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Saudi Environment Ministry Announces Recycling Plan, Boosting GDP by SR120 Bn

Saudi Arabia was able to preserve more than 90,000 hectares and plant 50 million trees (Asharq Al-Awsat)
Saudi Arabia was able to preserve more than 90,000 hectares and plant 50 million trees (Asharq Al-Awsat)
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Saudi Environment Ministry Announces Recycling Plan, Boosting GDP by SR120 Bn

Saudi Arabia was able to preserve more than 90,000 hectares and plant 50 million trees (Asharq Al-Awsat)
Saudi Arabia was able to preserve more than 90,000 hectares and plant 50 million trees (Asharq Al-Awsat)

The Saudi Ministry of Environment, Water, and Agriculture (MEWA) revealed a plan to develop the waste sector in the Kingdom which includes a 95% recycling target.
The plan will contribute approximately SR120 billion to the gross domestic product.
The Ministry's annual report for 2023 stated its goal of sustainability through recycling 100 million tons annually and creating over 100,000 jobs, aligning with Saudi Vision 2030.
The report highlighted efforts towards sustainable development goals, including the National Environmental Strategy, which has over 65 initiatives and an investment of over SAR 55 billion.
Saudi Arabia's waste management recycling rate stands currently at 3-4%, the world's lowest, which the Ministry aims to increase to 95%.
It acknowledges the existence of hazardous wastes, like medical waste, needing scientific management to ensure public safety.
The Ministry has also been able to preserve 90,000 hectares and has planted over 50 million trees, boosting community awareness and environmental compliance.
Efforts to monitor environmental compliance contributed to raising the level of quality of life.
The report noted that the Kingdom's Dust Storm Center recorded the lowest dust storms, just 10%. This success is attributed to numerous reserves, increased rainfall, cloud seeding, and the planting of nearly 50 million trees nationwide.

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Trump Uncertainties Push Safe-haven Gold to Near all-time Highs

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Trump Uncertainties Push Safe-haven Gold to Near all-time Highs

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices soared to near three-month highs on Wednesday, trading below its record peak, fuelled by a soft dollar and lack of clarity around US President Donald Trump's policy plans, which investors fear could trigger trade wars and elevate market volatility.

Spot gold added 0.3% to $2,753.79 per ounce as of 9:45 a.m. ET (1445 GMT). Prices were at their highest since Oct. 31 when they hit their all-time-high of $2,790.15.

US gold futures gained 0.2% to $2,764.80.

The dollar index dipped to a more-than-three-week low, making greenback-priced bullion less expensive for holders of other currencies, Reuters reported.

"There are uncertainties with proposed tariffs and other things, and gold typically does well when there's a large or even a moderate amount of uncertainty in the market, it's a natural place where people gravitate to," said Ryan McIntyre, Senior Portfolio Manager at Sprott Asset Management.

Trump said his administration was discussing imposing a 10% tariff on goods imported from China on Feb. 1, the same day that he previously said Mexico and Canada could face levies of around 25%.

Gold is often viewed as a haven during times of economic and geopolitical turmoil, but Trump's proposed policies are broadly regarded as inflationary, potentially compelling the US Federal Reserve to sustain elevated interest rates for an extended period to rein in rising price pressures.

Trump has not provided many details about his proposed tariffs, making investors question the aggressiveness of the move, and the depth of its potential impacts.

"(Trump) has been perhaps just a shade less hawkish on tariffs as feared which helps - less/lower tariffs is taken to indicate lower inflation hence potential for more rate cuts," said Tai Wong, an independent metals trader.

Spot silver fell 0.6% to $30.68, but hovered near a one-month high hit on Jan. 16.

Platinum rose 0.3% to $946.50 and palladium gained 1.9% to $975.27.