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Energy Minister: Saudi Arabia will Dominate Hydrogen Market

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz at the Davos session (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz at the Davos session (Asharq Al-Awsat)
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Energy Minister: Saudi Arabia will Dominate Hydrogen Market

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz at the Davos session (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz at the Davos session (Asharq Al-Awsat)

Saudi Arabia will dominate the hydrogen market and has the potential to become the cheapest cost producer of gas, revealed Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz.

Speaking at a session of Davos Agenda entitled: "Navigating the Energy Transition," the Minister said the world has a generous amount of energy to exploit, whether from fossil fuels or renewable sources.

The Minister stressed the importance of ensuring that the global economy remains supplied with energy no matter what happens.

Saudi Arabia is cooperating with the world to move its markets to a larger international scale and find a market for green hydrogen and 'pink hydrogen,' which is produced using nuclear power, that may be made in the Kingdom, he added.

Prince Abdulaziz also noted that the Kingdom would have a "field day" with blue hydrogen because it has the potential to become "the cheapest cost producer of gas, we are making a huge investment on shale gas in Saudi Arabia," he explained.

During his participation in the Abu Dhabi Sustainability Week (ADSW), Prince Abdulaziz emphasized that each country should decide their own choices regarding resources of energy based on their national resources and abilities.

He reiterated the importance of the three pillars of energy security, economic growth, prosperity, and sustainability, and climate change.

The Minister noted that the Saudi Green Initiative and the Middle East Green Initiative aim to ensure that the entire region reaches its goals and reflects its commitment. The central pillar of the green initiative is the circular carbon economy.

Prince Abdulaziz said that the circular carbon economy is the central pillar of the Kingdom's green initiative, and ministers are trying to apply its 4 R's — reduce, reuse, recycle and rethink.

He also reported that SABIC and Aramco are working in the circular carbon economy to ensure that the carbon collected is put to good use.

Prince Abdulaziz also noted that carbon would be a material to be reused, not disposed of, reiterating the importance of recycling.

The Minister stated that the Kingdom's Nationally Determined Contribution announced as part of the Saudi Green initiative will reduce emissions by 278 million tons.

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Dollar Strong, Stocks Creep Higher as Second Trump Term Dawns

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
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Dollar Strong, Stocks Creep Higher as Second Trump Term Dawns

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo

The dollar was firm and Asia's stock markets were cautiously positive on Monday as investors waited for an expected flurry of policy announcements in the first hours of Donald Trump's second presidency and eyed a rate hike in Japan at the end of the week.
Trump takes the oath of office at noon Eastern Time (1700 GMT), and promised a "brand new day of American strength" at a rally on Sunday, Reuters said.
He has stoked expectations he will issue a slew of executive orders right away and, in a reminder of his unpredictability, launched a digital token on Friday, which soared to trade above $70 at one point for a total market value north of $15 billion.
Monday is a US holiday, so the first responses to his inauguration in traditional financial markets may be felt in foreign exchange, where traders are focused on Trump's tariff policies, and then in Asian trade on Tuesday.
US equity futures were a fraction weaker in the Asian morning on Monday while the dollar, which has rallied since September on strong US data and as Trump's ultimately successful political campaign gained momentum, held steady.
Japan's Nikkei rose 1%.
Last week the S&P 500 notched the biggest weekly percentage gain since early November and the Nasdaq its largest since early December on some benign inflation data.
The dollar is up around 8% on the euro since September and at $1.0273 is not far from last week's two-year high. But so much is priced in that some analysts feel a more gradual start to US tariff hikes may draw out some sellers.
"A forceful start to Trump's new term could rattle nerves and give the dollar more support," said Corpay currency strategist Peter Dragicevich.
"By contrast, based on what already looks baked in, we think a more measured approach may ease fears and see the dollar lose ground, as it did after Trump took charge in 2017."
Trump has threatened tariffs of as much as 10% on global imports and 60% on Chinese goods, plus a 25% import surcharge on Canadian and Mexican products, duties that trade experts say would upend trade flows, raise costs and draw retaliation.
The Canadian dollar touched a five-year low of C$1.4486 per dollar on Monday. The Mexican peso hit a 2-1/2 year low of 20.94 per dollar on Friday.
Bitcoin dipped in the early part of the Asian day but remained above $100,000. Benchmark 10-year Treasury yields closed out Friday at 4.61%, up nearly 100 basis points in four months.
CHINA FOCUS
China is in focus as the target of the harshest potential trade levies. Investors lately cheered better-than-expected Chinese growth data and a Friday phone call between Trump and Chinese President Xi Jinping that left both upbeat.
"Basically everyone is waiting for these trade negotiations to begin and see what kind of attitude Xi Jinping takes with Trump," Ken Peng, head of Asia investment strategy at Citi Wealth told reporters in Singapore at an outlook briefing.
"That relationship between the two gentlemen has become very important as a leading indicator of policies."
Chinese equity markets rose last week and futures pointed to modest gains for Hong Kong shares at the open.
The yuan is seen likely to slowly adjust to any shifts in trade policy and was marginally firmer at 7.3355 per dollar in offshore trade.
The Australian dollar, sensitive to trade flows and China's economy, has scraped off five-year lows and, according to Commonwealth Bank strategist Joe Capurso, could test resistance at $0.6322 if Trump's policy changes fall short of market expectations. It was last at $0.62.
Japan's yen rallied last week as remarks from Bank of Japan policymakers were taken as hints that a rate cut is likely on Friday.
It was last steady at 156.17 per dollar and rates markets priced about an 80% chance of a 25 basis point rate hike.
In commodities gold hovered at $2,694 an ounce and Brent crude futures ticked higher to $81.21 a barrel.