UAE Calls on All Countries to Join Global Cooling Pledge

Al Jaber delivers his speech during a panel discussion on sustainable cooling systems. (WAM)
Al Jaber delivers his speech during a panel discussion on sustainable cooling systems. (WAM)
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UAE Calls on All Countries to Join Global Cooling Pledge

Al Jaber delivers his speech during a panel discussion on sustainable cooling systems. (WAM)
Al Jaber delivers his speech during a panel discussion on sustainable cooling systems. (WAM)

Dr. Sultan bin Ahmed Al Jaber, the United Arab Emirates’ Minister of Industry and Advanced Technology, and COP28 President-Designate, urged countries to join the global cooling pledge, a partnership between the United Nations Environment Program (UNEP) and the COP28 Presidency, announced earlier in the year.

In close collaboration with the International Renewable Energy Agency (IRENA) and the Sustainable Energy for All (SEforAll), the Global Cooling Pledge aims to expand cooling to protect the most vulnerable communities, especially in the global south, Small Island States and Least Developed Countries, from extreme heat, keep food fresh and vaccines safe.

Al Jaber made his remarks during a panel discussion on sustainable cooling systems, on the sidelines of the G20 Energy Transitions Ministerial Meeting.

In his remarks, he reiterated his commitment to the Pledge, saying: “We cannot expand cooling on a business-as-usual basis. Without strong policy action, emissions from the sector will rise between 7 to 10 percent from today. To solve this dilemma, we need a rapid transition to energy-efficient and climate-friendly cooling.”

He stressed that the cooling dilemma can provide cooling access to those who need it without undermining the energy transition.

Al Jaber highlighted the plight of the most vulnerable states and cooling as a matter of climate justice, saying: “Food and medicine all depend on cooling. It is a topic of critical importance across climate mitigation and adaptation.”

He added: “Cooling is also a matter of climate justice ─ with heat disproportionately impacting lower-income communities and families.”

“In a warming world, sustainable cooling is critical for reducing GHG emissions, protecting against heat stress, enabling productivity, reducing food loss, and enhancing access to healthcare.”

He thanked Dan Jergensen, Minister of Development Cooperation and Global Climate Policy of Denmark, and Dr. Jitendra Singh, Minister of Science and Technology of India, for their commitment to being Cool Champions and urged countries to unite and join the pledge.

Earlier in July, Al Jaber announced his approach and plan for COP28 based on an ambitious response to the Global Stocktake and based on four pillars: Fast Tracking the energy transition, fixing climate finance, focusing on people, lives, and livelihoods, and underpinning everything with full inclusivity.

The initiative provides incentives to governments and all stakeholders to act on sustainable cooling in five areas: nature-based solutions, super-efficient appliances, food and vaccine cold chains, district cooling, and National Cooling Action Plans.

“We have a unique opportunity to deliver a significant, collective response to the cooling challenge via the Global Cooling Pledge. This pledge aims to improve energy efficiency and increase access to sustainable cooling. It is gaining momentum with more than 20 early supporters ─ including India and Denmark. But there is more to be done. I call on all countries to join the Global Cooling Pledge in the lead-up to COP28,” said Al Jaber.



Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
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Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)

Egypt announced plans on Monday for a new $1 billion marina, hotel and housing development on the Red Sea in a bid to boost the region's tourist industry.

Construction on the "Monte Galala Towers and Marina" project would ‌start in ‌the second ‌half ⁠of the ‌year and run for seven years, Ahmed Shalaby, managing director of the main developer, Tatweer Misr, said.

The 10-tower development - a partnership with the ⁠housing ministry and other state bodies ‌including the armed ‍forces' engineering authority - ‍would cost about 50 ‍billion Egyptian pounds ($1.07 billion), he added.

The project, also announced by the cabinet, will cover 470,000 square meters on the Gulf of Suez, about ⁠35 km south of Ain Sokhna, Shalaby said.

Egypt aims to boost total tourist arrivals to around 30 million by 2030, from around 19 million recorded by the tourism ministry in 2025.


Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
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Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA

The Saudi-Polish Investment Forum was held today at the headquarters of the Federation of Saudi Chambers in Riyadh, with the participation of Minister of Investment Khalid Al-Falih, Minister of Finance of the Republic of Poland Andrzej Domański, and Vice President of the Federation of Saudi Chambers Emad Al-Fakhri.

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation, expanding investment partnerships in priority sectors, and exploring high-quality investment opportunities that support sustainable growth in Saudi Arabia and Poland.

During a dedicated session, the forum reviewed economic and investment prospects in both countries through presentations highlighting promising opportunities, investment enablers, and supportive legislative environments.

Several specialized roundtables addressed strategic themes, including the development of the digital economy, with a focus on information and communication technologies (ICT), financial technologies (fintech), and artificial intelligence-driven innovation, SPA reported.

Discussions also covered the development of agricultural value chains from production to market access through advanced technologies, food processing, and agricultural machinery. In addition, participants examined ways to enhance the construction sector by developing systems and materials, improving execution efficiency, and accelerating delivery timelines. Energy security issues and the role of industrial sectors in supporting economic transformation and sustainability were also discussed.

The forum witnessed the announcement of two major investment agreements. The first aims to establish a framework for joint cooperation in supporting investment, exchanging information and expertise, and organizing joint business events to strengthen institutional partnerships.

The second agreement focuses on supporting reciprocal investments through the development of financing and insurance tools and the stimulation of joint ventures to boost investment flows.

The forum concluded by emphasizing the importance of continued coordination and dialogue between the public and private sectors in both countries to deepen Saudi-Polish economic relations and advance shared interests.


Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

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 Rises as Dollar Slips, Focus Turns to US Jobs Data

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 rose on Monday, buoyed by a softer dollar as investors braced for a week packed with US economic data that could offer more clues on the US Federal Reserve's monetary policy.

Spot gold rose 1.2% to $5,018.56 per ounce by 9:30 a.m. ET (1430 GMT), extending a 4% rally from Friday.

US gold futures for April delivery also gained 1.3% to $5,042.20 per ounce.

The US dollar fell 0.8% to a more than one-week low, making greenback-priced bullion cheaper for overseas buyers.

"The big mover today (in gold prices) is the US dollar," said Bart Melek, global head of commodity strategy at TD Securities, adding that expectations are growing for weak economic data, particularly on the labor front, Reuters reported.

Investors are closely watching this week's release of US nonfarm payrolls, consumer prices and initial jobless claims for fresh signals on monetary policy, with markets already pricing in at least two rate cuts of 25 basis points in 2026.

US nonfarm payrolls are expected to have risen by 70,000 in January, according to a Reuters poll.

Lower interest rates tend to support gold by reducing the opportunity cost of holding the non-yielding asset.

Meanwhile, China's central bank extended its gold buying spree for a 15th month in January, data from the People's Bank of China showed on Saturday.

"The debasement trade continues, with ongoing geopolitical risks driving people into gold," Melek said, adding that China's purchases have had a psychological impact on the market.

Spot silver climbed 2.9% to $80.22 per ounce after a near 10% gain in the previous session. It hit an all-time high of $121.64 on January 29.

Spot platinum was down 0.2% at $2,092.95 per ounce, while palladium was steady at $1,707.25.

"A slowdown in EV sales hasn't really materialized despite all the policy softening, so I do see that platinum and palladium will possibly slow down," after a bullish run in 2025, WisdomTree commodities strategist Nitesh Shah said.