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Saudi-British Forum on Renewable Energy, Water Desalination

Nasser al-Mutawa, the co-chairman of the Saudi British Joint Business Council
Nasser al-Mutawa, the co-chairman of the Saudi British Joint Business Council
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Saudi-British Forum on Renewable Energy, Water Desalination

Nasser al-Mutawa, the co-chairman of the Saudi British Joint Business Council
Nasser al-Mutawa, the co-chairman of the Saudi British Joint Business Council

The Saudi-British Forum on renewable energy technology and water desalination will be hold Wednesday in Riyadh to discuss possible means of diversification and sustainability in the energy sector.

Nasser al-Mutawa, the co-chairman of the Saudi British Joint Business Council, said that the coming years will witness a joint Saudi British activity through unveiling joint investments worth UAD100 billion in 10 years based on a prior agreement.

In this regard, Mutawa revealed that Saudi Arabia and the UK agreed during the visit of Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, to the UK in March on launching mutual investments.

The forum is held in participation of the Council of Saudi Chambers, the Ministry of Energy, Industry and Mineral Resources, the General Investment Authority, the Renewable Energy Project Development Office (REPDO), SABIC, Electricity & Cogeneration Regulatory Authority (ECRA), ACWA Power and a number of a private sector companies, Mutawa added.

Around 20 companies specialized in renewable energy, water desalination, solar energy solutions, wind, and legal and consulting services will participate from the British side.

By 2030, the kingdom aims to produce 60 gigawatts of renewable energy, in which 40 gigawatt is solar energy and 20 gigawatts is wind energy in addition to other sources, he said. Mutawa continued that the kingdom is keen to establish a sustainable energy sector that includes industries, services, localizing techniques and qualifying human cadres.

He added that King Abdullah City for Atomic and Renewable Energy, the Ministry of Energy, Industry and Mineral Resources and REPDO are working on reaching these targets.

Mutawa noted that the forum is also intended to foster SMEs in both countries to work side by side with potential investors to help renewable energy and technology sectors in achieving sustainability.

Currently, there are 6,000 British firms working with Saudi Arabia and 200 joint firms worth GBP11.5 billion amid expectations that 2019 will see an increase in joint investments and trade exchange.

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Bank of England Cuts Main Interest Rate by a Quarter-point to 4.75%

Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
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Bank of England Cuts Main Interest Rate by a Quarter-point to 4.75%

Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS
Bank of England Deputy Governor for Monetary Policy Clare Lombardelli, Bank of England Governor Andrew Bailey, The Bank of England's Head of Media and Stakeholder Engagement Katie Martin and Deputy Governor, Markets and Banking, Dave Ramsden hold the central bank's Monetary Policy Report press conference at the Bank of England, in London, on November 7, 2024. HENRY NICHOLLS/Pool via REUTERS

The Bank of England cut its main interest rate by a quarter of a percentage point on Thursday after inflation across the UK fell below its target rate of 2%.
The bank said its rate-setting panel lowered the benchmark rate to 4.75% — its second cut in three months — though its governor Andrew Bailey cautioned that interest rates would not be falling too fast over coming months.
“We need to make sure inflation stays close to target, so we can’t cut interest rates too quickly or by too much,” he said. “But if the economy evolves as we expect it’s likely that interest rates will continue to fall gradually from here.”
In the year to September, UK inflation stood at 1.7%, its lowest level since April 2021 and below the central bank’s target rate of 2%, The Associated Press reported.
Central banks worldwide dramatically increased borrowing costs from near zero during the coronavirus pandemic when prices started to shoot up, first as a result of supply chain issues built up and then because of Russia’s full-scale invasion of Ukraine which pushed up energy costs.
As inflation rates have recently fallen from multi-decade highs, the central banks have started cutting interest rates.
Economists have warned that worries about the future path of prices following last week's tax-raising budget from the new Labour government and the economic impact of US President-elect Donald Trump may limit the number of cuts next year.
The decision comes a week after Treasury chief Rachel Reeves announced around 70 billion pounds ($90 billion) of extra spending, funded through increased business taxes and borrowing. Economists think that the splurge, coupled with the prospect of businesses cushioning the tax hikes by raising prices, could lead to higher inflation next year.
The rate decision also comes a day after Trump was declared the winner of the US presidential election. He has indicated that he will cut taxes and introduce tariffs on certain imported goods when he returns to the White House in January. Both policies have the potential to be inflationary both in the US and globally, thereby prompting Bank of England policymakers to keep interest rates higher than initially planned.