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Saudi Energy Ministry Signs Agreement to Launch Social Entrepreneurship Accelerator

Officials are seen during the signing of the agreement between the Saudi Ministry of Energy and Saudi National Bank. (Asharq Al-Awsat)
Officials are seen during the signing of the agreement between the Saudi Ministry of Energy and Saudi National Bank. (Asharq Al-Awsat)
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Saudi Energy Ministry Signs Agreement to Launch Social Entrepreneurship Accelerator

Officials are seen during the signing of the agreement between the Saudi Ministry of Energy and Saudi National Bank. (Asharq Al-Awsat)
Officials are seen during the signing of the agreement between the Saudi Ministry of Energy and Saudi National Bank. (Asharq Al-Awsat)

The Saudi Ministry of Energy concluded on Sunday a cooperation agreement with the Saudi National Bank (SNB Al-Ahli) to launch a social entrepreneurship accelerator.

The accelerator will assist entrepreneurs, emerging pioneering projects, and small enterprises in the energy sector and transform their ideas into realistic investment entities.

Signed in the presence of Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz and Chairman of the Board of Directors of the National Bank Saeed al-Ghamdi, the agreement will help raise the level of participation of entrepreneurs in developing the services supervised by the Ministry.

The Ministry's Community Development Advisor, Mona al-Ghamdi, and Al-Ahli's Senior Vice President and head of the Social Responsibility Department Basma al-Jawhari signed the agreement.

The deal includes cooperation between the two parties in developing appropriate mechanisms for the program and exchanging experiences and ideas between them.

They agreed on the program's implementation, participation in awareness campaigns, and introduction of the program.

The agreement comes from the Ministry's role in community development by supporting the implementation and transfer of social leadership ideas and solutions in the energy sector in cooperation with the rest of the relevant government and private agencies.

The Ministry of Energy believes in the importance of community development and supports and encourages the establishment of non-profit organizations under its supervision.

It also seeks to contribute to raising the efficiency of the technical performance of the organizations and overcoming the difficulties they face in carrying out and developing their activities.

It aspires to achieve Vision 2030 goals and activate the social responsibility role of energy companies locally and internationally.

The Ministry’s goals include encouraging energy companies and entities by contributing to raising the level of awareness and commitment to sustainable development goals, ensuring the sector contributes to its national social responsibility, and supporting social innovation in energy. It also seeks to develop a culture of volunteer work.

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Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The dollar hit new multi-month highs against the euro and the pound on Thursday, the first day of 2025 trading, as it built on last year's strong gains on expectations US interest rates will remain high relative to peers.

The euro fell to as low as $1.0314, its lowest since November 2022, down around 0.3% on the day. It is now down nearly 8% since its late September highs above $1.12, one major victim of the dollar's recent surge.

Traders anticipate deep interest rate cuts from the European Central Bank in 2025, with markets pricing in at least four 25 basis point cuts, while not being certain of even two such moves from the US Federal Reserve, Reuters reported.

The dollar was hitting milestones across the board and the pound was last down 0.65% at $1.2443, its lowest since April, with its fall accelerating after it broke through resistance around $1.2475.

"It's more of the same at the start of the new calendar year with the dollar continuing to extend its advances in anticipation of Trump putting in place friendly policies at the start of his term," said Lee Hardman, senior currency analyst at MUFG.

US President-elect Donald Trump's policies are widely expected to not only boost growth but also add to upward price pressure. That will lead to a Fed cautious about cutting rates too much further, in turn underpinning US Treasury yields and boost dollar demand.

A weaker growth outlook outside the US, conflict in the Middle East and the Russia-Ukraine war have also added to demand for the dollar.

The dollar also reversed an early loss on Thursday to climb against the Japanese yen, and was last up 0.17% at 157.26.

It reached a five-month high above 158 yen in late December, potentially putting pressure on the Bank of Japan, which is expected to raise interest rates early this year, but possibly not immediately.

"If dollar/yen were to break above 160 ahead of the next BOJ meeting, that could be a catalyst for the BOJ to hike in January rather than wait until March," said Hardman.

"Though for now markets are leaning towards March after the dovish comments from (governor Kazuo) Ueda at his last press conference."

Even those who are more cautious about sustained dollar strength think it could take a long time to play out.

"The dollar may be vulnerable – but only if the US data confound market expectations that the Fed doesn’t cut rates more than once in the first half of this year, and not by more than 50bp in the whole of 2025," said Kit Juckes chief FX strategist at Societe Generale in a note.

"There's a good chance of that happening, but it seems very unlikely that cracks in US growth will appear early in the year – hence my preference for taking any bearish dollar thoughts with me into hibernation until the weather improves."

China's yuan languished at 14-month lows as worries about the health of the world's second-biggest economy, the prospect of US import tariffs from the Trump administration and sliding local yields weighed on investor sentiment.

Elsewhere, the Swiss franc, another victim of the recent dollar strength, gave back early gains to last trade flat at 0.90755 per dollar.

The Australian and New Zealand dollars, however, managed to break away from two-year lows touched on Tuesday. The Aussie was 0.36% higher at $0.6215 having dropped 9% in 2024, its weakest yearly performance since 2018.

The kiwi rose 0.47% to $0.5614.