Saudi Project to Prepare Executive Guidelines to Rationalize Sustainable Energy

Saudi Shura Council
Saudi Shura Council
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Saudi Project to Prepare Executive Guidelines to Rationalize Sustainable Energy

Saudi Shura Council
Saudi Shura Council

Saudi Arabia is currently working on enhancing energy efficiency through a huge project to prepare executive guidelines to implement the directives and principles of rationalizing sustainable energy.

This step aims at bolstering the Kingdom’s strategic approach to control energy use and ensure its sustainability in accordance with its Vision 2030.

The Saudi Shura Council has reviewed with officials of the Saudi Energy Efficiency Center the developments of the project in cooperation with specialists from the Ministry of Municipal and Rural Affairs.

The Council’s Economic and Energy Committee held a meeting on Friday to review the annual report of the Saudi Energy Efficiency Center.

The videoconference was chaired by Dr. Faisal al-Fadel and attended by the Center’s President, Nasser al-Ghamdi, and a number of officials.

They discussed the executive and administrative obstacles and challenges facing the Center and the most prominent solutions to overcome the difficulties in order to improve its achievements.

Discussions stressed on means to localize technologies and use digital technology to boost energy efficiency in the Kingdom.

They highlighted the role of digital technology in modernizing energy efficiency and increasing its value, in addition to removing regulatory barriers to innovation and improving access to energy-related data, while ensuring equitable access to digital technology and infrastructure.

The Committee is one of the Shura Council’s several specialized committees with a focus on energy consumption, rationalization of power, and innovation in the sector.

Separately, the Saudi Ministry of Commerce and Investment revealed on Saturday that it has licensed 3.4 thousand shops and stores to announce discounts for commercial establishments and e-stores on the occasion of the Kingdom's National Day during the period from Sep.22 till 24.

These included more than 1.7 million food and consumer products displayed at commercial and e-sales outlets in the Kingdom’s various regions.

Electrical and electronic devices, clothes, and other commodities and other products topped the list of the most discounted commodities.

According to a statement on Saturday, the Ministry’s monitoring teams launched 497 commercial reports about discount violations received by the Consumer Reports Center.

Regulatory measures were taken in accordance with the Anti-Commercial Fraud Law, the statement affirmed.



Gold Gains on Safe-haven Demand as Trump Expands Trade War

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Gains on Safe-haven Demand as Trump Expands Trade War

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices rose for a third straight session on Friday, as US President Donald Trump's announcement of new tariffs on Canada and broader tariff threats against other trading partners lifted demand for the safe-haven asset.
Spot gold was up 0.5% to $3,339.99 per ounce, as of 0755 GMT. US gold futures gained 0.8% to $3,351.
"We're seeing some growing demand for gold as a haven. There are investors looking for some safety asset despite stock markets hitting highs. And any dip in gold is seen as a buying opportunity now," said Carlo Alberto De Casa, an external analyst at Swissquote.
On Thursday, Trump said US would impose a 35% tariff on imports from Canada and planned to impose blanket duties of 15% or 20% on most other trade partners, Reuters said.
This follows Wednesday's announcement of a 50% tariff on US copper imports and a similar levy on goods from Brazil, along with tariff notifications sent earlier to other trading partners.
Trump also said the European Union could receive a letter on tariff rates by Friday, throwing into question the progress of trade talks between Washington and the 27-nation bloc.
"Rising trade tensions have reinvigorated demand for haven assets such as gold amid the prospect of an economic slowdown. The more dovish Fed is also boosting investor appetite," analysts at ANZ wrote in a note.
Data on Thursday showed weekly jobless claims in the US fell unexpectedly to a seven-week low, indicating stable employment levels.
Federal Reserve Governor Christopher Waller on Thursday reiterated his belief the central bank could cut interest rates at its policy meeting later this month.
Meanwhile, Fed Bank of San Francisco President Mary Daly said two rate cuts remain on the table for this year.
Lower rates boost non-yielding gold's appeal.
Elsewhere, spot silver rose 0.9% to $37.37 per ounce, platinum fell 1% to $1,346.81 and palladium climbed 1.3% to $1,156.44.