UAE Builds First Green Hydrogen Plant

UAE Energy Minister Suhail al-Mazrouei and Israeli Energy Minister Karine el-Harrar signed the MoU (WAM)
UAE Energy Minister Suhail al-Mazrouei and Israeli Energy Minister Karine el-Harrar signed the MoU (WAM)
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UAE Builds First Green Hydrogen Plant

UAE Energy Minister Suhail al-Mazrouei and Israeli Energy Minister Karine el-Harrar signed the MoU (WAM)
UAE Energy Minister Suhail al-Mazrouei and Israeli Energy Minister Karine el-Harrar signed the MoU (WAM)

The United Arab Emirates has started building the "first green hydrogen plant in the Middle East," and testing is underway, announced Energy Minister Suhail al-Mazrouei.

UAE aims to capture 25 percent of the global hydrogen fuel market by 2030. It is implementing more than seven ambitious hydrogen projects, targeting key export markets, including Japan, South Korea, Germany, and India.

Meanwhile, the UAE and Israel signed a memorandum of understanding (MoU) to deepen relations related to the energy sector and to launch a bilateral partnership that supports their goals regarding the future of clean energy.

"The UAE and Israel have both achieved several ambitious goals in all areas, most notably in energy, since the signing of the Abraham Accords Peace Agreement between the two sides over a year ago," Mazrouei said.

During his meeting with Israeli Energy Minister Karine el-Harrar at the Israeli pavilion at Expo 2020, Mazrouei stressed that the accord has helped create promising opportunities for both countries and the region.

"These partnerships will help achieve the transition to renewable energy, as well as draft projects and initiatives that support the Paris Agreement for climate change, which the UAE was among the first to ratify," he said.

The MoU, signed in the presence of many officials from both sides, stipulates the exchange of knowledge and expertise. It also calls for hosting high-level meetings to discuss issues related to energy storage, most notably clean energy, as well as infrastructure cybersecurity, fossil fuels, electricity grids, smart networks, problems of hydrogen and water, and ways of supporting the UAE and Israel's energy strategies.

It promotes investment and trade in energy, energy-related services and equipment, and highlights the strategic importance of developing common global approaches to promoting market access opportunities and the sustainable development of energy resources.

The MoU also affirms the commitment of both parties to sustainable development in implementing energy, science, and technology policies while considering ever-changing economic, social, and environmental considerations, such as climate change.



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.