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KACST, ACWA Power Sign Deal to Establish Clean Energy, Water Desalination Technologies Development Center

The center will employ artificial intelligence and advanced digital technologies - SPA
The center will employ artificial intelligence and advanced digital technologies - SPA
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KACST, ACWA Power Sign Deal to Establish Clean Energy, Water Desalination Technologies Development Center

The center will employ artificial intelligence and advanced digital technologies - SPA
The center will employ artificial intelligence and advanced digital technologies - SPA

King Abdulaziz City for Science and Technology (KACST) and ACWA Power Company signed an agreement on Sunday to establish a joint "Clean Energy and Water Desalination Technologies Development Center", according to a press release from KACST.
KACST Vice President for the Energy and Industry Sector Dr. Saeed Al-Shehri and Executive Vice President of Innovation and New Technology Sector at ACWA Power Thomas Altmann signed the agreement in a ceremony attended by KACST President Dr. Munir bin Mahmoud Al-Desouki, ACWA Power Founder and Chairman of the Board of Directors Mohammad Abunayyan, and Senior Vice President for the Research and Development Sector of KACST Dr. Talal Al-Sudairi.
According to the press report, the center will conduct studies and scientific research, and work to attain technical development in vital areas in the clean energy and water sector, including developing solar energy technologies, energy storage technologies to support future energy networks, and innovative technologies and materials for desalination membranes, to reduce costs and emissions of desalination processes.
The center will employ artificial intelligence and advanced digital technologies to help the process of research and achieve goals, SPA reported.
The joint center also aims to increase the contribution of ACWA Power in the complex of national laboratories and innovation oases, to spread the culture of cooperation and innovation in the academic community and the business sector, and to transfer innovative water desalination technology to various areas of the industrial sector.

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Gold Rallies to Record High on US Rate Cut Optimism

FILE PHOTO: A saleswoman displays a gold necklace inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 7, 2019. REUTERS/Rupak De Chowdhuri/File Photo/File Photo
FILE PHOTO: A saleswoman displays a gold necklace inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 7, 2019. REUTERS/Rupak De Chowdhuri/File Photo/File Photo
TT
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Gold Rallies to Record High on US Rate Cut Optimism

FILE PHOTO: A saleswoman displays a gold necklace inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 7, 2019. REUTERS/Rupak De Chowdhuri/File Photo/File Photo
FILE PHOTO: A saleswoman displays a gold necklace inside a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 7, 2019. REUTERS/Rupak De Chowdhuri/File Photo/File Photo

Gold prices soared to an all-time high on Friday as the dollar weakened amid prospects of super-sized reduction in US interest rates next week, while palladium has gained over 15% so far this week.
Spot gold was up hitting a record 0.3% at $2,567.23 per ounce by 0703 GMT, after high of $2,570.21 earlier in the session. Bullion has gained about 3% for the week so far, Reuters reported.
US gold futures rose 0.6% to $2,595.10.
The dollar fell to a one-week low on Friday, making greenback-priced gold less expensive for other currency holders, with investors on tenterhooks around uncertainty of a 25 or 50 basis point US rate cut next week.
"Regardless of the size of the initial Federal Reserve rate cut, we look to be on the verge of a potentially long and frequent easing cycle, which is a scenario that bodes well for assets such as gold, which are non-yielding," said Tim Waterer, chief market analyst at KCM Trade.
The International Monetary Fund said it was appropriate for the Fed to begin a long-awaited monetary easing cycle at its meeting next week as upside risks to inflation have subsided.
Traders see a 41% chance of a 50-bp reduction and 59% odds of a 25 bp cut.
Investors will scan the US consumer sentiment (preliminary) data, due later in the day, for further clues on rate outlook.
ANZ commodity strategist Soni Kumari said "we are seeing (gold) prices can go to $2,600 in the short term, given the price momentum is looking quite strong right now."
Spot silver rose 0.3% to $30.01 and platinum gained 0.7% to $983.95. Both metals are headed for weekly gains.
Palladium climbed 0.4% to $1,050.50 and was headed for its best week since December 2023, fueled by export curb concerns.
Russian President Vladimir Putin said Moscow should consider limiting exports of uranium, titanium and nickel in retaliation against the West.