Over SAR6 Bln to Be Invested in Environmental Compliance Projects in Saudi Arabia until 2030

Saudi Vice Minister of Environment, Water and Agriculture Eng. Mansour Al Mushaiti speaks at the event in Riyadh. (SPA)
Saudi Vice Minister of Environment, Water and Agriculture Eng. Mansour Al Mushaiti speaks at the event in Riyadh. (SPA)
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Over SAR6 Bln to Be Invested in Environmental Compliance Projects in Saudi Arabia until 2030

Saudi Vice Minister of Environment, Water and Agriculture Eng. Mansour Al Mushaiti speaks at the event in Riyadh. (SPA)
Saudi Vice Minister of Environment, Water and Agriculture Eng. Mansour Al Mushaiti speaks at the event in Riyadh. (SPA)

Saudi Vice Minister of Environment, Water and Agriculture Eng. Mansour Al Mushaiti said on Monday over SAR6 billion will have been invested in environmental compliance projects in Saudi Arabia by the end of 2030.

He made his remarks at the inaugural two-day Environmental Compliance Forum in Riyadh that ended on Monday.

Al Mushaiti stressed that the environment is closely related to the economy, community health and quality of life, and as such, it is one of the priority areas of the wise leadership, whose support contributed to an “unprecedented development of the environment, water and agriculture sectors” in line with the Kingdom's Vision 2030.

He said the Ministry of Environment, Water and Agriculture started to draw up the National Environment Strategy in 2016, and “through practical steps and practices, provided sustainable solutions, with the participation of the private sector, which played a crucial part in achieving many environment-friendly development goals”.

He added that the current forum sought to stress the importance of cooperation to create a sustainable environment that contributes to preserving natural resources, boosting the quality of life and improving the services provided to individuals.

According to a 2014 study by the World Bank, the cost of environmental degradation exceeded SAR86 billion, he noted.

Protecting the environment, he stressed, is crucial to ensuring environment, food and water security, and to progressing and achieving economic prosperity.

Al Mushaiti also highlighted Saudi Arabia’s “remarkable strides” in protecting the environment, preserving natural resources and achieving progress in global indicators.



Gold Edges Down as Markets Eye Fed's 2025 Monetary Policy 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 Edges Down as Markets Eye Fed's 2025 Monetary Policy 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 edged lower as the dollar held firm on Wednesday, with investors awaiting a key US Federal Reserve decision expected to shape market sentiment and gold's trajectory by outlining the central bank's 2025 outlook.

Spot gold slipped 0.3% to $2,637.13 per ounce by 10:00 a.m. EST (1500 GMT). US gold futures were down 0.3% at $2,653.20.

The Fed's 2025 economic projections and decision are due at 2 p.m. EST (1900 GMT), followed by Fed chair Jerome Powell's press conference at 2:30 p.m. EST, Reuters reported.

"What markets will truly focus on is the tone set by Jerome Powell. A hawkish stance could drive Treasury yields higher and bolster the dollar, putting downward pressure on gold prices," said Ricardo Evangelista, senior analyst at ActivTrades.

"Conversely, a more cautious tone might provide some support for bullion."

While markets are pricing in a 99% probability of a 25 basis point rate cut during this meeting, the chances of another reduction in January stand at only 17%.

Non-yielding gold tends to do well in a low-interest-rate environment.

Traders are also watching out for key US GDP and inflation data due later this week that could further shape expectations around monetary policy.

"I do see the consolidation as a continuation pattern within the longer term uptrend in gold. I think that trend will re-exert itself in the first quarter of 2025," said Peter Grant, vice president and senior metals strategist at Zaner Metals.

Grant highlighted that bullion remains underpinned by easing central bank policies, geopolitical tensions, sustained buying by central banks, and rising global political instability.

UBS echoed this sentiment in a note, predicting gold would "build on its gains in 2025." The bank emphasized that central banks are likely to continue accumulating gold as they diversify reserves, while heightened demand for hedges could drive inflows into gold-backed exchange-traded funds (ETFs).

Spot silver fell 1.1% at $30.19 per ounce, platinum slipped 1.3% to $926.90, while palladium declined 1.3% to $922.19.