Saudi Arabia, UN Sign 5-Year Environmental Development Cooperation Framework

A five-year development agreement was signed between Saudi Arabia and the United Nations to preserve the planet. (Asharq Al-Awsat)
A five-year development agreement was signed between Saudi Arabia and the United Nations to preserve the planet. (Asharq Al-Awsat)
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Saudi Arabia, UN Sign 5-Year Environmental Development Cooperation Framework

A five-year development agreement was signed between Saudi Arabia and the United Nations to preserve the planet. (Asharq Al-Awsat)
A five-year development agreement was signed between Saudi Arabia and the United Nations to preserve the planet. (Asharq Al-Awsat)

In view of the contributions and efforts made by Saudi Arabia to preserve the marine environment at the national, regional, and global levels, a five-year development agreement was signed between Saudi Arabia and the United Nations to preserve the planet.

The signing of the agreement took place during the Riyadh Blue Talk, an event organized by the UNRC office and the embassies of Portugal and Kenya to raise awareness of oceans ahead of the 2022 UN Ocean Conference to be held in Lisbon next month.

Government institutions, academics, the private sector, and regional and international organizations are part taking in the event.

Riyadh Blue Talk panel discussions tackled managing, protecting, preserving and restoring marine and coastal ecosystems, increasing scientific knowledge, developing research capabilities and transferring marine technology.

“(The) Ocean’s health is vital to us all. Just consider the fact that over 50 percent of the planet’s oxygen is produced in the ocean. That is why my daily mantra is, ‘No healthy planet without a healthy ocean.’ And the ocean’s health is measurably in decline,” said Peter Thomson, the UN secretary-general's special envoy for the ocean.

“We can stop the decline of the ocean’s health in 2022 and we made a great start with the consensual agreement at UNEA (UN Environment Assembly) in Nairobi in February to begin work on a binding global treaty to end plastic pollution,” he added.

“We must continue this positive momentum by ending harmful fisheries subsidies at the WTO Ministerial Meeting in Geneva, by adopting the 30 by 30 target at the Biodiversity COP in Kunming, and when we gather in Sharm El-Sheikh in November for COP27, by moving the climate finance needle decisively in the direction of the Sustainable Blue Economy,” said Thomson.

“2022’s highlight opportunity will be the UN Ocean Conference in Lisbon, in support of SDG14’s implementation. There, we will launch a great fleet of science-based solutions, heavily powered by innovation and partnerships,” he added.



Gold Rises as Weaker Dollar, Trump's Criticism of Powell Fuel Uncertainty

FILED - 04 April 2025, Bavaria, Munich: A man places a gold bar in a safe deposit box in a vault at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 04 April 2025, Bavaria, Munich: A man places a gold bar in a safe deposit box in a vault at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
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Gold Rises as Weaker Dollar, Trump's Criticism of Powell Fuel Uncertainty

FILED - 04 April 2025, Bavaria, Munich: A man places a gold bar in a safe deposit box in a vault at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 04 April 2025, Bavaria, Munich: A man places a gold bar in a safe deposit box in a vault at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa

Gold edged higher on Thursday, supported by a weaker dollar and growing uncertainty after reports suggested US President Donald Trump was considering replacing Federal Reserve Chair Jerome Powell as early as September or October.

The reports raised concerns over the future independence of the US central bank, boosting demand for safe-haven bullion, Reuters reported.

Spot gold was up 0.1% at $3,336.02 per ounce, as of 0640 GMT. US gold futures rose 0.2% to $3,349.30.

The dollar fell to its lowest level since March 2022, making greenback-priced gold less expensive for overseas buyers.

Powell told a US Senate panel on Wednesday that while Trump's tariffs may cause a one-time price hike, the risk of persistent inflation is significant enough for the Fed to be cautious about further rate cuts.

"Trump clearly wants a dovish Fed Chairman next time around, so the increased likelihood of an aggressive rate-cutting cycle is pinning down the USD," KCM Trade Chief Market Analyst Tim Waterer said.

Bullion tends to do well during periods of uncertainty and in a low-interest-rate environment.

On Wednesday, Trump called Powell "terrible" and said he is considering three or four candidates for the top Fed post.

Meanwhile, The Wall Street Journal reported that Trump has even toyed with the idea of announcing Powell's potential successor by September or October.

Markets are awaiting US GDP print due later in the day, while also keeping a watch for data on Personal Consumption Expenditures (PCE) on Friday for cues on Fed's rate-cut trajectory.

A ceasefire between Israel and Iran appeared to be holding on Wednesday as Trump, at a NATO summit, praised the swift end to the 12-day conflict and said he would seek a commitment from Iran to end its nuclear ambitions at talks next week.

Spot silver edged up 0.1% to $36.34 per ounce, platinum firmed 1.8% to $1,379.58, while palladium rose 3.4% to $1,093.70.