Saudi Arabia to Finalize Integrated Strategy for Energy Sector

Saudi Energy Minister Prince Abdulaziz bin Salman and NEOM CEO Nadhmi Al-Nasr during the signing ceremony in Riyadh on Sunday. (SPA)
Saudi Energy Minister Prince Abdulaziz bin Salman and NEOM CEO Nadhmi Al-Nasr during the signing ceremony in Riyadh on Sunday. (SPA)
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Saudi Arabia to Finalize Integrated Strategy for Energy Sector

Saudi Energy Minister Prince Abdulaziz bin Salman and NEOM CEO Nadhmi Al-Nasr during the signing ceremony in Riyadh on Sunday. (SPA)
Saudi Energy Minister Prince Abdulaziz bin Salman and NEOM CEO Nadhmi Al-Nasr during the signing ceremony in Riyadh on Sunday. (SPA)

The Saudi Ministry of Energy and NEOM signed on Sunday a memorandum of cooperation that constitutes the Saudi road map for the implementation of future energy goals as the Kingdom prepares to complete an integrated energy sector strategy by the end of 2020.

In a ceremony in Riyadh, Energy Minister Prince Abdulaziz bin Salman and NEOM CEO Nadhmi Al-Nasr signed the MoU that focuses particularly on renewable energy and includes increased cooperation in green hydrogen production, application of a circular carbon economy, enhanced local content, innovation and development, and the application of artificial intelligence in the energy sector.

The minister emphasized that the areas of cooperation embodied the Kingdom’s strategies and directions towards an increased reliance on renewable resources, such as solar and wind energy, to generate electricity, in addition to NEOM’s contribution to the production of hydrogen in order to achieve energy sustainability while preserving the environment and opening the way for exports.

“We have to persevere and make all our capacities available to realize this project,” he told a press conference at the ceremony.

He added that NEOM was part of Saudi Vision 2030, which aims to attract foreign investment and generate jobs to reduce the Kingdom’s dependence on oil.

Energy mix
According to the MoU, areas of cooperation between the Ministry of Energy and NEOM will include shaping the energy mix to produce electricity; supporting renewable energy projects; benefiting from the Saudi Energy Efficiency Center’s (SEEC) programs; promoting electrical grid projects and their infrastructure; and applying rules of the national program for local content in the energy sector.

“The Ministry of Energy will supervise the implementation of renewable energy projects within the NEOM project, which target the production of 15 gigawatts of electricity by 2030, in addition to carrying out all preparatory work, such as assessing and measuring renewable energy sources at the selected sites and evaluating the electric transmission network,” the minister explained.

He added that the Ministry of Energy would prepare all the necessary documents for launching renewable energy projects in NEOM, with the aim to attract leading local and international companies.

In this regard, Prince Abdulaziz noted that NEOM was characterized by an excellent geographical location and ideal climate conditions, which will facilitate the production of electricity from renewable energy and contribute to reducing the cost of hydrogen production.

The MoU will also cover cooperation in the programs of the SEEC, including exchange of experiences in the field of energy efficiency and rationalization of consumption, as well as the adoption of energy efficiency standards to be used in NEOM’s buildings and facilities.

Artificial intelligence
Prince Abdulaziz affirmed that the agreement also sought the development and activation of artificial intelligence technologies, in its various forms, in order to better serve the business of generating and supplying energy and contribute to the development of a smart electricity network, through which energy is generated from various sources and distributed at a lower cost and higher efficiency.

He added that cooperation between the two sides also aimed to support and strengthen power network projects, including the design, construction and operation works in the Amala project, the hydrogen production plan, the electrical interconnection between Saudi Arabia and Egypt, in addition to studying the regulatory framework for electricity generation and cogeneration activities.

Local content
Addressing the press conference, Prince Abdulaziz talked about the National Program for Local Content in the Energy Sector, which he said sought to enhance and sustain local content in the energy business within NEOM.

According to the minister, the two sides will cooperate on the Hydrocarbon Demand Sustainability Program, focusing on raising the environmental and economic efficiency of these materials, in addition to promoting the use of blue and green hydrogen gas, which enhances the sustainability of oil demand.

Circular economy
The agreement also addressed the implementation of the circular carbon economy strategy, which, according to Prince Abdulaziz, relies on reducing emissions, reusing carbon, and using carbon as a feedstock for other products and finally decarbonizing. Relying on blue and green hydrogen represents one of the important initiatives under the circular carbon economy strategy.

Integrated energy strategy
In addition to being the largest oil exporter in the world, Saudi Arabia aspires to become one of the main countries in the production and export of renewable energy, according to the minister. This, of course, includes the production and export of hydrogen, he stated.

In this context, the NEOM’s new hydrogen project is a first step towards establishing an economically important activity within the Kingdom, which will contribute to enhancing growth, economic diversification and reducing greenhouse gas emissions.

NEOM projects
For his part, NEOM CEO Al-Nasr emphasized the importance of the memorandum as it will reinforce and support NEOM’s plans to be the world leader in the full reliance on renewable energy. He stressed that the city would rely totally on renewable power, including solar, wind and hydrogen produced from renewable energy sources.

“Facing climate change requires more efforts and cooperation in the field of a circular carbon economy, to reduce emissions and make optimal use of carbon in the economic life cycle, including the great role of hydrogen in this context,” he said.

