Saudi Arabia Inaugurates 1st Desalination Plant Using Solar, Wind Energy

A view of the construction at the project. (Asharq Al-Awsat)
A view of the construction at the project. (Asharq Al-Awsat)
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Saudi Arabia Inaugurates 1st Desalination Plant Using Solar, Wind Energy

A view of the construction at the project. (Asharq Al-Awsat)
A view of the construction at the project. (Asharq Al-Awsat)

The Red Sea Development Co. (TRSDC) inaugurated the first desalination plant using solar and wind energy in Saudi Arabia, as part of efforts to preserve the environment by limiting carbon emissions.

Chief of staff at TRSDC Ahmed Ghazi Darwish said that the project was launched in collaboration with Source Global, PBC, which specializes in renewable drinking water.

“It keeps pace with the multi-product tourism sector in Saudi Arabia and will meet the tourists’ demands for a distinctive Red Sea destination through various means.”

The solar-powered desalination plant will be the world’s largest, with a production capacity of 2 million 330 milliliter water bottles per year, he said.

The production of 300,000 bottles per year will begin in the coming years, Darwish added, noting that reusable bottles will be used to help achieve carbon neutrality.

During the first phase of the plant’s construction, experts selected an ideal plot of land and placed 100 hydrogen panels after conducting a virtual survey according to the plant’s specifications and requirements.

A total of 1,200 hydrogen panels will also be added during the second and third phases, and the plant will be provided with necessary components and reusable bottles by companies operating in the Kingdom.

The desalination technology used by TRSDC will fully depend on solar energy to raise condensation levels in the hydrogen panels to produce high-quality fresh water, Darwish explained.

He pointed out that the performance of the panels will be monitored through a smart application that will show the volume of water produced, the environmental impact of the panels and maintenance alerts.



Gold Edges Down as Markets Eye Fed's 2025 Monetary Policy Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Edges Down as Markets Eye Fed's 2025 Monetary Policy Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices edged lower as the dollar held firm on Wednesday, with investors awaiting a key US Federal Reserve decision expected to shape market sentiment and gold's trajectory by outlining the central bank's 2025 outlook.

Spot gold slipped 0.3% to $2,637.13 per ounce by 10:00 a.m. EST (1500 GMT). US gold futures were down 0.3% at $2,653.20.

The Fed's 2025 economic projections and decision are due at 2 p.m. EST (1900 GMT), followed by Fed chair Jerome Powell's press conference at 2:30 p.m. EST, Reuters reported.

"What markets will truly focus on is the tone set by Jerome Powell. A hawkish stance could drive Treasury yields higher and bolster the dollar, putting downward pressure on gold prices," said Ricardo Evangelista, senior analyst at ActivTrades.

"Conversely, a more cautious tone might provide some support for bullion."

While markets are pricing in a 99% probability of a 25 basis point rate cut during this meeting, the chances of another reduction in January stand at only 17%.

Non-yielding gold tends to do well in a low-interest-rate environment.

Traders are also watching out for key US GDP and inflation data due later this week that could further shape expectations around monetary policy.

"I do see the consolidation as a continuation pattern within the longer term uptrend in gold. I think that trend will re-exert itself in the first quarter of 2025," said Peter Grant, vice president and senior metals strategist at Zaner Metals.

Grant highlighted that bullion remains underpinned by easing central bank policies, geopolitical tensions, sustained buying by central banks, and rising global political instability.

UBS echoed this sentiment in a note, predicting gold would "build on its gains in 2025." The bank emphasized that central banks are likely to continue accumulating gold as they diversify reserves, while heightened demand for hedges could drive inflows into gold-backed exchange-traded funds (ETFs).

Spot silver fell 1.1% at $30.19 per ounce, platinum slipped 1.3% to $926.90, while palladium declined 1.3% to $922.19.