Oman Signs MoU with Eden GeoPower to Explore Hydrogen


Oman’s Ministry of Energy and Minerals signs an MoU with an American company in the field of geologic hydrogen. (Oman News Agency)
Oman’s Ministry of Energy and Minerals signs an MoU with an American company in the field of geologic hydrogen. (Oman News Agency)
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Oman Signs MoU with Eden GeoPower to Explore Hydrogen


Oman’s Ministry of Energy and Minerals signs an MoU with an American company in the field of geologic hydrogen. (Oman News Agency)
Oman’s Ministry of Energy and Minerals signs an MoU with an American company in the field of geologic hydrogen. (Oman News Agency)

Oman’s Ministry of Energy and Minerals (MEM) has signed two memoranda of understanding with two companies – one from the US and the other from Oman – to assess the potential of geologic hydrogen exploration in the Sultanate.

The MoUs inked with American ‘Eden Geopower’ and the Omani Earth Sciences Consultancy Center represent a substantial stride in bolstering cooperation in this field.

These agreements have been meticulously designed to foster scientific dialogues, conduct in-depth preliminary studies, and pinpoint suitable locations for experimental research.

MEM Undersecretary Mohsen Hamad Al Hadrami underscored the strategic importance of geologic hydrogen within Oman’s comprehensive energy transition plan.

He expressed his enthusiasm for the expanding hydrogen sector, recognizing its significance not only from an economic standpoint but also for its potential contributions to environmental sustainability.

Hydrogen is poised to play an instrumental role in bolstering global energy security. Consequently, robust research and exploration in this sector are of paramount importance to attain the most favorable outcomes.

Moreover, Al Hadrami stressed the vital role of international collaboration and coordination with experts and partners in advancing the scientific and technical dimensions of geologic hydrogen.

These partnerships also serve as magnets for attracting investments, which are indispensable for unlocking the full potential of this clean energy source.

Oman’s aim is crystal clear: to establish itself as a leading and trusted player on the global stage in the domain of geologic hydrogen, added Hadrami.

He further elaborated that this workshop and the research agreements in the field of geologic hydrogen with the US have the potential to bolster economic opportunities and strategic partnerships related to geologic hydrogen, exploring its utility as a clean natural resource through further research and exploration.

The MoUs were signed on the sidelines of a workshop on the untapped potential of geologic hydrogen held by MEM and its American counterpart.

The workshop discussed various methods to stimulate the production of geological hydrogen and ongoing research related to this emerging field.

During the workshop, the Ministry of Energy and Minerals announced the acceptance of research and experimental proposals in the realm of geological hydrogen exploration within the Sultanate of Oman, welcoming submissions from interested parties.

Participants also acknowledged the significance of the positive measures undertaken by the Sultanate to promote environmental sustainability in a broader context, with a particular emphasis on advancing the renewable energy sector and clean hydrogen initiatives.

Oman has embraced ambitious plans to become one of the world's leading producers of clean hydrogen.

Substantial steps have already been taken in this direction, including the issuance of Royal Decree No. 10/2023 in February. This decree allocates land for the development of renewable energy and clean hydrogen projects.

In collaboration with the Department of Energy, private sector entities, and research institutions, the US is actively exploring the potential associated with Geologic Hydrogen production.

The US Department of Energy has recently announced that it has allocated funding for $20 million to support research and experimentation in the exploration and production of geologic hydrogen.



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.