Saudi Arabia Starts Operating First Wind Turbine In Al-Jouf Region

FILE PHOTO: A power-generating windmill turbine is seen at the Eneco Luchterduinen offshore wind farm near Amsterdam, Netherlands September 26, 2017. REUTERS/Yves Herman/File Photo
FILE PHOTO: A power-generating windmill turbine is seen at the Eneco Luchterduinen offshore wind farm near Amsterdam, Netherlands September 26, 2017. REUTERS/Yves Herman/File Photo
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Saudi Arabia Starts Operating First Wind Turbine In Al-Jouf Region

FILE PHOTO: A power-generating windmill turbine is seen at the Eneco Luchterduinen offshore wind farm near Amsterdam, Netherlands September 26, 2017. REUTERS/Yves Herman/File Photo
FILE PHOTO: A power-generating windmill turbine is seen at the Eneco Luchterduinen offshore wind farm near Amsterdam, Netherlands September 26, 2017. REUTERS/Yves Herman/File Photo

Saudi Arabia announced on Wednesday the operation of the first wind turbine to produce electricity in the Kingdom, marking a new era of serious transformation towards alternative and clean renewable energy.

The Saudi Ministry of Energy announced the start of the trial operation of the first turbine in the Dumat Al-Jandal project in Al-Jouf region (northern Saudi Arabia) to exploit wind energy in electricity production.

In a statement, the Saudi Ministry of Energy said that the step comes within the implementation of one of the goals of Vision 2030, represented by the production of 50 percent of the Kingdom’s electricity from renewable sources by 2030.

The Dumat Al-Jandal project in Al-Jouf region is a practical step to exploit wind energy in the production of electricity, and it is the first project in the Kingdom and the largest project of its kind in the Middle East.

The Ministry of Energy had earlier announced awarding the energy project to the alliance led by the French Electricity Company, EDF Energies Nouvelles, and the Abu Dhabi Future Energy Company (Masdar).

Saudi Arabia continues its endeavors towards the global race to adopt and develop work systems with renewable and alternative energy, at a time when it is leading giant projects that are environmentally friendly and enhance sustainability, such as the city of The Line in NEOM, and the Amaala and Red Sea tourism projects - the pillars of the Kingdom’s Vision 2030.



Egypt's Central Bank Leaves Key Interest Rates Unchanged

A general view of Dahab Island or Gold Island (Gezirit el-Dahab) in the middle of the Nile River in Cairo, Egypt, July 2, 2024. REUTERS/Amr Abdallah Dalsh
A general view of Dahab Island or Gold Island (Gezirit el-Dahab) in the middle of the Nile River in Cairo, Egypt, July 2, 2024. REUTERS/Amr Abdallah Dalsh
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Egypt's Central Bank Leaves Key Interest Rates Unchanged

A general view of Dahab Island or Gold Island (Gezirit el-Dahab) in the middle of the Nile River in Cairo, Egypt, July 2, 2024. REUTERS/Amr Abdallah Dalsh
A general view of Dahab Island or Gold Island (Gezirit el-Dahab) in the middle of the Nile River in Cairo, Egypt, July 2, 2024. REUTERS/Amr Abdallah Dalsh

Egypt's central bank left its overnight interest rates unchanged on Thursday, as expected, saying economic growth remained slow but that inflation has been decreasing.
The bank's Monetary Policy Committee (MPC) left the deposit rate at 27.25% and the lending rate at 28.25%.
All but one of 18 analysts in a Reuters poll had expected rates to remain unchanged, with the sole analyst forecasting a cut of 100 basis points (bps).
The decision keeps the overnight deposit rate below that of headline inflation, which was 27.5% in June. Real interest rates have been negative since January 2022. Inflation declined in June for a fourth straight month after soaring to a record 38% in September.
The MPC expects inflation to come down sharply in the first half of 2025.
"The gradual unwinding of food inflation along with the improvement of inflation expectations suggest that inflation is on a sustained downward trajectory," the MPC said.
Gross domestic product inched down to an annualized 2.2% in the first quarter from 2.3% in the final quarter of 2023, the MPC added.
"Leading indicators for Q2 2024 suggest that economic activity remains subdued. Consequently, real GDP growth is expected to slow down in FY 2023/24 compared to the previous fiscal year, before recovering in FY 2024/25," it said.
Egypt reported GDP of 3.8% in 2022/23.
The central bank raised interest rates by 600 bps on March 6 as part of an agreement with the IMF, bringing total increases since the beginning of the year to 800 bps. Egypt also sharply devalued its currency against the dollar under its IMF accord.