Bahrain: Sustainable Energy Authority Established

 Image used for illustrative purpose. Palm Trees along King Faisal Highway in Bahrain. Getty Images
Image used for illustrative purpose. Palm Trees along King Faisal Highway in Bahrain. Getty Images
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Bahrain: Sustainable Energy Authority Established

 Image used for illustrative purpose. Palm Trees along King Faisal Highway in Bahrain. Getty Images
Image used for illustrative purpose. Palm Trees along King Faisal Highway in Bahrain. Getty Images

Bahrain's King Hamad bin Isa Al Khalifa issued Thursday a royal decree appointing Dr. Abdulhussain bin Ali Mirza as the president of the Sustainable Energy Authority (SEA).

The authority, affiliated to the Cabinet, will encourage more investments in the sector and conduct a comprehensive assessment to raise efficiency and develop a general policy.

SEA will also make proposals to set national sustainable energy goals in association with governmental and non-governmental entities.

Bahrain plans to provide around 5 percent of the electricity needs from the solar energy projects, which is equal to around 250 MW by 2025. Bahrain’s output totals around 3,920 MW daily from the natural gas stations.

The decree also stipulated the authority’s tasks such as proposing a work-plan and determining the goals to enhance the efficiency of sustainable energy in addition to suggesting projects and initiatives by which sustainable energy sources are developed.

Some of the goals are to monitor the performance of the sustainable energy sector and to put economic and technical indicators on the level of achieving strategic goals and initiatives of sustainable energy and efficiency. Other goals are moving into a low-carbon economy.

The tasks also include directing the private sector and activating its role in maintaining sustainable energy in addition to inciting it to establish private or joint firms that aim to raise energy efficiency and use sustainable energy sources to generate electricity.



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.