Red Sea Global Announces Completion of Solar Stations in 1st Phase of Infrastructure Project

Amaala is a land and property megaproject currently in development in Saudi Arabia that is managed by Red Sea Global. Asharq Al-Awsat
Amaala is a land and property megaproject currently in development in Saudi Arabia that is managed by Red Sea Global. Asharq Al-Awsat
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Red Sea Global Announces Completion of Solar Stations in 1st Phase of Infrastructure Project

Amaala is a land and property megaproject currently in development in Saudi Arabia that is managed by Red Sea Global. Asharq Al-Awsat
Amaala is a land and property megaproject currently in development in Saudi Arabia that is managed by Red Sea Global. Asharq Al-Awsat

Red Sea Global has announced the installation of 750,000 solar panels and five solar stations dedicated to the operation of the first phase of the “Red Sea Project,” which consists of 16 hotels, retail, and entertainment venues, and supporting infrastructure facilities to be powered entirely by renewable energy.
John Pagano, the CEO of Red Sea Global, explained that since the beginning, the company has been committed to adopting a different approach in its operations and projects.

Its development of the world’s largest tourism destination that is fully powered by renewable energy falls within such commitment, he said.

Pagano added that the installation of electroluminescent (EL) panels at the five solar stations had been completed as part of the first phase of the Red Sea Project, and the complete independence of the mega venture from the national grid makes it not only the largest but also the first of its kind in the world.

One of the solar stations is located near the Six Senses Southern Dunes, the Red Sea Resort, and Spa, the first solar-powered resort and hotel to be inaugurated of the 16 hotels of the first phase of the Red Sea Project.

Two solar stations are located near the Desert Rock mountain resort and the Sheybarah Resort on Sheybarah Island. Two other solar stations of larger capacity will power the remaining resorts and the 15 beach villas in the Turtle Bay Village.

Red Sea Global is also implementing the world’s largest battery storage facility at a capacity of 1,200MWh, which will enable the mega tourism project to achieve 100% grid independence, all within the commitment of the company in sustainability and development and to contributing to realizing the targets of the Saudi Vision 20230.

All vehicles transporting visitors of the Red Sea Tourism Project will be fully powered by solar energy, starting with their arrival at the Red Sea International Airport and continuing through their movements within the sites and between the nearby islands.

Red Sea Global is also investing in human capital. It has provided vocational training scholarships to 500 people in cooperation with the Human Resources Development Fund, of which 50 people have received training in renewables. Providing specialized training to a total of 10,000 Saudi citizens by 2030 is the target of the company.



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.