crisis: “We have asked banks to hold much more capital to support balance sheets and … to deleverage.”

Assaf noted the emergence of new types of capital markets suited for emerging markets, where more borrowings are done in local currency.

“This is something extremely important,” the HSBC executive said.

 

 

Speakers in the session on private equity versus public markets were: Dr. Sahar Nasr, Egypt’s minister of investment and international cooperation; Shiv Vikram Khemka, vice-chairman of SUN Group; Fred Hu, founding partner of Primavera Capital; and Patrick Zhong, founding managing partner of M31 Capital.

 

Follow our coverage of the event, here.

Topics: FII FII2018 Future Investment Initiative 2018 Future Investment Initiative (FII)

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Silver crosses $77 mark while gold, platinum stretch record highs

Updated 3 sec ago
Reuters
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Silver crosses $77 mark while gold, platinum stretch record highs

  • Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
  • Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years
Updated 3 sec ago
Reuters

Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.

Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation ‌as a US ‌critical mineral, and strong investment inflows.

Spot gold ‌was ⁠up ​1.2% at $4,531.41 ‌per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.

“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist ⁠at Zaner Metals.

Markets are anticipating two rate cuts in 2026, with the first likely ‌around mid-year amid speculation that US President Donald ‍Trump could name a dovish ‍Fed chair, reinforcing expectations for a more accommodative monetary stance.

The US ‍dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.

On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.

“$80 in ​silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next ⁠year,” Grant added.

Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.

On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.

Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.

All precious ‌metals logged weekly gains, with platinum recording its strongest weekly rise on record.

Topics: Gold prices silver

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