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NEOM Green Hydrogen Appoints Edmondson as CEO

NEOM Green Hydrogen Appoints Edmondson as CEO
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NEOM Green Hydrogen Appoints Edmondson as CEO

NEOM Green Hydrogen Appoints Edmondson as CEO

The Board of Directors of "NEOM Green Hydrogen Company" (NGHC) has appointed David Edmondson as CEO of the company, which was recently launched as part of NEOM’s subsidiaries to contribute to the implementation of NEOM's strategic plans that reflect its comprehensiveness and future vision.

NGHC is a joint venture between NEOM, ACWA Power, and Air Products to build the world's largest plant to produce green hydrogen based on renewable energy by 2026, utilizing the green hydrogen produced to fuel electric vehicles in NEOM, so that green hydrogen is among a range of different clean energy solutions that NEOM seeks to adopt.

“We look forward to starting with clear steps to achieve a qualitative leap in the global energy market, establishing a circular economy while maintaining sustainability standards and working to achieve an abundance of resources, in balance with nature, to build a sustainable future for the next generations,” said the CEO of NEOM and Chairman of the Board of Directors of NGHC, Eng. Nazmi Al-Nasr.

He added that the appointment of Edmondson to lead the constitutional phase of the company to build the world’s largest plant for the production of green hydrogen, is designed to produce 1.2 million tons of hydrogen annually.

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Gold Pulls Back from Near 3-month High as Dollar Regains Strength

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Pulls Back from Near 3-month High as Dollar Regains Strength

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices eased on Thursday from a near three-month peak hit in the previous session, as the dollar regained strength, while investors awaited further direction from US President Donald Trump's administration regarding trade policies.
Spot gold eased 0.1% to $2,751.99 per ounce by 0552 GMT. Prices rose to $2,763.43 on Wednesday, their highest since Oct. 31 when they hit a record high of $2,790.15.
US gold futures shed 0.4% to $2,760.20.
"It's just a technical pullback because the dollar has been taking back on $108 level, triggering some profit-booking, but the undertone for gold is expected to be positive," said Ajay Kedia, director at Kedia Commodities in Mumbai.
Trump has mooted levies of around 25% on Mexico and Canada and 10% tariff on China from Feb. 1. He also promised duties on European imports, without elaborating further.
"How Trump's policies impact gold is whether the combination of tax cuts, deregulation, tariffs, and deportation will amount to a strong inflationary push," said Ilya Spivak, head of global macro at Tastylive.
"If so, Fed rate cuts will be limited and gold is likely to struggle."
According to Reuters technical analyst Wang Tao, gold might have to face resistance at $2,759, which could trigger a correction.
The Federal Reserve is meeting next week against a backdrop of continued economic growth and declining inflation, but faces uncertainties from Trump's proposed policies that analysts see as inflationary.
The US central bank is expected to hold its benchmark interest rate steady at its next policy meeting on Jan. 28-29. Higher interest rates dampen the appeal of non-yielding gold.
European Central Bank policymakers lined up behind further rate cuts, while the Bank of Japan is widely expected to raise rates on Friday.
Spot silver dropped 0.5% to $30.63 per ounce, while platinum shed 0.2% to $944 and palladium dipped 0.7% to $970.55.