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Saudi Energy Minister Emphasizes Arab Cooperation in Addressing Energy Challenges

Group photo of the ministers and members of the Board of Directors of the Arab Energy Fund. (SPA)
Group photo of the ministers and members of the Board of Directors of the Arab Energy Fund. (SPA)
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Saudi Energy Minister Emphasizes Arab Cooperation in Addressing Energy Challenges

Group photo of the ministers and members of the Board of Directors of the Arab Energy Fund. (SPA)
Group photo of the ministers and members of the Board of Directors of the Arab Energy Fund. (SPA)

Saudi Energy Minister Prince Abdulaziz bin Salman underscored the importance of Arab collaboration in overcoming energy sector challenges and promoting sustainability, calling for restoring Arab unity and joint action to achieve strategic goals in energy.

He made his remarks at the 50th-anniversary celebration of the Arab Energy Fund (formerly APICORP) in Riyadh, attended by UAE Energy Minister Suhail Al Mazrouei, Kuwaiti Oil Minister Tareq Al-Roumi, Libyan Oil and Gas Minister Dr. Khalifa Abdul Sadiq, and Qatari Energy Minister and CEO of QatarEnergy Saad Al-Kaabi.

Prince Abdulaziz expressed pride in hosting the event, reaffirming Saudi Arabia’s commitment to supporting Arab energy initiatives. He highlighted the ongoing restructuring of the Arab Energy Organization to better align with future needs, ensuring its role in sustainable development and meeting member states’ demands.

The minister noted that upcoming projects by the Arab Energy Fund will diversify energy sources while aligning with global efforts to reduce emissions and combat climate change.

The Arab world is committed to adapting to the evolving energy landscape while maintaining regional identity and cooperation, he added.

Arab unity and collective action are essential for addressing regional and international challenges, whether economic, social or cultural, he remarked.

CEO of the Arab Energy Fund, Khalid Al-Ruwaigh pointed to the institution’s progress since its founding in 1975 with a capital of $320 million. He revealed that over five decades, its assets have grown to exceed $10 billion, reflecting its role in supporting the energy sector and sustainability efforts.

Al-Ruwaigh said the fund’s success is measured not just by its financial growth but also by its impact on energy development. He announced a new strategic vision focused on innovative financial solutions, including debt instruments and investments in both conventional and renewable energy, to support member states’ sustainability goals.

Relocating the fund’s headquarters to Riyadh reinforces its position as a trusted financial institution in a major global financial hub, he noted

Moreover, Al-Ruwaigh unveiled the fund’s new identity and logo, symbolizing Arab cooperation for sustainable energy development. The logo’s triangular elements represent the ten member states, while its circular design reflects the fund’s commitment to a circular economy and long-term energy sustainability.

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Gold Eases from Record Peak on Profit-taking; Trump's Tariffs in Focus

Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
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Gold Eases from Record Peak on Profit-taking; Trump's Tariffs in Focus

Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT
Gold bars at a gold shop in Bangkok, Thailand, 01 April 2025. EPA/RUNGROJ YONGRIT

Gold dipped on Thursday as traders locked in profits after prices hit a record high, following a rush to safe-haven assets triggered by US President Donald Trump's aggressive import tariffs, which escalated the already intense global trade war.

Spot gold was down 0.4% at $3,122.1, as of 0710 GMT. Earlier in the session, bullion hit an all-time high of $3,167.57.

US gold futures fell 0.7% to $3,145.00.

Trump unveiled on Wednesday a 10% baseline tariff on all imports to the US, and higher duties on dozens of countries, including some of its biggest trading partners, deepening a trade war that has rattled global markets, Reuters said.

The reciprocal tariffs do not apply to certain goods, including gold, energy and "certain minerals that are not available in the US," according to a White House fact sheet.

One of the factors supporting gold was "the slowdown that tariffs are likely to cause the US economy, raising the prospects of future rate cuts," Capital.com's financial market analyst Kyle Rodda said.

The Trump administration confirmed that the 25% global car and truck tariffs will take effect on April 3, as planned, and duties on automotive parts imports will be launched on May 3.

Gold is in "a pure momentum trade, where bulls who were left for dust are agonizing on the side line, eager for even the smallest of dips, and until we see a volatile shakeout big enough to stun bulls and bears, the momentum trade could continue higher," said Matt Simpson, a senior analyst at City Index.

Gold, a hedge against political and financial instabilities, has surged more than 19% year-to-date, mainly driven by tariff jitters, rate- cut possibilities, geopolitical conflicts, and central bank buying.

"There's also some front running going on amongst traders who anticipate (Trump's) policies will drive central banks to park their reserves in gold rather than US dollar-denominated assets," Rodda said.

Market awaits US non-farm payrolls report due on Friday for clues into the Federal Reserve's policy path.

Spot silver slipped 2.8% to $33.07 an ounce, platinum fell 1.5% to $968.37, and palladium lost 1.4% to $956.50.