Saudi Arabia to Invest $180 bl to Develop Green Economy

Saudi Minister of Economy and Planning Faisal Al-Ibrahim during the High-Level Political Forum for Sustainable Development 2024 in New York (AAWSAT)
Saudi Minister of Economy and Planning Faisal Al-Ibrahim during the High-Level Political Forum for Sustainable Development 2024 in New York (AAWSAT)
TT

Saudi Arabia to Invest $180 bl to Develop Green Economy

Saudi Minister of Economy and Planning Faisal Al-Ibrahim during the High-Level Political Forum for Sustainable Development 2024 in New York (AAWSAT)
Saudi Minister of Economy and Planning Faisal Al-Ibrahim during the High-Level Political Forum for Sustainable Development 2024 in New York (AAWSAT)

Saudi Minister of Economy and Planning Faisal Al-Ibrahim said that Saudi Arabia plays a pivotal role in achieving global climate-related goals, with more than 80 initiatives and investments exceeding $180 billion to develop the country's green economy, in addition to establishing its position as a leader in renewable energy.

In a speech he delivered during the High-Level Political Forum for Sustainable Development 2024 in New York, Al-Ibrahim stressed that Saudi Arabia is working to enhance sustainability locally, and is following an approach that includes all aspects of the economy and focuses on people to achieve the latent potential, in line with the goals of the Kingdom's Vision 2030.

“In Saudi Arabia, we realize that sustainable progress depends on creating and exploiting opportunities to improve the general standard of living and enhance the quality of life.”

Al-Ibrahim stressed the importance of developing a system for prioritization that enables countries to focus on the most effective policies and optimal solutions that achieve the maximum impact for the largest number of people within the shortest possible time to accelerate the pace of progress.

The Saudi delegation is participating in the 2024 High-Level Political Forum, which is being held at the United Nations headquarters in New York from July 8 to 18, under the slogan “Promoting the 2030 Agenda concerned with sustainable development and eliminating poverty in light of multiple crises.”



Gold Falls to One-week Low as Dollar Firms after Tariff Deadline Extension

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
TT

Gold Falls to One-week Low as Dollar Firms after Tariff Deadline Extension

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 retreated to a one-week low on Monday as the dollar firmed and traders digested US President Donald Trump's extension of his July 9 tariff deadline to August 1 and assertion that the US is close to several trade deals.

Spot gold was down 0.8% at $3,307.87 an ounce at 1302 GMT after hitting its lowest since June 30 at $3,296.09. US gold futures lost 0.7% to $3,318.

The stronger dollar, up 0.2% against a basket of other major currencies, makes dollar-priced gold more expensive for buyers with other currencies, Reuters reported.

"The market volumes remain quiet at this moment, and price action is probably still just reflecting the latest piece of economic data, but also starting to look forward to the potential for trade deals to be announced," said Daniel Ghali, commodity strategist at TD Securities.

Last week's stronger than expected US payroll data cemented expectations that the Federal Reserve is unlikely to cut interest rates as early as previously expected.

Minutes of the Fed's latest policy meeting and speeches by several Fed officials are due this week for further insights into the central bank's policy path.

Elsewhere, China's central bank added gold to its reserves in June for an eighth consecutive month, official data from the People's Bank of China (PBOC) showed on Monday.

"The PBoC in particular has been diversifying foreign exchange reserves substantially and an uptick in uncertainty and geopolitical risk may speed up the process," said Zain Vawda, analyst at MarketPulse by OANDA.

In other precious metals, spot silver fell 1.6% to $36.32 an ounce, platinum shed 2.9% to $1,350.97 and palladium lost 3% to $1,100.65.