Saudi Arabia: Solar-powered Desal Plant to be Established in KAEC

Saudi Arabia: Solar-powered Desal Plant to be Established in KAEC
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Saudi Arabia: Solar-powered Desal Plant to be Established in KAEC

Saudi Arabia: Solar-powered Desal Plant to be Established in KAEC

KING Abdullah Economic City (KAEC) has signed a contract with Metito Saudi Ltd (Metito) for the design and construction of a seawater desalination plant powered by solar energy and valued at SR220 million.

The seawater treatment and desalination plant will start with the capacity to produce 30,000 cubic meters of drinking water per day, and expandable to 60,000 cubic meters per day. The development period of the project is 24 months, with a plan to start production in the first quarter of the year 2020, according to a report by KAEC.

The new plant will be the second desalination plant in KAEC with an objective to increase the production capacity of drinking water to meet the needs of new projects and the growing population in the city, especially with the pilot operation of Al Haramain Express train, which will link the cities of Makkah and Madinah via Jeddah and Rabigh.

Ahmed Ibrahim Linjawy, KAEC Deputy Group Chief Executive Officer, said: "This is vital to KAEC's water security and is consistent with the Kingdom's Vision 2030 for sustainable conservation of natural resources, water and clean energy use. The plant will also establish greater confidence between investors and the city, which continues to implement major projects to develop its infrastructure in all its different sectors, and will attract more investors to invest and gain a footing in KAEC knowing their water needs for industrial and commercial use is sustainably secured.”

King Abdullah Economic City (KAEC) is the largest privately-funded new city in the kingdom. It is situated on the west coast of the Kingdom of Saudi Arabia and covers an area of 181 square kilometers of land.



Gold Stabilizes after Selloff as Wider Markets Regain Balance

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 Stabilizes after Selloff as Wider Markets Regain Balance

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 held steady on Tuesday, anchored by stability in European equities and US stock futures, a day after bullion's sharp decline amid a tech-led selloff.

Spot gold was steady at $2,742.37 per ounce by 12:05 GMT. US gold futures rose 0.3% to $2,746.70.

"After the drop yesterday, with gold likely being used to cover losses in other asset classes, stable equity markets in Europe are keeping gold stable too," UBS analyst Giovanni Staunovo said, Reuters reported.

Gold fell over 1% on Monday, marking its steepest drop since Dec. 18, as investors rushed to liquidate bullion to offset losses triggered by a sharp pullback in technology stocks, spurred by DeepSeek's low-cost, low-power AI model, casting doubt on the dominance of traditional AI giants.

Investors' focus is now set upon the Federal Reserve's first meeting this year, scheduled to start later in the day.

Policymakers are expected to leave interest rates unchanged at the end of the two-day meeting.

However, US President Donald Trump saying he wants borrowing costs to be lowered cast some doubt over the independence of the Fed's decision.

"Market uncertainty should still support demand for gold over the coming months, we still look for higher prices later this year, driven also by further rate cuts by the Fed," Staunovo added.

Trump's policies, in addition to being perceived as inflationary, could potentially trigger trade wars, increasing safe-haven demand for bullion.

Gold prices look set for a record-breaking year due to heightened economic uncertainty and inflation concerns, a Reuters poll showed.

However, analysts downgraded their 2025 price forecasts for platinum and palladium as demand struggles to improve significantly.

Spot silver fell 0.1% to $30.17 per ounce, palladium was down by 0.1% to $959.75 and platinum also shed 0.1% to $946.05.