Jeddah Economic City: 90% of road, landscaping work done

Jeddah Economic City will consist of 210 towers that will be over 30 floors high, with the centerpiece being the Jeddah Tower. (Supplied)
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Updated 24 June 2021
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Jeddah Economic City: 90% of road, landscaping work done

  • The project will consist of three sectors: A financial district, a residential district and Al-Balad

JEDDAH: Jeddah Economic City — one of Saudi Arabia’s flagship megaprojects, which will include the world’s tallest tower — is nearing completion on all road construction and landscaping work, according to a senior executive on the project.

Speaking at the Urban Landscape Saudi 2021 event this week, Fady Nassim, executive head of urban planning for Jeddah Economic City, said the main goal of the 5.3-million-square-meter project is to create a habitable, economically beneficial and environmentally friendly space. “Ninety percent of the work on road construction and landscaping in the city is done,” he told delegates.

The city will consist of 210 towers that will be over 30 floors high, the centerpiece being Jeddah Tower, which will be around 1 km tall and will take over from Dubai’s Burj Khalifa as the world’s tallest building.

The project will consist of three sectors: A financial district, a residential district and Al-Balad, which will be a contemporary recreation of the old quarter of Jeddah.

Nassim said the landscaping will be done in a way that ensures plenty of green space and room for pedestrians, with less emphasis on cars and traffic.

Also speaking at the event, which was organized by the Saudi Contractors Authority, was Abdurahman Medallah, general manager for urban studies and policies at the Sharqia Development Authority.

He highlighted the fact that the rapid expansion of urban areas in the Kingdom is impacting agricultural land.

Medallah also highlighted the recently announced Saudi Green initiative, which aims to enhance rural areas and expand green areas in the Kingdom.

“Some of these targets are to increase the share of renewables, to reduce carbon emissions, to plant around 50 million trees, and to raise the percentage of protected areas to around 30 percent,” he said.


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

Updated 27 December 2025
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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

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.