Mitsubishi to Transfer Hydrogen Technology, Ammonia, High-Efficiency Equipment to Saudi Arabia

Koichi Nakagawa, Research Director and Chief Consultant at the Mitsubishi Research Institute (MRI) Middle East. (Saad al-Enezi)
Koichi Nakagawa, Research Director and Chief Consultant at the Mitsubishi Research Institute (MRI) Middle East. (Saad al-Enezi)
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Mitsubishi to Transfer Hydrogen Technology, Ammonia, High-Efficiency Equipment to Saudi Arabia

Koichi Nakagawa, Research Director and Chief Consultant at the Mitsubishi Research Institute (MRI) Middle East. (Saad al-Enezi)
Koichi Nakagawa, Research Director and Chief Consultant at the Mitsubishi Research Institute (MRI) Middle East. (Saad al-Enezi)

Koichi Nakagawa, Research Director and Chief Consultant at the Mitsubishi Research Institute (MRI) Middle East, revealed that Mitsubishi is planning to launch a number of understandings in Riyadh to strengthen partnerships with Saudi government agencies in the field of research and consultancy.

These understandings would help transfer knowledge and technologies in the fields of energy, agriculture, and health and come at a time Saudi Arabia is looking to localize industrial and economic expertise, he told Asharq Al-Awsat.

The company implements 1,800 annual projects for government and private companies daily, he revealed.

By doing this, Mitsubishi looks to open the door for cooperation with the Japanese government and technology providers with wide-ranging solutions to deal with climate change.

Such cooperation could boost energy sector sustainability, help develop new industries and businesses.

It also works to transfer hydrogen and ammonia technology and expertise in high-efficiency equipment, district cooling, infrastructure management, development and use of alternative fuels.

Nakagawa told Asharq Al-Awsat that the MRI chose Saudi Arabia as the first regional platform in the Middle East to launch its research and consultancy work because of the Kingdom's pivotal role in the region, the strength of its economy, and its new initiatives that emerge from Kingdom Vision 2030.

He said he was looking forward to the signing of agreements with several government agencies to launch MRI’s activities in Riyadh, and from there to all parts of the world.

He confirmed that he discussed ways of cooperation with the Ministry of Energy, especially means of transferring knowledge and consultations in the field of technology and renewable energy.

He also contacted the Ministry of Agriculture to maximize knowledge experiences in the field of agricultural and food production. Nakagawa also conducted talks related to health care technology.

He discussed with the King Abdullah University of Science and Technology efforts for maximizing the green and climate economies.

Nakagawa pointed out that “the Saudi market is huge and full of opportunities.”

He emphasized that Saudi regulations are working to attract foreign investment considering the recently launched mega projects and green initiatives, as well as the Saudi drive to promote sustainable development and the green economy.

He stressed that cooperation in the field of research and consultancy between Riyadh and Tokyo is witnessing a new era, stressing that his country gives the Kingdom special attention and is working to strengthen cooperation with it in various fields.

Tokyo is eyeing energy cooperation with Riyadh, revealed Nakagawa, noting the work and research that Saudi Arabia will undertake related to climate change, circular economy, renewable energy, and energy conservation.

Nakagawa explained that 24% of MRI’s work goes to government agencies, while up to 31% is in the field of industries. Around 45% of MRI’s activities focus on projects with financial institutions, while the rest goes to information technology solutions.



Gold Holds Steady with All Eyes on Trump's Tariff Plans

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
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Gold Holds Steady with All Eyes on Trump's Tariff Plans

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa

Gold prices held steady on Wednesday following a 2% decline in the previous session, while investors focused on US President Donald Trump's tariff plans, which have raised concerns about a trade war.

Spot gold was little changed at $2,912.69 an ounce, by 1120 GMT, after hitting a more than one-week low on Tuesday. Trump's trade policies, seen as inflationary and with potential to spark tiffs with trade partners, saw safe-haven gold hitting a record high of $2,956.15 on Monday.

US gold futures rose 0.3% to $2,926.70.

"The sharp correction in gold followed equities and bitcoin lower, but the bullion market saw some good bargain-hunting on the lows and unlike other asset classes, recovered its composure," independent analyst Ross Norman said, Reuters reported.

The dip in prices is "likely to stimulate good physical offtake and provide an entry point for those that may have missed the bull run," he added.

Wall Street's main indexes touched a one-month low on Tuesday and bitcoin slumped 5.6%.

Trump opened yet another front on Tuesday in his assault on global trade norms, ordering a probe into potential new tariffs on copper imports.

Rising price pressures due to tariffs could force the Federal Reserve to keep interest rates higher. Bullion is a preferred hedge against uncertainty and inflation, but higher rates can reduce its appeal as it yields no interest.

Focus was also on the US Personal Consumption Expenditures (PCE) report, the Fed's preferred inflation gauge, due on Friday.

The recent gains, which took gold within striking distance of $3,000, appeared to run out of steam, suggesting some traders had taken the opportunity to lock in profits, Frank Watson, market analyst at Kinesis Money, said in a note.

"Central bank behaviour will be key to gold's fortunes, as they have been an important element for demand in recent years."

Spot silver gained 0.1% to $31.77, platinum rose 0.9% to $974.86 and palladium added 1.6% to $942.29.