China Tightens Ties to Kuwait with Deal to Expand Solar Power

The signing ceremony was held at the headquarters of the National Energy Administration (KUNA) 
The signing ceremony was held at the headquarters of the National Energy Administration (KUNA) 
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China Tightens Ties to Kuwait with Deal to Expand Solar Power

The signing ceremony was held at the headquarters of the National Energy Administration (KUNA) 
The signing ceremony was held at the headquarters of the National Energy Administration (KUNA) 

China will help increase capacity at two solar projects in Kuwait, further boosting ties after the two countries agreed to develop a long-delayed strategic port.

The new “framework agreement,” reached after six months of negotiations, will see the expansion of the Al-Shagaya and Al-Abdiliya solar plants, Kuwait’s state-run KUNA news agency reported Monday.

The governments of both countries signed on Monday the framework agreement, which contains technical details on the joint cooperation on renewable energy.

The agreement came in line with the Kuwaiti leadership's directives to expand the implementation of grand projects signed with China.

Under the agreement, the Chinese side will build the renewable projects in two regions in Kuwait at a joint production capacity of 3,500 megawatts with a possible boost to 5,000 megawatts.

Last month, Kuwait and China signed an agreement to execute the Mubarak Al-Kabeer port.

In Beijing on Monday, the new “framework agreement” was signed by Kuwait's Undersecretary at the Ministry of Electricity and Water and renewable energy Dr Adel Al-Zamel and Ren Jingdong, Deputy Director of the Chinese National Energy Administration.

The signing ceremony was held at the headquarters of the National Energy Administration and it was attended by Kuwait Assistant Foreign Minister for Asia Affairs Ambassador Sameeh Johar Hayat who is also rapporteur of the high Kuwait-China Committee for agreements and MoUs execution. Also present were Kuwait Ambassador to China Jassem Al-Najem and other Kuwaiti and Chinese officials.

In comments to KUNA, Ambassador Hayat affirmed that the framework agreement came in line with the Kuwaiti leadership's directive concerning major joint projects. He said more details on grand projects signed with China would come into light soon including the agreement signed back in February to execute the Mubarak Al-Kabeer port.

He said that Chinese-Kuwaiti ties were witnessing huge leaps on several domains, reflecting the strong and robust relations linking the two countries.

For his part, Al-Zamel spoke about the framework agreement, revealing that it came after six months of negotiations. It resulted in setting a plan, supervised by the Chinese side, for the third and fourth zones of Al-Shagaya and Al-Abdiliya renewable projects as well at a joint production capacity of 3,500 megawatts with a possible boost to 5,000 megawatts.

Kuwait and China will celebrate on March 22, the 54th anniversary of establishing diplomatic relations, which began back in 1971.

 

 



Gold Steady as Market Eyes Middle East Conflict, Fed Decision

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 Steady as Market Eyes Middle East Conflict, Fed Decision

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 were steady on Tuesday as investors assessed the conflict between Israel and Iran and looked ahead to this week's US Federal Reserve's policy meeting.

Spot gold was steady at $3,383.01 an ounce, as of 0851 GMT US gold futures fell 0.5% to $3,401.30.

Israel and Iran exchanged attacks for a fifth consecutive day on Tuesday, Reuters reported.

US President Donald Trump urged an evacuation of Iran's capital Tehran and cut short his trip to the G7 summit in Canada. A separate report said he had asked for his administration's National Security Council to be prepared in the situation room.

"Markets are waiting for the latest signals whether hostilities between Israel and Iran would escalate or will remain contained," said Han Tan, chief market analyst at Exinity Group.

"Gold still retains its bias for lurching upwards on signs of a worsening Middle East conflict, given the precious metal's stature as the preferred safe haven of late."

Zero-yield bullion is considered a hedge against geopolitical and economic uncertainty and tends to thrive in a low-interest environment.

The US central bank rate decision and Chair Jerome Powell's remarks are due on Wednesday. Traders are currently pricing in two cuts by the end of the year.

Meanwhile, Citi lowered its short-term and long-term price targets for gold, projecting prices could drop below $3,000 per ounce by late 2025 or early 2026, driven by declining investment demand and an improving global growth outlook, it said in a note on Monday.

Elsewhere, spot silver was up 0.3% at $36.45 per ounce, platinum was unchanged at $1,246.59, while palladium fell 0.4% to $1,025.44.