The Ministry of Energy’s cooperation activities with NEOM included coordination to study and support the strengthening of electrical grid projects and its infrastructure, as part of NEOM’s endeavor to build an advanced and modern electricity transmission network to link renewable energy sources in the company’s business area, cooperation in the field of smart grids and customer service.



Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
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Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)

Syria and Saudi Arabia signed deals Saturday that include a joint airline and a $1-billion project to develop telecommunications, officials said, as Syria seeks to rebuild after years of war.

The new authorities in Damascus have worked to attract investment and have signed major agreements with several companies and governments.

Syrian Investment Authority chief Talal al-Hilali announced a series of deals including "a low-cost Syrian-Saudi airline aimed at strengthening regional and international air links".

The agreement also includes the development of a new international airport in the northern city of Aleppo, and redeveloping the existing facility.

Hilali also announced an agreement for a project called SilkLink to develop Syria's "telecommunications infrastructure and digital connectivity".

Syrian Telecommunications Minister Abdulsalam Haykal told the signing ceremony that the project would be implemented "with an investment of around $1 billion".

For decades, Syria was unable to secure significant investments because of Assad-era sanctions.

But the United States fully removed its remaining sanctions on Damascus late last year, paving the way for the full return of investments.

Syria and Saudi Arabia also inked an agreement on water desalination and development cooperation on Saturday.

At the ceremony, Saudi Investment Minister Khalid Al-Falih announced the launch of an investment fund for "major projects in Syria with the participation of the (Saudi) private sector".

The deals are part of "building a strategic partnership" between the two countries, he said.

Syria's Hilali said the agreements targeted "vital sectors that impact people's lives and form essential pillars for rebuilding the Syrian economy".

Syria has begun the mammoth task of trying to rebuild its shattered infrastructure and economy.

In July last year, Riyadh signed investment and partnership deals with Damascus valued at $6.4 billion to help rebuild the country's infrastructure, telecommunications and other major sectors.

A month later, Syria signed agreements worth more than $14 billion, including investments in Damascus airport and other transport and real estate projects.

This week, Syria signed a preliminary deal with US energy giant Chevron and Qatari firm Power International to explore for oil and gas offshore.


India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
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India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)

Indian Prime Minister Narendra Modi on Saturday hailed an interim trade agreement with the United States, saying it would bolster global growth and deepen economic ties between the two countries.

The pact cuts US "reciprocal" duties on Indian products to 18 percent from 25 percent, and commits India to large purchases of US energy and industrial goods.

US President Donald Trump, while announcing the deal Tuesday, had said Modi promised to stop buying Russian oil over the war in Ukraine.

The deal eases months of tensions over India's oil purchases -- which Washington says fund a conflict it is trying to end -- and restores the close ties between Trump and the man he describes as "one of my greatest friends."

"Great news for India and USA!" Modi said on X on Saturday, praising US President Donald Trump's "personal commitment" to strengthening bilateral ties.

The agreement, he said, reflected "the growing depth, trust and dynamism" of their partnership.

Modi's remarks came hours after Trump issued an executive order scrapping an additional 25 percent levy imposed over New Delhi's purchases of Russian oil, in a step to implement the trade deal announced this week.

Modi, who has faced criticism at home about opening access of Indian agricultural markets to the United States and terms on oil imports, did not mention Russian oil in his statement.

"This framework will also strengthen resilient and trusted supply chains and contribute to global growth," he said.

It would also create fresh opportunities for Indian farmers, entrepreneurs and fishermen under the "Make in India" initiative.

In a separate statement, Commerce Minister Piyush Goyal said the pact would "open a $30 trillion market for Indian exporters".

Goyal also said the deal protects India's sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry and milk.

Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.

The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.

The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.

Washington and New Delhi are expected to sign a formal trade deal in March.


Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
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Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth

Gold rebounded on Friday and was set for a weekly gain, helped by bargain hunting, a slightly weaker dollar and lingering concerns over US-Iran talks in Oman, while silver recovered from a 1-1/2-month low.

Spot gold rose 3.1% to $4,916.98 per ounce by 09:31 a.m. ET (1431 GMT), recouping losses posted during a volatile Asia session that followed a fall of 3.9% on Thursday. Bullion was headed for a weekly gain of about 1.3%.

US gold futures for April delivery gained 1% to $4,939.70 per ounce.

The US dollar index fell 0.3%, making greenback-priced bullion cheaper for the overseas buyers.

"The gold market is seeing perceived bargain hunting from bullish traders," said Jim Wyckoff, senior analyst at Kitco Metals.

Iran and the US started high-stakes negotiations via Omani mediation on Friday to try to overcome sharp differences over Tehran's nuclear program.

Wyckoff said gold's rebound lacks momentum and the metal is unlikely to break records without a major geopolitical trigger.

Gold, a traditional safe haven, does well in times of geopolitical and economic uncertainty.

Spot silver rose 5.3% to $74.98 an ounce after dipping below $65 earlier, but was still headed for its biggest weekly drop since 2011, down over 10.6%, following steep losses last week as well.

"What we're seeing in silver is huge speculation on the long side," said Wyckoff, adding that after years in a boom cycle, gold and silver now appear to be entering a typical commodity bust phase.

CME Group raised margin requirements for gold and silver futures for a third time in two weeks on Thursday to curb risks from heightened market volatility.

Spot platinum added 3.2% to $2,052 per ounce, while palladium gained 4.9% to $1,695.18. Both were down for the week.