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Saudi Arabia, Netherlands Sign MoU to Collaborate on Energy

The MoU was signed within the framework of the visit paid by the Saudi Minister of Energy to the Netherlands. Photo: Energy Ministry
The MoU was signed within the framework of the visit paid by the Saudi Minister of Energy to the Netherlands. Photo: Energy Ministry
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Saudi Arabia, Netherlands Sign MoU to Collaborate on Energy

The MoU was signed within the framework of the visit paid by the Saudi Minister of Energy to the Netherlands. Photo: Energy Ministry
The MoU was signed within the framework of the visit paid by the Saudi Minister of Energy to the Netherlands. Photo: Energy Ministry

Saudi Minister of Energy Prince Abdulaziz bin Salman Al Saud and the Dutch Minister of Economic Affairs and Climate Policy, Micky Adriaansens, have cosigned a memorandum of understanding (MoU) in the field of energy.
The MoU aims to establish a framework for cooperation between the two countries and strengthen it in several energy sectors, including renewable energy, energy efficiency, electricity, and other sectors and issues related to energy security and transitions, such as clean hydrogen. It also facilitates the formation and activation of international supply chains linking the two countries and cooperation on technologies and solutions related to climate change mitigation, such as the circular carbon economy and its technologies.

The MoU was signed on Thursday within the framework of the visit paid by the Saudi Minister of Energy to the Netherlands to attend the World Hydrogen 2023 Summit & Exhibition, which was held in Rotterdam from May 10 to 11.
Within the framework of many issues related to the global hydrogen industry and supplies, which were discussed in the summit, the prince participated in a session entitled, "The Global Aspirations of the Kingdom of Saudi Arabia in the Field of clean hydrogen."

He reviewed the global directions and aspirations of the Kingdom in this field and projects that are being implemented in Saudi Arabia.

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Türkiye's Central Bank Lowers Key Interest Rate to 47.5%

A girl sells plastic items to people in the Kadikoy district in Istanbul, Türkiye, Saturday, Dec. 7, 2024. (AP Photo/Francisco Seco)
A girl sells plastic items to people in the Kadikoy district in Istanbul, Türkiye, Saturday, Dec. 7, 2024. (AP Photo/Francisco Seco)
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Türkiye's Central Bank Lowers Key Interest Rate to 47.5%

A girl sells plastic items to people in the Kadikoy district in Istanbul, Türkiye, Saturday, Dec. 7, 2024. (AP Photo/Francisco Seco)
A girl sells plastic items to people in the Kadikoy district in Istanbul, Türkiye, Saturday, Dec. 7, 2024. (AP Photo/Francisco Seco)

Türkiye’s central bank lowered its key interest rate by 2.5 percentage points to 47.5% on Thursday, carrying out its first rate cut in nearly two years as it tries to control soaring inflation.
Citing slowing inflation, the bank’s Monetary Policy Committee said it was reducing its one-week repo rate to 47.5% from the current 50%.
The committee said in a statement that the overall inflation trend was “flat” in November and that indicators suggest it is likely to decline in December, The Associated Press reported.

Demand within the country was slowing, helping to reduce inflation, it said.
Inflation in Türkiye surged in recent years due to declining foreign reserves and President Recep Tayyip Erdogan’s unconventional economic policy of lowering rates as a way to tame inflation — which he later abandoned.
Inflation stood at 47% in November, after having peaked at 85% in late 2022, although independent economists say the real rate is much higher than the official figures.

Most economists argue that higher interest rates help control inflation, but the Turkish leader had fired central bank governors for failing to fall in line with his previous rate-cutting policies.

Following a return to more conventional policies under a new economic team, the central bank raised interest rates from 8.5% to 50% between May 2023 and March 2024. The bank had kept rates steady at 50% until Thursday's rate cut.
The high inflation has left many households struggling to afford basic goods, such as food and housing.