عربي English Türkçe اردو فارسى
Logo
Latest News
Business

ACWA Power to Emphasize Role as Global Accelerator of Energy Transformation at WETEX

ACWA Power to Emphasize Role as Global Accelerator of Energy Transformation at WETEX
TT
TT

ACWA Power to Emphasize Role as Global Accelerator of Energy Transformation at WETEX

ACWA Power to Emphasize Role as Global Accelerator of Energy Transformation at WETEX

ACWA Power, a leading Saudi developer, investor and operator of power generation and desalinated water plants worldwide, will showcase its portfolio of leading renewable energy and water desalination projects at the at 22nd Water, Energy, Technology and Environment exhibition (WETEX) as a Titanium Sponsor.

Unlike any of its former editions, WETEX 2020 is launching virtually and will be the first ever carbon-neutral, 3D exhibition in the Middle East and North Africa on Water, Energy, Sustainability and Innovation.

ACWA Power will be exhibiting its record-breaking projects that played an instrumental role in lowering renewable energy tariff levels and opened new opportunities in energy efficiency and water production through a virtual 3D interactive stand.

The milestone projects will include Shuaa Energy, (MBR Solar Park Phase II); Noor Energy 1 (MBR Solar Park Phase IV); ACWA Power’s newest win – Shuaa Energy 3 (MBR Solar Park Phase V); Umm Al Quwain IWP; and Taweelah IWP, the largest desalination project in the world.

“This year, WETEX is going to be more critical than ever as a result of the increasing economic implications incited by the COVID-19 pandemic. Prioritising innovation today is key to unlocking postcrisis growth – and WETEX is the ideal platform that gathers like-minded stakeholders, governments and companies who are eager to explore and reciprocate insights and visions on forward-looking smart technologies and electrification solutions for a collective prosperous future,” ACWA Power Chairman Mohammad Abunayyan said.

ACWA Power is partaking in three leading seminars during WETEX this year. Paddy Padmanathan, President and CEO of ACWA Power, is joining the CEO Roundtable alongside CEO of Engie KSA, Turki Alshehri and CEO of Sterling & Wilson, Bikesh Ogra, to discuss the challenges posed by the pandemic and how to prepare for a post COVID-19 world.

Abla Addas, Business Development Manager at ACWA Power, will run a seminar on the challenges and opportunities of “Energy Efficiency, Sustainability and Conservation” following the immense impact of the lockdown period on the environment. Dr. Andrea Lovato, Vice President & Head of Renewables Development at ACWA Power, will lead a robust session on the potential of green hydrogen as a cleaner alternative to fossil fuels.

Most Viewed

 
 
Business

US Election Weighs on Markets

US Dollar banknotes are seen in this illustration picture taken June 14, 2022. (Reuters)
US Dollar banknotes are seen in this illustration picture taken June 14, 2022. (Reuters)
TT
TT

US Election Weighs on Markets

US Dollar banknotes are seen in this illustration picture taken June 14, 2022. (Reuters)
US Dollar banknotes are seen in this illustration picture taken June 14, 2022. (Reuters)

The dollar softened and stocks fell on Monday as investors treaded carefully hours before the US presidential election, with a US Federal Reserve interest-rate cut also expected later in the week.

In the US presidential race, Democratic Kamala Harris and Republican Donald Trump remain virtually tied in opinion polls ahead of Tuesday's vote. It might not be clear who won for days after voting ends.

“Tuesday will shape the direction of the world economy and geopolitics for the next four years,” Deutsche Bank analysts wrote.

They cautioned that “there remains a large degree of uncertainty around both the result, including the very tight House (of Representatives) race, and when we will know it.”

Trump's policies on immigration, tax cuts and tariffs may put upward pressure on inflation, bond yields and the dollar, analysts say, while Harris is seen as the continuity candidate.

Uncertainty over the outcome is one reason markets assume the Federal Reserve will choose to cut rates by a standard 25 basis points on Thursday, rather than repeat its outsized half-point easing.

The Bank of England also meets Thursday and is expected to cut by 25 basis points, while the Riksbank is seen easing by 50 basis points and the Norges Bank is expected to stay on hold.

The Reserve Bank of Australia holds its meeting on Tuesday and again is expected to hold rates steady.

“Based on current data, we see no reason for (the Federal Open Market Committee) to rush through rate cuts,” said analysts at ANZ. “The election and uncertainty over the future fiscal path also support arguments for caution in recalibrating monetary policy.”

The euro extended an early climb to be up 0.5% at $1.0891 and looked set to test resistance around $1.0905. The dollar fell 0.6% on the yen to 152.60. The dollar index eased 0.1% to 103.80.

Dealers said the dip in the dollar might be linked to a poll that showed Harris taking a surprise 3-point lead in Iowa, thanks largely to her popularity with female voters.

“Markets are seemingly scaling back some Trump trades, and we suspect the next two days can see some abnormal swings in USD crosses due to tighter volatility conditions ahead of a closely contested and highly binary US election,” ING FX strategist Francesco Pesole said.

European stocks were flat, while oil prices climbed nearly 3% on Monday on OPEC+'s decision for a month's delay in plans to increase output, while investors also focused on the US presidential election.

British stocks outperformed continental indexes to add 0.5%, helped by the energy sector.

Earlier, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.7%, recovering from its fall to a five-week low on Friday.

Chinese blue-chip stocks gained 1.4%, with the Shanghai Composite Index up 1.2%.

Wall Street also notched slim gains ahead of Tuesday's US election. Futures had the S&P 500 up 0.2% ahead of Monday’s opening bell, while the Nasdaq and Dow Jones were seen 0.1% higher respectively.

Bonds have rallied on Monday as a result of the latest swing in the polls, with yields on 10-year US treasuries down 10 basis points at 4.28%.