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Chinese Company Signs Deal for Energy Storage Project in Saudi Arabia

Photo of a project implemented by Sungrow Power Supply. Photo: company website
Photo of a project implemented by Sungrow Power Supply. Photo: company website
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Chinese Company Signs Deal for Energy Storage Project in Saudi Arabia

Photo of a project implemented by Sungrow Power Supply. Photo: company website
Photo of a project implemented by Sungrow Power Supply. Photo: company website

China's photovoltaic inverter manufacturer Sungrow Power Supply said on Tuesday it has signed an agreement with Saudi Arabia's Algihaz Holding for an energy storage project with a capacity of up to 7.8GWh.
The project, expected to be delivered this year, will improve the stability and reliability of Saudi Arabia's power grid and help realize Saudi Vision 2030, the company said in a statement.

Founded in 1975, Algihaz Holding is an investment holding company with a track record of success in construction, energy, industrial solutions and investment.

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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)
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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.