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Saudi Power Procurement Company Signs Purchase Agreements for 3 Solar Energy Projects 

Officials are seen at the signing ceremony. (SPA)
Officials are seen at the signing ceremony. (SPA)
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Saudi Power Procurement Company Signs Purchase Agreements for 3 Solar Energy Projects 

Officials are seen at the signing ceremony. (SPA)
Officials are seen at the signing ceremony. (SPA)

The Saudi Power Procurement Company (SPPC) signed on Wednesday Power Purchase Agreements (PPA) for three new solar photovoltaic projects with a consortium of ACWA Power Company, and the Water & Electricity Holding Company (Badeel), a wholly owned subsidiary of the Public Investment Fund (PIF), and Aramco Power, a fully-owned subsidiary of Saudi Aramco.

The agreement was signed in the presence of Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud.

These new projects with a capacity of 5,500 MW are part of the National Renewable Energy Program, which is supervised by the Ministry of Energy.

The three solar projects are:

Haden Solar PV, in Makkah Province, with a total capacity of 2,000 MW and an LCOE of 1.58762 cent/kWh (5.95356 Halala/kWh)

Al-Muwaih Solar PV, in Makkah Province, with a total capacity of 2,000 MW and an LCOE of 1.60852 cent/kWh (6.03194 Halala/kWh)

Al-Khushaybi PV, in Qassim Province, with a total capacity of 1,500 MW and an LCOE of 1.67289 cent/kWh (6.27334 Halala/kWh)

Starting 2024, Saudi Arabia will tender annually new renewable energy projects with a total capacity of 20 GW with the aim of reaching between 100 to 130 GW by 2030, depending on the growth of electricity demand.

Since the start of the renewables program to date, 21 projects have been awarded, including the projects that were signed on Wednesday with a total capacity of 19 GW. Of the 21 projects, seven with a total capacity of 4.1 GW are now connected to the grid, eight with a total capacity of 8.2 GW are under construction, and six with a total capacity of 7 GW are in the financial close stage.

Furthermore, and since the start of 2024, six new renewable energy projects have been tendered with a total capacity of 6.7 GW. Additional capacities are planned to be tendered during the current year in order to achieve the 20 GW annual tendered capacities target.

The National Renewable Energy program’s projects aim to reach the Kingdom’s optimal energy mix targets, and displace liquid fuels used in power generation sector and other sectors in the Kingdom, as part of the energy ecosystem’s efforts towards achieving Saudi Vision objectives.

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Business

Merz Invites Japan to Back Trade Alliance as China Asks Germany to Be ‘Rational’

German Chancellor Friedrich Merz attends the ISEAS 49th Singapore Lecture, in Singapore, October 27, 2026. (Reuters)
German Chancellor Friedrich Merz attends the ISEAS 49th Singapore Lecture, in Singapore, October 27, 2026. (Reuters)
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Merz Invites Japan to Back Trade Alliance as China Asks Germany to Be ‘Rational’

German Chancellor Friedrich Merz attends the ISEAS 49th Singapore Lecture, in Singapore, October 27, 2026. (Reuters)
German Chancellor Friedrich Merz attends the ISEAS 49th Singapore Lecture, in Singapore, October 27, 2026. (Reuters)

German Chancellor Friedrich Merz on Wednesday urged Japan to back a proposed global alliance to defend rules-based trade that he has been touting during a week-long Asia trip.

An alliance of "like-minded partners" ‌would help ‌countries resist the growing use of tariffs ‌and ⁠economic coercion, he ⁠told a business summit in Tokyo, according to prepared remarks.

"Should the rules of the global trading system be violated by others, or should economic coercion be employed, we could coordinate our actions within the alliance and present a united front," he said, an apparent ⁠reference to the US and China.

In ‌responding to Merz's proposal, ‌China said it hoped Germany and the EU would be "objective and ‌rational" and that it was committed to working ‌with all parties to maintain the stability of trade and supply chains.

Merz's initiative echoes calls by Canadian Prime Minister Mark Carney this year for the world's middle powers to ‌work more closely together to counter pressure from larger economies.

"If we move forward together, ⁠the ⁠question will no longer be whether we are 'on the menu' or 'sitting at the table'," Merz said, invoking a line used by Carney during his January speech.

"Because in that case, the restaurant itself belongs to us."

Germany sees China as both a massive trading partner and a strategic rival. Coinciding with Merz's visit, a report said Germany's trade deficit with Asia-Pacific is set to hit a record of nearly €146 billion ($163 billion) in 2026 as falling exports to China outweigh growing sales elsewhere in the region.

Business

Gold Slips on Oil-Fueled Inflation Fears Ahead of Fed Meeting

Ingots of 99.99 percent pure gold are placed in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. (Reuters)
Ingots of 99.99 percent pure gold are placed in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. (Reuters)
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Gold Slips on Oil-Fueled Inflation Fears Ahead of Fed Meeting

Ingots of 99.99 percent pure gold are placed in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. (Reuters)
Ingots of 99.99 percent pure gold are placed in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. (Reuters)

Gold prices ticked lower on Wednesday after the previous session's climb of about 1%, as higher oil prices stoked inflation fears while investors awaited the Federal Reserve's policy decision later in the day for clues to the rate outlook.

