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Saudi-Indian MoU on Electrical Interconnection, Green Clean Hydrogen, Supply Chains

Saudi Energy Minister and Indian Minister of Electricity, New and Renewable Energy during the signing of an MoU between the two countries. (Asharq Al-Awsat)
Saudi Energy Minister and Indian Minister of Electricity, New and Renewable Energy during the signing of an MoU between the two countries. (Asharq Al-Awsat)
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Saudi-Indian MoU on Electrical Interconnection, Green Clean Hydrogen, Supply Chains

Saudi Energy Minister and Indian Minister of Electricity, New and Renewable Energy during the signing of an MoU between the two countries. (Asharq Al-Awsat)
Saudi Energy Minister and Indian Minister of Electricity, New and Renewable Energy during the signing of an MoU between the two countries. (Asharq Al-Awsat)

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz and Raj Kumar Singh, India’s minister of electricity, new and renewable energy, signed an MoU between the two parties in the areas of electrical interconnection, green clean hydrogen, and supply chains.

The MoU was inked on the sidelines of the Middle East and North Africa Climate Week organized by the Kingdom in the city of Riyadh in cooperation with the United Nations Framework Convention on Climate Change.

It aims to establish a general framework for collaboration between the two parties in the areas of electrical interconnection, exchange of currents during peak times and emergencies, development, and joint production of clean hydrogen and renewable energy projects in both countries.

The MoU included collaboration in conducting the necessary studies and coordinating with relevant authorities and companies.

Moreover, the agreement seeks to establish safe, reliable, and flexible supply chains for materials used in green hydrogen and the renewable energy sector in accordance with the two countries’ capabilities and the regulations and laws enforced in India and the Kingdom.

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OECD Sees Global Growth Stabilizing at 3.2% this Year

Commuters cross a street in Tokyo's Shinjuku business and shopping district, Japan, 17 September 2024, a day before the International Equal Pay Day. EPA/FRANCK ROBICHON
Commuters cross a street in Tokyo's Shinjuku business and shopping district, Japan, 17 September 2024, a day before the International Equal Pay Day. EPA/FRANCK ROBICHON
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OECD Sees Global Growth Stabilizing at 3.2% this Year

Commuters cross a street in Tokyo's Shinjuku business and shopping district, Japan, 17 September 2024, a day before the International Equal Pay Day. EPA/FRANCK ROBICHON
Commuters cross a street in Tokyo's Shinjuku business and shopping district, Japan, 17 September 2024, a day before the International Equal Pay Day. EPA/FRANCK ROBICHON

Global growth is in the process of stabilizing as the drag from central bank rate hikes fades and falling inflation boosts households' incomes, the OECD said on Wednesday, marginally raising its outlook for this year.
The world economy was projected to grow 3.2% both this and next year, the Organization for Economic Cooperation and Development forecast, nudging up its 2024 forecast from 3.1% previously while leaving 2025 unchanged, Reuters reported.
As the lagged impact of central bank tightening evaporates, interest rate cuts would boost spending going forward while consumer spending benefitted from lower inflation, the OECD said in an update of its latest economic outlook.
If a recent decline in oil prices persists, global headline inflation could be 0.5 percentage points lower than expected over the coming year, the Paris-based OECD said.
With inflation heading towards central bank targets, the OECD projected that the US Federal Reserve's main interest rate would ease to 3.5% by the end of 2025 from 4.75%-5% currently and European Central Bank would cut to 2.25% from 3.5% now.
US growth was expected to slow from 2.6% this year to 1.6% in 2025 though interest rate cuts would help cushion the slowdown, the OECD said, trimming its 2025 estimate from a forecast of 1.8% in May.
The Chinese economy, the world's second-biggest, was seen slowing from 4.9% in 2024 to 4.5% in 2025 as government stimulus spending is offset by flagging consumer demand and a real estate rut.
The euro zone would help make up for slower growth in the two biggest economies next year with the 20-nation bloc's growth forecast to nearly double from 0.7% growth this year to 1.3% as incomes grow faster than inflation.
The OECD hiked its outlook for the UK economy amid high wage growth, projecting the UK economy expanding by 1.1% in 2024 and 1.2% in 2025, up from May forecasts for 0.4% this year and 1% next year.