Saudi Arabia Launches Bids For the Construction of Dams

Saudi Arabia is working on developing dams and investing in the surrounding areas (Asharq Al Awsat)
Saudi Arabia is working on developing dams and investing in the surrounding areas (Asharq Al Awsat)
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Saudi Arabia Launches Bids For the Construction of Dams

Saudi Arabia is working on developing dams and investing in the surrounding areas (Asharq Al Awsat)
Saudi Arabia is working on developing dams and investing in the surrounding areas (Asharq Al Awsat)

The Saudi Ministry of Environment, Water and Agriculture revealed that it has launched an investment initiative, the first of its kind, to offer bids for the construction of water dams.

The ministry announced the launch of four water dam projects in the Asir region (southern of the Kingdom) for investment by the private sector, with the aim of developing and protecting the areas surrounding the dams, promoting recreational activities, and preserving water reserves.

Saudi Arabia seeks to exploit all opportunities to achieve water security and provide the necessary capabilities to protect the country’s water resources in line with the goals of Vision 2030.

The four dams are located in the Southern Asir province and they will be built in separate areas.

The Environment, Water and Agriculture Ministry said bidding from experienced private sector firms would end after nearly three months.

“These projects constitute an opportunity for the private sector to contribute to the development of the Southern region,” the Ministry said in a statement.

“The projects are intended to conserve water in that region and at the same time support plans to develop recreational activities,” it added.

In March, the Saudi government decided to assign the tasks of establishing, operating, maintaining and reconstructing dam water and groundwater purification plants to the Saline Water Conversion Corporation (SWCC).

Eng. Abdullah Al-Abdul Karim, SWCC governor, said that the cabinet decision would seek to harness all the technical, engineering and research capabilities to ensure the sustainability of water supply in all regions of the Kingdom.

He added that the corporation will manage, operate and maintain purification plants built on wells and dams, while the pumped water will remain under the management and supervision of the Ministry of Environment, Water and Agriculture.



Safe-Haven Gold Firms as Biden Move Sparks Market Uncertainty

A jeweler shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweler shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
TT

Safe-Haven Gold Firms as Biden Move Sparks Market Uncertainty

A jeweler shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweler shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)

Gold prices firmed on Monday as the dollar eased following US President Joe Biden's decision to withdraw from the 2024 presidential race, with investors turning to bullion as a hedge against an uncertain political and market outlook.
Spot gold rose 0.2% at $2,405.40 per ounce, as of 0510 GMT, while US gold futures gained 0.3% to $2,407.20, Reuters reported.
The prospect of rate cuts and political uncertainty in the United States are supporting gold prices, and conditions are in place for gold to see another record high before the end of 2024, said Kyle Rodda, a financial market analyst at Capital.com.
Making bullion more attractive to buyers holding other currencies, the dollar eased in the initial reaction to US President Joe Biden abandoning his reelection bid, clearing the way for another Democrat to challenge Donald Trump.
When accepting the Republican nomination on Thursday, Trump reiterated his promise to cut corporate taxes and interest rates. Analysts also expect a Trump presidency would make for tougher trade relations, which could result in inflationary tariffs.
"I think there is an almost unstoppable process of decoupling between the US and China, it will only become more severe or accelerate if it is a Trump presidency. Gold will certainly benefit from greater geopolitical tensions," Rodda said.
Prices scaled an all-time high of $2,483.60 last week on increased chances of US interest rate cuts this year, with markets pricing in a 97% chance of a cut in September, according to the CME FedWatch Tool.
On the data front, the main focus this week will be on Friday's US personal consumption expenditures (PCE) figure and other data including July S&P Global flash PMIs, advance second-quarter GDP, and weekly jobless claims.
Among other metals, spot silver fell 0.5% to $29.11 per ounce, platinum slipped 0.3% to $959.99, while palladium rose 1.1% to $916.18.