5 Saudi Cities Replace 200,000 Streetlamps

A night view of Riyadh, Saudi Arabia. (AP)
A night view of Riyadh, Saudi Arabia. (AP)
TT

5 Saudi Cities Replace 200,000 Streetlamps

A night view of Riyadh, Saudi Arabia. (AP)
A night view of Riyadh, Saudi Arabia. (AP)

Five Saudi cities have started replacing 200,000 streetlamps aiming at reducing energy consumption by 77 percent.

The National Energy Services Company (Tarshid) has kicked off the second phase of the streetlights renovation program in Saudi cities, including Dammam, Khobar, Dhahran, Al Ahsa and Sakakah.

Tarshid said in a statement Monday that the expected energy saving in the first phase of the project in those cities is 70 to 77 percent of electricity consumption, amounting to 314,052,541 kWh. This will be achieved by installing around 216,700 LED lamps, considered more rationalizing than traditional lamps. LED lamps save around 241,257,257 kWh/y with a better efficiency.

According to the contract signed by Tarshid and the managements of those regions, 70,000 LED lamps will be installed in Dammam, 42,000 in Khobar and Dhahran, 74,000 in Al Ahsa, and 31,000 Sakakah, as part of the streetlights renovation program that debuted in Riyadh.

The company seeks to renovate over two million lamps in the streets in the coming period, by installing rationalizing lamps based on technical studies and global standards adopted in the energy efficiency field.

Tarshid said these projects come as part of Saudi Arabia's plan to reduce electricity consumption by raising energy efficiency in the public sector. The total energy consumption in the public sector is 38.5 GWh, up to 13 percent of the overall consumption in the Kingdom.

As per the coming projects, Tarshid revealed that preparations are ongoing to launch the third phase of the lamps replacement project in more cities, including Jeddah, Al-Qassim, Riyadh, and some provinces in Al-Jawf region in February.

The total renovated lamps in Saudi Arabia are set to reach 500,000 after the completion of these projects.



Gold Hits Fresh High In Record-Setting Rally Amid Global Uncertainties

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Gold Hits Fresh High In Record-Setting Rally Amid Global Uncertainties

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold rose to a fresh high on Monday, extending its blazing rally amid uncertainties surrounding the US election, simmering Middle East tensions and rate cuts by major central banks, while silver scaled a near 12-year peak.
Spot gold was up 0.3% at $2,727.95 per ounce, as of 0517 GMT, after hitting an all-time high of $2,732.73 earlier. US gold futures were 0.5% higher at $2,743.00.
Helped by bullion's rally, spot silver rose 0.9% to $33.95 per ounce, its highest since late 2012.
"The current market environment consists of interest rates moving south combined with heightened geopolitical risks - a scenario which suits gold on both fronts," said Tim Waterer, chief market analyst at KCM Trade.
Investors also digested news that China cut its benchmark lending rates following reductions to other policy rates last month as part of a package of stimulus measures to revive the economy, Reuters said.
Gold demand in top consumer China has taken a hit amid high prices and an economic slowdown.
Elsewhere, traders are pricing in a 99% chance of a US Federal Reserve interest rate cut in November. The European Central Bank cut interest rates by a quarter point last week.
Lower interest rates enhance gold's allure, as bullion yields no interest. Gold is also considered a safe investment during times of economic and political turmoil.
The 2024 US presidential race between former President Donald Trump and Vice President Kamala Harris is neck and neck in the seven battleground states that will decide the Nov. 5 election.
In the Middle East, hundreds of Beirut residents fled their homes late Sunday, with multiple explosions heard, as Israel prepared to attack sites linked to the financial operations of the Hezbollah group.
For gold, "$2,800 looks to be a viable year-end target... There will be temptation to lock in some profits, which could slow the immediate upside," Waterer said.
Platinum rose 0.4% to $1,017.84 per ounce, its highest since mid-July. Palladium gained 0.5% to $1,084.97.