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Acwa Power Targets Developing Projects in 15 Countries

ACWA Power is eager to expand in more countries.
ACWA Power is eager to expand in more countries.
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Acwa Power Targets Developing Projects in 15 Countries

ACWA Power is eager to expand in more countries.
ACWA Power is eager to expand in more countries.

ACWA Power Chairman Mohammad Abunayyan said that his company is looking forward to operating in 15 countries through energy projects.

The company currently operates in 11 countries through a combination of various energy projects.

Abunayyan said that his company is keen on the implementation of the Kingdom’s Vision 2030 and is eager to expand its operations all over the world.

The company’s strategy includes launching operations in 30 countries by 2030.

Moreover, ACWA Power is preparing to present plans for water desalination projects, which were recently announced in Saudi Arabia.

Abunayyan told Asharq Al-Awsat that the Kingdom has a strong and ambitious program to desalinate water, revealing the ACWA Power will present its first project proposal next week.

“We are very optimistic over the desalination and renewable energy projects in Saudi Arabia,” he stressed.

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Gold Heads for Weekly Fall as Fewer Fed Rate Cut Prospects Weigh

Jewelry is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewelry is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
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Gold Heads for Weekly Fall as Fewer Fed Rate Cut Prospects Weigh

Jewelry is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo
Jewelry is displayed at the Gold Souk market in Dubai, United Arab Emirates, March 14, 2025. REUTERS/Amr Alfiky/File Photo

Gold prices fell on Friday and were on track for a weekly decline, as an overall stronger dollar and the prospect of fewer US interest rate cuts offset support from rising geopolitical risks in the Middle East.

Spot gold slipped 0.8% to $3,333.99 an ounce, as of 0604 GMT, and was down 2.5% for the week so far.

US gold futures shed 1.4% to $3,361.80.

Describing the situation in the Middle East as "fluid", Kelvin Wong, senior market analyst, Asia Pacific, at OANDA, said it is causing traders to avoid taking aggressive positions both on the long and the short side of the trade spectrum, reported Reuters.

US President Donald Trump will decide in the next two weeks whether the US will get involved in the Israel-Iran air war, the White House said on Thursday, raising pressure on Tehran to come to the negotiating table.

Meanwhile, Trump reiterated his calls for the US Federal Reserve to cut interest rates, saying it should be 2.5 percentage points lower.

The Fed held rates steady on Wednesday, and policymakers retained projections for two quarter-point rate cuts this year.

"Macroeconomic developments, particularly steady yields and renewed USD strength, have not supported the (gold) price," analysts at ANZ said in a note.

"Rising inflation expectations and the Fed's cautious stance have weighed on market expectations around the number of rate cuts this year."

The dollar was set to log its biggest weekly rise in over a month on Friday. A stronger greenback makes gold more expensive for other currency holders.

Elsewhere, spot silver slipped 2.1% to $35.61 per ounce, while palladium fell 0.8% to $1,042.04. Platinum fell 1.9% to $1,282.72, but was heading for its third straight weekly rise.