Turkiye, UAE deepen energy ties with $1bn solar project

Turkiye’s latest moves come as part of its broader Energy Transition Strategy. Reuters
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Updated 15 October 2025
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Turkiye, UAE deepen energy ties with $1bn solar project

JEDDAH: Turkiye and the UAE are advancing their clean energy collaboration, with a $1 billion solar power project in Nigde Bor marking a new milestone in their growing partnership, Turkish Minister of Energy and Natural Resources Alparslan Bayraktar said.

The initiative follows a series of strategic agreements between the two nations, including a $27 billion framework signed in 2023 and a memorandum of understanding between Abu Dhabi’s Masdar and Turkiye’s Ministry of Energy.

Both deals reflect the countries’ shared vision for sustainable energy development, technology transfer, and long-term climate goals.

In a post on X, Bayraktar said: “We hosted Mr. Mohamed Jameel Al-Ramahi, CEO of UAE-based energy company Masdar, and his accompanying delegation at our ministry.”

He added that discussions centered on “comprehensive cooperation opportunities, focusing on joint investments in solar energy, onshore and offshore wind projects, pumped-storage hydroelectricity, and technology transfer.”

Bayraktar confirmed that the partners have reached “the final stage of the approximately $1 billion, 1,100 MW solar power plant (GES) investment project to be built in Nigde Bor.” 

He said that potential investments in “an offshore wind power plant, HVDC transmission line, and pumped-storage hydroelectric plant were also considered.”

The minister emphasized that Turkiye seeks to deepen its strategic energy partnership with the UAE through intergovernmental collaboration on renewable projects.
“Through collaborations that will strengthen our energy vision, we seek to enhance our infrastructure, achieve our 2053 net-zero target, and establish a model transformation in the region,” Bayraktar said.

According to Turkiye’s state-run Anadolu Agency, both sides discussed investment opportunities across solar, wind, and hydroelectric energy, as well as technology transfer initiatives.

“Among the topics considered were potential investments in an offshore wind power plant, a high-voltage direct current transmission line, and a hydroelectric power plant,” the agency reported.

Turkiye’s latest moves come as part of its broader Energy Transition Strategy, which sets out ambitious targets to ensure energy security, cut dependence on imports, and achieve net-zero carbon emissions by 2053.

The roadmap aims to expand the nation’s wind and solar capacity from 30 gigawatts to 120 GW by 2035 — a fourfold increase requiring investments of about $108 billion.

The country is accelerating the adoption of solar technologies, including both thermal and photovoltaic systems, across industrial, residential, and agricultural applications. With advances in photovoltaic modules and large-scale solar installations, Turkiye is positioning solar power as a cost-effective and scalable pillar of its clean energy transformation.


Gold slips over 1 percent on strong dollar, easing rate-cut bets

Updated 12 March 2026
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Gold slips over 1 percent on strong dollar, easing rate-cut bets

  • Chile central bank issues first gold purchase in decades
  • BMI expects silver to average $93/oz in 2026

Gold prices fell more than 1 percent on Thursday, pressured by a stronger dollar and diminishing hopes for a reduction in borrowing costs as the ongoing Iran war stoked inflation concerns.
Spot gold dipped 1.1 percent at $5,118.16 per ounce by 1:31 p.m. ET (1731 GMT). US gold futures for April delivery settled 1 percent lower at $5,125.80.
The dollar gained for a third consecutive session. The greenback is a competitive ‌safe-haven asset, and ‌a stronger US currency makes gold more ​expensive ‌for ⁠holders ​of other currencies.
“The ⁠higher dollar index, rising treasury yields and lack of interest-rate cuts are the negative factors, but the conflict in the Middle East has been generating some safe-haven flows,” said Phillip Streible, chief market strategist at Blue Line Futures.
Two tankers were ablaze in Iraqi waters in an apparent escalation in Iranian attacks that have cut off ⁠Middle East energy supplies. In reaction, oil prices ‌rose sharply for the day.
Iran will avenge ‌the blood of its martyrs, keep ​the Strait of Hormuz closed and ‌attack US bases, new Supreme Leader Ayatollah Mojtaba Khamenei said.
Higher crude ‌prices feed into inflation by raising transportation and production costs. Gold is considered an inflation hedge, but high interest rates weigh on it by making yield-bearing assets more attractive.
“If they can prevent oil prices from climbing ‌further, gold should be in a good place... On the bullish side for gold, the main argument is ⁠that central ⁠bank buying and steady exchange-traded fund inflows, which have remained positive all year,” Streible added.
Chile’s central bank issued its first major gold purchase since at least 2000. In February, the bank boosted its gold reserves to $1.108 billion, up from $42 million in January, equivalent to 2.2 percent of total reserves.
Elsewhere, spot silver eased 1 percent to $84.90. Prices gained more than 146 percent last year.
Analysts at BMI wrote in a note they expect silver to average $93 per ounce in 2026, with strong investment demand consolidating the gains witnessed in 2025, and offsetting price-induced ​demand destruction in solar ​panels and jewelry.
Spot platinum lost 1.1 percent to $2,145.75, and palladium fell 1 percent to $1,620.86.