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Saudi G20 Presidency Welcomes Initiative for Health Tools to Combat COVID-19

Saudi G20 Presidency Welcomes Initiative for Health Tools to Combat COVID-19
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Saudi G20 Presidency Welcomes Initiative for Health Tools to Combat COVID-19

Saudi G20 Presidency Welcomes Initiative for Health Tools to Combat COVID-19

G20 nations on Sunday launched an international initiative to accelerate access to health tools needed to fight the coronavirus pandemic.

The finance minister of Saudi Arabia, the current G20 chair, said the group is still working to bridge an estimated $8 billion funding gap to combat the pandemic.

"The G20 will continue reinforcing global cooperation on all fronts, and most importantly, on closing the immediate health financing gap," Minister Mohammed al-Jadaan said in a statement launching the "Access to COVID-19 Tools (ACT) Accelerator" initiative.

He added that "the international community is still facing extraordinary uncertainty about the depth and duration of this health crisis.”

Jadaan emphasized joint action and cooperation to face this global challenge.

Saudi Arabia earlier this month pledged $500 million to support global efforts to combat the coronavirus pandemic.

In the statement released by the Saudi G20 secretariat, the Kingdom repeated its call on all countries, non-governmental organizations, philanthropists and the private sector to help close the financing gap.

Head of states and other key political leaders as well as principals of multilateral, global health and development institutions participated in Sunday’s launching event, the statement said.

Global community, health actors and leaders supporting this landmark collaboration will convene again in a pledging event in May, it added.

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Business

World Bank: 800 Million Jobs Needed to Absorb Young Workers Over the Next 15 Years

World Bank Group President Ajay Banga gestures during the Annual Meetings Plenary at the 2026 Annual Meetings of the IMF and the World Bank Group in Bangkok, Thailand, 16 October 2026. EPA/RUNGROJ YONGRIT
World Bank Group President Ajay Banga gestures during the Annual Meetings Plenary at the 2026 Annual Meetings of the IMF and the World Bank Group in Bangkok, Thailand, 16 October 2026. EPA/RUNGROJ YONGRIT
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World Bank: 800 Million Jobs Needed to Absorb Young Workers Over the Next 15 Years

World Bank Group President Ajay Banga gestures during the Annual Meetings Plenary at the 2026 Annual Meetings of the IMF and the World Bank Group in Bangkok, Thailand, 16 October 2026. EPA/RUNGROJ YONGRIT
World Bank Group President Ajay Banga gestures during the Annual Meetings Plenary at the 2026 Annual Meetings of the IMF and the World Bank Group in Bangkok, Thailand, 16 October 2026. EPA/RUNGROJ YONGRIT

World Bank Group President Ajay Banga has warned of mounting challenges in creating jobs worldwide, noting that around 1.2 billion young people will enter the labor market over the next 10 to 15 years, while the market is expected to generate only about 400 million jobs. This places job creation at the forefront of economic development priorities.

Speaking at the plenary session of the World Bank Group’s 2026 Annual Meetings in Bangkok on Friday, Banga said the institution faces two interconnected challenges: making the most of limited resources and helping countries create jobs at scale. Addressing both, he said, requires combining public financing, private investment, philanthropy and technology according to each country’s needs.

He added that ongoing conflicts, shrinking fiscal space, rising debt burdens and persistently high commodity costs, including energy and fertilizers, are making development and job creation more difficult.

He stressed that a job is more than a statistic: it represents dignity and the ability to build a future. He warned that failing to harness the potential of young people would have consequences extending beyond national borders.

Banga said the World Bank Group has made changes to the way it operates over the past three years to strengthen its capacity to finance development and accelerate project implementation. These changes include reducing project preparation time from 19 months to nine months, cutting performance assessment indicators from 153 to 22 with a greater focus on impact, and increasing results-based financing from around one-third to one-half.

The Group also restructured the International Bank for Reconstruction and Development’s balance sheet, unlocking more than $100 billion in additional lending capacity over a decade.

As part of efforts to strengthen the role of the private sector, Banga said the Group had mobilized around $112 billion in private capital last year, compared with approximately $35 billion in fiscal year 2022, an increase of nearly threefold. When financing provided by the Group itself is included, the total exceeded $230 billion.