Spot gold was down 0.5% at $4,037.11 per ounce by 0743 GMT. US gold futures for December delivery dropped 0.6% to $4,051.30.

"Gold is moving ‌based on ‌the interest rate expectations and inflation risks because ‌of ⁠higher energy prices," ⁠said Soni Kumari, an analyst at ANZ.

"As a result, the Fed will remain cautious, which remains a short-term key headwind for gold."

Oil prices climbed more than 1% on Wednesday.

Elevated energy prices raise expectations ⁠that the Fed will keep interest rates higher ‌for longer, increasing the opportunity cost ‌of holding non-yielding bullion.

Markets await the Fed's policy decision due ‌at 1800 GMT, along with the Personal Consumption Expenditures data ‌on Thursday, a key gauge closely watched by the central bank as it targets a 2% inflation rate.

Traders largely expect the Fed to leave rates unchanged today but are pricing in a chance of ‌about 84% for a December rate hike, according to the CME's FedWatch Tool.

High inflation will ⁠persist in ⁠the global economy well into next year, according to hundreds of economists polled by Reuters.

Meanwhile, analysts cut their 2026 gold price forecast for a second straight quarter due to high Treasury yields, a strong US dollar and expectations that rates will stay higher for longer, but still expect a recovery in 2027, a Reuters survey showed.

Additionally, analysts and traders cut their platinum and palladium price forecasts for 2026 for a third straight quarter, a Reuters survey showed.

Among other metals, spot silver slid 1% to $53.81 per ounce, platinum lost 0.6% to $1,530.49 and palladium dipped 0.2% to $1,024.15.

Business

Investcorp Strengthens Its Saudi Portfolio by Investing in REDA Gulf

Investcorp's headquarters. (AFP)
Investcorp's headquarters. (AFP)
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Investcorp Strengthens Its Saudi Portfolio by Investing in REDA Gulf

Investcorp's headquarters. (AFP)
Investcorp's headquarters. (AFP)

Despite rising regional tensions, Saudi companies continue to attract investment. Investcorp, the leading global alternative investment firm, said on Tuesday it joined a consortium led by AlTouq Group and Thara Future Investments in the acquisition of REDA Gulf Holding, the holding company of REDA Hazard Control.

The transaction represents the latest investment by Investcorp’s Saudi Pre-IPO Growth Fund and reflects the consortium’s continued confidence in the long-term growth prospects of Saudi Arabia and the wider Gulf Cooperation Council countries, the company said in a statement.

It also reflects Investcorp’s strong investment pipeline, partnering with reputable consortium members and continued focus on developing high-quality businesses in sectors critical to the region’s economic growth and transformation.

According to Bloomberg, Investcorp manages approximately $62 billion in total assets, including those overseen by third-party managers.

The investment firm’s Pre-IPO Growth Fund has a total target size of $500 million.

Founded in Saudi Arabia in 1986, REDA Gulf Holding has established itself as a market leader in fire protection, safety and security solutions, serving a diversified base of blue-chip customers across multiple sectors, including highly demanding industrial environments.

The company provides end-to-end solutions spanning product supply and distribution, local assembly and manufacturing, systems installation and ongoing maintenance services.

RGH employs more than 1,700 skilled engineers and technicians and today operates across 19 countries.

“The company has built an exceptional reputation over nearly four decades as a trusted leader in fire, safety, security and hazard-control solutions,” said AbdulMohsen AlTouq, Chairman of REDA Gulf Holding.

“We are impressed by REDA Gulf Holding’s strong market position, talented workforce, deep customer relationships and proven management team,” he noted, adding that this investment aligns with the company’s strategy of partnering with high-quality businesses.

“We are pleased to have brought together a strong consortium and look forward to working alongside our exceptional partners and the management team to accelerate the Company’s next phase of growth,” AlTouq said.

Walid Majdalani, Head of Investcorp Private Equity Emerging Markets at Investcorp, said: “We are delighted to be part of this consortium and to support a Company that has consistently demonstrated operational excellence and a strong commitment to its customers and suppliers.”

According to Majdalani, this investment reflects the strategy of “our Saudi Pre-IPO Growth Fund: identifying leading businesses with strong fundamentals and partnering with management teams and like-minded prominent shareholders to accelerate growth and strengthen institutional capabilities.”

He said Investcorp looks forward to supporting REDA Gulf Holding as it builds on its strong market position and captures the opportunities ahead.

Mohamad Ezzat Beck, Chief Executive Officer of REDA Gulf Holding, said: “This investment is a strong recognition of what our team has built over the years and reflects the confidence of our new shareholders in REDA Gulf Holding, its people, and its future.”

Hisham Attar, Founder and Managing Partner of Thara Future Investments, said, “We look forward to working with the management team to deepen localization, expand into new markets and build a Saudi national champion.”