Siemens Energy Saudi Arabia Managing Director Urges Increased Investment in Arab Power Networks

Mahmoud Sulaimani, Managing Director of Siemens Energy Saudi Arabia (Asharq Al-Awsat)
Mahmoud Sulaimani, Managing Director of Siemens Energy Saudi Arabia (Asharq Al-Awsat)
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Siemens Energy Saudi Arabia Managing Director Urges Increased Investment in Arab Power Networks

Mahmoud Sulaimani, Managing Director of Siemens Energy Saudi Arabia (Asharq Al-Awsat)
Mahmoud Sulaimani, Managing Director of Siemens Energy Saudi Arabia (Asharq Al-Awsat)

Mahmoud Sulaimani, Managing Director of Siemens Energy Saudi Arabia, is urging Arab countries to boost investments in power plants to better handle future challenges.
Speaking to Asharq Al-Awsat, Sulaimani addressed worries about increased load shedding during this summer and its economic effects.
“We need to invest more to ensure our networks can efficiently and reliably deliver electricity now and in the future,” he said.
Many Arab nations are struggling with frequent power outages due to high summer demand. Countries like Kuwait, Egypt, Iraq, Yemen, Sudan, Lebanon, and Syria are facing serious crises. Recently, Egypt improved its situation by securing fuel for its power stations.
Sulaimani stressed the need for strategic partnerships among Arab nations.
“These partnerships are essential for better resource management and finding joint solutions. We need reforms, investment in technology, and regional cooperation to tackle these challenges,” he explained.
In Yemen, outages can last up to 12 hours daily; Iraq sees up to 10 hours, while Sudan experiences between 10 to 14 hours. In Lebanon, outages range from 12 to 20 hours, and Syria faces 10 to 20 hours.
Kuwait experiences 2 to 3 hours, while Egypt had outages of up to 3 hours before resolving its issues.
Sulaimani emphasized the importance of updating infrastructure.
“Modern power plants are much more efficient, reducing fuel use and emissions while minimizing downtime. Embracing smart technologies allows energy systems to work better together, improving efficiency and stability,” he noted.
Sulaimani warns that as Arab countries expand their energy systems to include wind, solar, hydroelectric, and nuclear sources, they will face new challenges.
Many Arab nations have ambitious plans for secure energy supplies, but short-term issues—like securing fuel for power stations and updating old infrastructure—can hinder progress.
Despite these challenges, the long-term strategy for many countries focuses on boosting renewable energy production in their overall energy mix.



Gold Prices Retreat from Record High as Investors Cash In

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 Prices Retreat from Record High as Investors Cash In

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 pulled back from a record high on Thursday as investors booked profits following a rally driven by concerns around US President Donald Trump's latest wave of tariff policies.

Spot gold was down 0.3% at $3,331.73 an ounce, as of 1120 GMT, after touching a record $3,357.40 earlier in the session. Bullion has gained nearly 3% this week.

US gold futures were steady at $3,346.30.

"Likely the reversal off fresh all-time highs can be attributed to some profit-taking on the highs. A slightly firmer tone to an otherwise weak US dollar likely took the edge off gold," said Ross Norman, an independent analyst, Reuters reported.

"Price dips are well bought into, suggesting underlying sentiment is very positive."

The dollar index recovered from near a three-year low on Thursday, making gold more expensive for holders of other currencies.

Gold rose 3.6% on Wednesday, driven by Trump's order to open a probe into potential tariffs on all critical mineral imports, in addition to reviews into pharmaceutical and chip imports.

Meanwhile, US Federal Reserve Chair Jerome Powell said on Wednesday the Fed would wait for more data before changing interest rates, while also cautioning that Trump's tariff policies risked pushing inflation further from the central bank's goals.

Gold, traditionally viewed as a hedge against inflation, also tends to thrive in a low-interest rate environment.

"The market's interpretation seems to be that gold would benefit either way," said Carsten Menke, an analyst at Julius Baer.

Demand for physical gold was tepid in India this week as a blistering price rally curbed purchases, while premiums held firm in top consumer China.

"Reduced participation in the rally by traditional gold buyers might signal the move is nearer the end than the beginning. But it’s hard to see a scenario where gold would correct lower just now, other than being technically overbought and overextended," Norman said.

Spot silver dropped 1.1% to $32.39 an ounce, platinum shed 1.4% to $954.12, and palladium fell 2.5% to $949.26.