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)
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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 Hits Record High on US Rate Cut Bets

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
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Gold Hits Record High on US Rate Cut Bets

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)

Gold prices scaled an all-time high on Wednesday, with recent comments from Federal Reserve officials boosting bets of a US interest rate cut in September.

Spot gold was up 0.1% at $2,470.89 per ounce, as of 0046 GMT, after hitting a record peak of $2,473.18 earlier in the session. US gold futures rose 0.3% to $2,473.70.

Markets are fully pricing in a rate cut of at least 25 basis points by the Fed at its September meeting, according to CME's FedWatch Tool, Reuters reported.

Fed Chair Jerome Powell said on Monday recent inflation readings "add somewhat to confidence" that the pace of price increases is returning to the Fed's target in a sustainable fashion, remarks that suggest a turn to rate cuts may not be far off.

The International Monetary Fund said on Tuesday that the global economy is set for modest growth over the next two years amid cooling activity in the United States, a bottoming-out in Europe and stronger consumption and exports for China, but risks to the path abound.