He said private capital mobilization had nearly tripled in lower-middle-income countries and quadrupled in upper-middle-income countries, while more than doubling in Africa. However, he noted that attracting commercial financing to low-income countries remains difficult, with mobilized capital holding steady at around $3 billion.

He emphasized the importance of supporting micro, small and medium-sized enterprises as a key means of expanding economic activity and creating jobs.

Banga stressed that the World Bank Group’s jobs strategy rests on three main pillars: developing physical and human infrastructure, strengthening regulatory and policy certainty, and removing barriers to private investment, including foreign-exchange risks and difficulties in accessing finance.

He said the Group allocated $40 billion last year to infrastructure and essential services, while 30 percent of its public-sector financing supported policy and institutional reforms.

In key sectors, Banga said the Mission 300 initiative, in partnership with the African Development Bank, aims to provide electricity access to 300 million people in Africa by 2030, with 59 million people having benefited so far.

The Group and its partners also aim to improve water security for up to one billion people, with the World Bank Group committed to reaching 400 million people. In addition, it is supporting 200 million smallholder farmers as part of broader efforts to reach 300 million farmers by 2030.

He added that the Health Works initiative aims to provide high-quality, affordable healthcare services to 1.5 billion people by 2030 and has already reached around 600 million. The Group is also expanding investments in critical minerals and economic corridors, with the goal of developing local industries, improving the movement of goods to markets and creating jobs.

Banga said technology, particularly practical applications of artificial intelligence, can help farmers, teachers, healthcare workers and entrepreneurs improve productivity and expand access to markets, provided they have the necessary electricity, connectivity, devices and skills.

He concluded by stressing that the next phase requires scaling up project implementation and strengthening cooperation between multilateral development banks and investors. This would allow investments to be transferred to long-term financing institutions, freeing up capital to fund new projects.

Banga said the projected jobs gap is not inevitable, and that building a future capable of generating more employment opportunities will require a development model that brings together public financing, private capital, technology and international partnerships.

Business

Gold Ticks Up on Softer Dollar, but Heads for Weekly Fall

FILE PHOTO: Gold bangles are displayed inside a jewelry store in the old quarters of Delhi, India, May 11, 2026. REUTERS/Bhawika Chhabra/File Photo
FILE PHOTO: Gold bangles are displayed inside a jewelry store in the old quarters of Delhi, India, May 11, 2026. REUTERS/Bhawika Chhabra/File Photo
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Gold Ticks Up on Softer Dollar, but Heads for Weekly Fall

FILE PHOTO: Gold bangles are displayed inside a jewelry store in the old quarters of Delhi, India, May 11, 2026. REUTERS/Bhawika Chhabra/File Photo
FILE PHOTO: Gold bangles are displayed inside a jewelry store in the old quarters of Delhi, India, May 11, 2026. REUTERS/Bhawika Chhabra/File Photo

Gold edged higher on Friday as the dollar weakened, but the metal was still on track for a small weekly loss as investors weighed signals from the Federal Reserve on interest rates.

Spot gold rose 0.2% to $4,179.19 per ounce by 0633 GMT, but was down 0.4% so far in the week. US gold futures for ‌December delivery climbed ‌0.7% to $4,200.50.

"Gold has been trapped in a ‌range ⁠of $4,221, with the ⁠bottom of the range at $4,075 being met earlier this week," said Kelvin Wong, a senior market analyst at OANDA.

"Inflationary trends still remain hot as the core CPI data and core PPI data for September are hitting beyond expectations."

The US dollar headed for its first weekly fall in five weeks, making greenback-priced bullion more ⁠affordable for buyers overseas.

US producer prices increased by ‌the most in 4-1/2 years ‌last month amid rising costs for goods and services, in the latest sign ‌that inflationary pressures are broadening beyond energy-related products.

The data followed ‌Wednesday's consumer price report, which showed prices accelerated in September on a surge in gasoline costs.

Traders are pricing in a 13% probability of a rate hike later this month and 89% chance of an increase ‌in December, according to CME's FedWatch Tool.

Fed Chairman Kevin Warsh voiced optimism on Friday about ⁠US economic strength ⁠and surprise about how well global economies have been "hanging in there" amid recent geopolitical shocks, despite tighter monetary policy to fight inflation.

However, Chicago Fed President Austan Goolsbee said this week's stronger-than-expected inflation data had been "discouraging".

