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Saudi Arabia Kicks off Implementation of World’s Largest Eco-friendly Water Osmosis System

The Governor of the Saudi Saline Water Conversion Corporation (SWCC), Eng. Abdullah Al-Abdul Karim, addresses the Global Water Summit in Madrid. (Asharq Al-Awsat)
The Governor of the Saudi Saline Water Conversion Corporation (SWCC), Eng. Abdullah Al-Abdul Karim, addresses the Global Water Summit in Madrid. (Asharq Al-Awsat)
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Saudi Arabia Kicks off Implementation of World’s Largest Eco-friendly Water Osmosis System

The Governor of the Saudi Saline Water Conversion Corporation (SWCC), Eng. Abdullah Al-Abdul Karim, addresses the Global Water Summit in Madrid. (Asharq Al-Awsat)
The Governor of the Saudi Saline Water Conversion Corporation (SWCC), Eng. Abdullah Al-Abdul Karim, addresses the Global Water Summit in Madrid. (Asharq Al-Awsat)

The Governor of the Saudi Saline Water Conversion Corporation (SWCC), Eng. Abdullah Al-Abdul Karim, said that work has begun to create the world’s largest environmentally friendly water osmosis system.

The Saudi official revealed the Kingdom’s aspirations to find solutions to the risks that threaten humanity, especially the increasing water demand. His comments came during a speech at the opening of the Global Water Summit, which kicked off on Wednesday in Madrid.

Al-Abdul Karim said that by 2024, the Saudi water desalination system would achieve a reduction in carbon emissions equivalent to 34 million tons annually, as part of its contribution to the goals of Vision 2030 and in line with the Saudi Green Initiative, through the implementation of the highest and best international standards in all its production systems.

The SWCC governor stressed that the Kingdom has long resorted to innovative solutions to protect the environment, pointing to the first seawater desalination project that dates back to 1978, which used environmentally friendly reverse osmosis techniques, with a capacity of 12 thousand of desalinated water per day.

He also noted that the Kingdom was deploying “bold and continuous efforts” to employ environmentally friendly technologies in production systems, with the aim to drastically reduce carbon emissions.

“We have already started to build our latest production system using environmentally friendly reverse osmosis techniques, with a production capacity of one million cubic meters of desalinated water per day. It will be the largest in the world in production capacity and the lowest in energy consumption,” Al-Abdul Karim told the summit in Madrid.

He added: “We must work hand in hand with equipment manufacturers to find engineering solutions based on desalination expertise in order to ensure a better global future for the desalinated water industry and make it have a positive impact on the environment.”

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Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The dollar hit new multi-month highs against the euro and the pound on Thursday, the first day of 2025 trading, as it built on last year's strong gains on expectations US interest rates will remain high relative to peers.

The euro fell to as low as $1.0314, its lowest since November 2022, down around 0.3% on the day. It is now down nearly 8% since its late September highs above $1.12, one major victim of the dollar's recent surge.

Traders anticipate deep interest rate cuts from the European Central Bank in 2025, with markets pricing in at least four 25 basis point cuts, while not being certain of even two such moves from the US Federal Reserve, Reuters reported.

The dollar was hitting milestones across the board and the pound was last down 0.65% at $1.2443, its lowest since April, with its fall accelerating after it broke through resistance around $1.2475.

"It's more of the same at the start of the new calendar year with the dollar continuing to extend its advances in anticipation of Trump putting in place friendly policies at the start of his term," said Lee Hardman, senior currency analyst at MUFG.

US President-elect Donald Trump's policies are widely expected to not only boost growth but also add to upward price pressure. That will lead to a Fed cautious about cutting rates too much further, in turn underpinning US Treasury yields and boost dollar demand.

A weaker growth outlook outside the US, conflict in the Middle East and the Russia-Ukraine war have also added to demand for the dollar.

The dollar also reversed an early loss on Thursday to climb against the Japanese yen, and was last up 0.17% at 157.26.

It reached a five-month high above 158 yen in late December, potentially putting pressure on the Bank of Japan, which is expected to raise interest rates early this year, but possibly not immediately.

"If dollar/yen were to break above 160 ahead of the next BOJ meeting, that could be a catalyst for the BOJ to hike in January rather than wait until March," said Hardman.

"Though for now markets are leaning towards March after the dovish comments from (governor Kazuo) Ueda at his last press conference."

Even those who are more cautious about sustained dollar strength think it could take a long time to play out.

"The dollar may be vulnerable – but only if the US data confound market expectations that the Fed doesn’t cut rates more than once in the first half of this year, and not by more than 50bp in the whole of 2025," said Kit Juckes chief FX strategist at Societe Generale in a note.

"There's a good chance of that happening, but it seems very unlikely that cracks in US growth will appear early in the year – hence my preference for taking any bearish dollar thoughts with me into hibernation until the weather improves."

China's yuan languished at 14-month lows as worries about the health of the world's second-biggest economy, the prospect of US import tariffs from the Trump administration and sliding local yields weighed on investor sentiment.

Elsewhere, the Swiss franc, another victim of the recent dollar strength, gave back early gains to last trade flat at 0.90755 per dollar.

The Australian and New Zealand dollars, however, managed to break away from two-year lows touched on Tuesday. The Aussie was 0.36% higher at $0.6215 having dropped 9% in 2024, its weakest yearly performance since 2018.

The kiwi rose 0.47% to $0.5614.