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Saudi-British Forum on Renewable Energy, Water Desalination

Nasser al-Mutawa, the co-chairman of the Saudi British Joint Business Council
Nasser al-Mutawa, the co-chairman of the Saudi British Joint Business Council
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Saudi-British Forum on Renewable Energy, Water Desalination

Nasser al-Mutawa, the co-chairman of the Saudi British Joint Business Council
Nasser al-Mutawa, the co-chairman of the Saudi British Joint Business Council

The Saudi-British Forum on renewable energy technology and water desalination will be hold Wednesday in Riyadh to discuss possible means of diversification and sustainability in the energy sector.

Nasser al-Mutawa, the co-chairman of the Saudi British Joint Business Council, said that the coming years will witness a joint Saudi British activity through unveiling joint investments worth UAD100 billion in 10 years based on a prior agreement.

In this regard, Mutawa revealed that Saudi Arabia and the UK agreed during the visit of Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, to the UK in March on launching mutual investments.

The forum is held in participation of the Council of Saudi Chambers, the Ministry of Energy, Industry and Mineral Resources, the General Investment Authority, the Renewable Energy Project Development Office (REPDO), SABIC, Electricity & Cogeneration Regulatory Authority (ECRA), ACWA Power and a number of a private sector companies, Mutawa added.

Around 20 companies specialized in renewable energy, water desalination, solar energy solutions, wind, and legal and consulting services will participate from the British side.

By 2030, the kingdom aims to produce 60 gigawatts of renewable energy, in which 40 gigawatt is solar energy and 20 gigawatts is wind energy in addition to other sources, he said. Mutawa continued that the kingdom is keen to establish a sustainable energy sector that includes industries, services, localizing techniques and qualifying human cadres.

He added that King Abdullah City for Atomic and Renewable Energy, the Ministry of Energy, Industry and Mineral Resources and REPDO are working on reaching these targets.

Mutawa noted that the forum is also intended to foster SMEs in both countries to work side by side with potential investors to help renewable energy and technology sectors in achieving sustainability.

Currently, there are 6,000 British firms working with Saudi Arabia and 200 joint firms worth GBP11.5 billion amid expectations that 2019 will see an increase in joint investments and trade exchange.

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Euro Zone Business Growth Slowed Sharply in June

A worker at German manufacturer of silos and liquid tankers, Feldbinder Special Vehicles, welds aluminium at the company's plant in Winsen, Germany, July 10, 2018. REUTERS/Fabian Bimmer/ File Photo Purchase Licensing Rights
A worker at German manufacturer of silos and liquid tankers, Feldbinder Special Vehicles, welds aluminium at the company's plant in Winsen, Germany, July 10, 2018. REUTERS/Fabian Bimmer/ File Photo Purchase Licensing Rights
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Euro Zone Business Growth Slowed Sharply in June

A worker at German manufacturer of silos and liquid tankers, Feldbinder Special Vehicles, welds aluminium at the company's plant in Winsen, Germany, July 10, 2018. REUTERS/Fabian Bimmer/ File Photo Purchase Licensing Rights
A worker at German manufacturer of silos and liquid tankers, Feldbinder Special Vehicles, welds aluminium at the company's plant in Winsen, Germany, July 10, 2018. REUTERS/Fabian Bimmer/ File Photo Purchase Licensing Rights

 

Overall business growth across the euro zone slowed sharply last month as a solid expansion in the bloc's dominant services industry failed to offset a further deterioration in manufacturing, a survey showed on Wednesday, Reuters reported.

HCOB's composite Purchasing Managers' Index for the currency union, compiled by S&P Global and seen as a good gauge of overall economic health, dropped to 50.9 in June from May's 12-month high of 52.2.

It was just above a preliminary 50.8 estimate and the fourth consecutive month above the 50 mark separating growth from contraction.

"Growth in the euro zone can be attributed fully to the service sector. While the manufacturing sector weakened considerably in June, activity growth in the services sector continued to be nearly as robust as the month before," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.

The services PMI dipped to 52.8 last month from 53.2 but was ahead of the 52.6 flash estimate.

Manufacturing activity across the bloc took a turn for the worse last month as demand fell at a much faster pace despite factories cutting their prices, a sister survey showed on Monday.

Falling demand for manufactured goods, alongside slower growth for services, meant the composite new business index slumped below breakeven for the first time since February, registering 49.4 compared to May's 51.6. The flash reading was 49.2.

That was despite the European Central Bank delivering a widely predicted cut to interest rates last month. It is expected to cut again in September and December, according to a Reuters poll.

Strong wage data and still sticky price pressures have increased uncertainties around the rationale for more cuts but both input and output cost pressures eased, according to the PMI.

Charges levied by services firms rose at the slowest pace in over three years. The output prices index fell to 53.5 from 54.2.

"The ECB ... is getting some support for this decision from the HCOB Services PMI price indices," de la Rubia added.

"Looking forward, the ECB will remain cautious, as the price increases are still way above pre-pandemic averages and still unusually high given the fragile state of the economy."