Saudi Arabia Recycles 100,000 Electronic Devices to Limit Environmental Impact

The Saudi capital, Riyadh. (Asharq Al-Awsat)
The Saudi capital, Riyadh. (Asharq Al-Awsat)
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Saudi Arabia Recycles 100,000 Electronic Devices to Limit Environmental Impact

The Saudi capital, Riyadh. (Asharq Al-Awsat)
The Saudi capital, Riyadh. (Asharq Al-Awsat)

Saudi Arabia was able to recycle more than 100,000 electronic devices to reduce their environmental damage as part of an effort to build a sustainable digital future that supports the efficient use of resources.

A recent report by the Communications, Space and Technology Commission, a copy of which was reviewed by Asharq Al-Awsat, showed the Kingdom’s efforts in harnessing modern technologies and creating innovative business models that contribute to building a sustainable future.

These efforts are in line with Saudi Arabia’s digital sustainability strategy, which seeks to promote circular digital economy initiatives and develop regulations to reduce electronic waste in three countries.

At the 28th Conference of the Parties, the International Telecommunication Union and more than 40 partners, including governments, companies and United Nations agencies, launched the Green Digital Action Initiative to promote digital initiatives.

The Saudi Communications Authority led the efforts in the digital economy, one of the initiative’s six tracks, which demonstrates the importance of cooperation between government and industry to fill the gaps in electronic waste management for the sake of a renewable economy.

The Authority launched a set of tools to develop digital sustainability strategies in cooperation with the Digital Cooperation Organization, which includes five detailed steps, starting with raising awareness, achieving best practices, developing the strategy, promoting coordination with relevant stakeholders and finally starting the implementation phase.

These tools demonstrate the Kingdom’s commitment to contributing to the green economy and exchanging experiences with the international community to ensure the adoption of best practices to reach sustainable societies.

The report also showed that $649 billion was earmarked to support the adoption of environmental, social and corporate governance practices in 2021, an increase of 227 percent from 2019.

Saudi Arabia’s continued investments in its digital infrastructure over the past years qualify the Kingdom to be a leader in digital sustainability commitments globally, the report underlined, adding that the Communications, Space and Technology Commission is prepared to become one of the most advanced fifth-generation digital regulatory bodies at the international level.



Safe-haven Gold Firms on US Recession Fears, Rate-cut Bets

Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk/File Photo
Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk/File Photo
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Safe-haven Gold Firms on US Recession Fears, Rate-cut Bets

Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk/File Photo
Marked ingots of 99.99 percent pure gold are placed in a cart at the Krastsvetmet non-ferrous metals plant in the Siberian city of Krasnoyarsk, Russia March 10, 2022. REUTERS/Alexander Manzyuk/File Photo

Gold prices drifted higher on Monday, aided by worries that the United States could be headed for a recession and rising bets that the Federal Reserve will likely need to start cutting interest rates aggressively.
Spot gold rose 0.14% to $2,446.83 per ounce, as of 0519 GMT, after falling 1% earlier in the session, Reuters said.
US gold futures rose 0.8% to $2,488.50.
"Gold is picking up safe-haven flows, with financial markets in a risk-averse mindset to start the week," said Tim Waterer, chief market analyst at KCM Trade.
"Markets are in a flux about the US economic outlook and whether rate cuts will arrive quickly enough from the Fed."
Share markets tumbled and bonds rallied in Asia as US recession fears sent investors rushing from risk assets.
Data on Friday showed that US job growth in July fell short of expectations, with the unemployment rate rising to 4.3%, pointing to possible weakness in the labor market and greater vulnerability to recession.
Traders are pricing a more than 70% chance of the US central bank lowering rates by 50 basis points in September, compared with an 11.5% chance a week earlier, according to the CME FedWatch tool.
Lower interest rates reduce the opportunity cost of holding a non-yielding bullion.
Meanwhile, on Friday, Richmond Fed President Thomas Barkin maintained a cautious outlook, stating he is not ready to adjust his monetary policy.
Investors will keep a tab on the final July S&P Global services and ISM on-manufacturing PMI due later in the day.
They also kept a close eye on the Middle East conflict, with the Pentagon announcing that the US military will deploy additional fighter jets and Navy warships to the Middle East to strengthen defense against threats from Iran and its allies, Hamas and Hezbollah.
Spot silver was down 0.4% at $28.43 per ounce, platinum fell 1.23% to $946.10 and palladium declined 0.9% to $882.09.