While gold is considered a hedge against inflation, higher interest rates reduce the appeal of the non-yielding asset.

Elsewhere, several large Indian mutual funds issued public notices late on Thursday suspending bulk subscriptions to gold exchange-traded funds.

Among other metals, spot silver rose 0.5% to $57.73 per ounce, platinum gained 0.3% to $1,630.56 and palladium was up 0.8% at $1,135.11. However, all three metals headed for weekly losses.

Business

ACWA to Asharq Al-Awsat: Energy Storage Key to Saudi Renewable Expansion

Sakaka Solar Photovoltaic Power Plant (ACWA). 
Sakaka Solar Photovoltaic Power Plant (ACWA). 
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ACWA to Asharq Al-Awsat: Energy Storage Key to Saudi Renewable Expansion

Sakaka Solar Photovoltaic Power Plant (ACWA). 
Sakaka Solar Photovoltaic Power Plant (ACWA). 

Saudi Arabia’s ACWA is expanding its renewable energy, electricity storage and water desalination projects as the rapid growth of artificial intelligence and data centers drives up power demand and increases the need for reliable, efficient and competitively priced electricity.

Omar al-Hassan, ACWA CEO in Saudi Arabia, told Asharq Al-Awsat that the accelerating expansion of AI and data centers was reshaping the energy sector’s requirements.

The challenge is no longer limited to generating more electricity, he explained, but also involves ensuring a continuous supply, operational efficiency and competitive costs.

ACWA is developing projects that combine renewable energy and storage with solutions to strengthen supply reliability, drawing on its experience in large-scale power and water projects.

The company’s total power generation capacity stands at 98.2 gigawatts, while its desalination portfolio has a capacity of 9.7 million cubic meters per day.

Al-Hassan also highlighted ACWA’s efforts to harness digital technologies and AI to improve the performance of its assets, going beyond meeting rising electricity demand to developing more efficient and reliable solutions.

Storage supports renewable energy expansion

As Saudi Arabia expands its solar and wind projects, electricity storage is becoming increasingly important, allowing power generated during periods of abundant supply to be stored for use when demand rises.

Al-Hassan expects storage to play a growing role in the Kingdom’s energy system alongside generation facilities and transmission networks.

In August 2026, ACWA signed three agreements with the Saudi Power Procurement Company, acting as the principal buyer, to develop battery energy storage projects in Haden, Muwayh and Al-Kahfah.

The projects have a combined power capacity of 1,500 megawatts and an energy storage capacity of 6,000 megawatt-hours, under agreements spanning 15 years.

Al-Hassan described the projects as evidence of opportunities in the Saudi market and the importance of storage in supporting renewable energy expansion.

He expects storage to become an increasingly significant factor in planning new projects, depending on grid needs, individual project requirements and economic feasibility.

Red Sea project demonstrates off-grid potential

ACWA’s Red Sea project, which combines solar generation and battery storage, has demonstrated the feasibility of operating an integrated utilities system powered by renewable energy and storage without connecting to the national electricity grid.

The project began commercial operations in September 2026 and includes a 340-megawatt solar power plant and a battery storage system with a capacity of 1,227 megawatt-hours.

According to al-Hassan, the project underscores the importance of integrated planning from the outset, with generation and storage capacities designed to meet actual demand and ensure uninterrupted supplies.

He emphasized that the success of renewable energy projects depends not only on generation capacity but also on the integration of system components and operational efficiency, while accounting for differences in site requirements, costs and operating conditions.

Partnerships to advance desalination

In the water sector, ACWA sees opportunities to advance desalination through greater use of renewable energy and more efficient technologies, helping reduce energy consumption and production costs while meeting growing demand.

With a desalination portfolio capable of producing 9.7 million cubic meters of water per day, the company is focusing on improving plant efficiency, developing desalination technologies and reducing reliance on conventional energy sources wherever technically and economically feasible.

In August 2026, ACWA signed a memorandum of understanding with Veolia to cooperate on improving desalination plant designs, equipment and operational performance.

It also signed a joint development agreement with Indonesia’s PT Garam to establish a project combining seawater desalination with industrial salt production.

The project would use shared infrastructure to meet water needs and support industrial activities.

Al-Hassan identified further growth opportunities in increasing water production, improving the efficiency of existing plants, developing new technologies and expanding partnerships to provide reliable water supplies at competitive costs.