Saudi Arabia, US sign landmark MoU in desalination research and technology

Saudi Arabia, US sign landmark MoU in desalination research and technology
The departments signed a Memorandum of Understanding for longterm cooperation in the development of desalination industry. (Supplied)
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Updated 19 October 2020

Saudi Arabia, US sign landmark MoU in desalination research and technology

Saudi Arabia, US sign landmark MoU in desalination research and technology
  • The kingdom and the US signed a five-year agreement in the field of desalination science and technology

RIYADH: The Saudi Ministry of Environment, Water and Agriculture signed a deal on Monday to cooperate with the US Department of Energy in the field of desalination science and technology. 
The departments signed a Memorandum of Understanding for longterm cooperation in the development of desalination industry and the exchange of knowledge and expertise in the field. 
The five-year agreement was signed virtually by Abdullah Ibrahim Al-Abdulkareem, Governor of the Saline Water Conversion Corporation, and Daniel R. Simmons, Assistant Secretary of Office of Energy Efficiency and Renewable Energy, US Department of Energy. 
A statement from the Saudi environment ministry said this agreement further solidifies the strong relationship and commitment to the advancement of mutual water security goals for sustainable economic growth.
Al-Abdulkareem said the deal would combine their “innovative ideas and practical experience with a common goal – advancing desalination technology and science towards a better and greener world.”
Saudi Arabia and the United States have a long history of collaboration in the energy and water sectors.


Market traders ready to ride ‘Biden bounce’

Market traders ready to ride ‘Biden bounce’
Updated 19 January 2021

Market traders ready to ride ‘Biden bounce’

Market traders ready to ride ‘Biden bounce’
  • "Biden moving into the White House could drive markets into a bull run more sharply than previous inaugurations," a financial expert says

DUBAI: Investors are expecting a “Biden bounce” in global markets following the inauguration on Wednesday of Joe Biden as the 46th US president.

“History teaches us that we can expect the markets to react favorably to the inauguration of a new US president — and this time around it is likely to be no different,” said Nigel Green, CEO of deVere Group, one of the world’s largest independent financial advisers, with over 80,000 clients and $12 billion under advisement.

“Indeed, Biden moving into the White House could drive markets into a bull run more sharply than previous inaugurations because it is hoped the incoming administration will bring stability and, possibly, a halt to the uncertainty following the fiercely contested election. 

“Investors will also be buoyed by the $1.9 trillion fiscal stimulus announced by Biden, the Federal Reserve’s willingness to support markets, the new president’s multilateral trade agenda and his plans for stepping up the vaccine rollout. All of this will encourage confidence and optimism,” Green said.

Mazen Al-Sudairi, head of research at Riyadh-based financial services company Al Rajhi Capital, agreed with the optimism regarding a “Biden bounce.”

“One of the important outcomes with Biden is stability in the market. But there is also the stimulus factor coupled with the vaccine that is giving an indication of recovery in the market. This perceived unity in the US will be healthy for the global and Saudi market,” he told Arab News.

However, Green said that investors should be cautious for three reasons: “First, a market rally is going to be difficult to sustain indefinitely due to the enormous economic scarring caused by the pandemic.

“The major long-term headwind is mass unemployment, which is hitting demand, growth and investment on Main Street and which, ultimately, will have to impact Wall Street.

“Second, the new administration will have policies that will have an effect on different sectors of the economy. There will be a readjustment period that needs to be taken into account.

“And, third, not all shares are created equal and stock markets are heavily unbalanced at the moment. A handful of sectors are bringing up entire indexes,” he said.