Regional News

The Energy Market Authority (EMA) of Singapore and the Government of Sweden have jointly launched the inaugural Singapore-Sweden Forum, coinciding with the 18th Singapore International Energy Week (SIEW). This initiative builds on the Singapore-Sweden Memorandum of Understanding on Energy Cooperation signed in November 2024, aiming to deepen collaboration on clean energy technologies and regional interconnectivity.

The forum brought together leading energy figures from both nations to discuss hydrogen and clean fuels, smart grids, energy efficiency, and innovative energy technologies. Sweden’s Deputy Prime Minister and Minister for Energy, Business and Industry, Ebba Busch, delivered a keynote speech highlighting the importance of innovation in the energy transition. She emphasised Sweden’s commitment to combining competitiveness with climate ambition, focusing on practical solutions that advance innovation and digitalisation.

Both countries have agreed to enhance multilateral electricity trading to bolster regional energy resilience. They plan to cooperate on deploying High Voltage Direct Current technologies and transmission infrastructure, supporting the ASEAN Power Grid. Additionally, they will explore emerging clean fuel pathways, such as hydrogen and ammonia, through collaboration and knowledge exchange.

EMA’s Chief Executive, Puah Kok Keong, expressed enthusiasm for the strengthened partnership, stating that these efforts will support the ASEAN Power Grid and catalyse new ideas for the energy transition. The collaboration aims to ensure a sustainable and secure energy future for all, furthering cooperation at SIEW and other multilateral forums.

The Civil Aviation Authority of Singapore (CAAS) has established the Singapore Sustainable Aviation Fuel Company Ltd. (SAFCo) to centralise the procurement of sustainable aviation fuel (SAF) for Singapore’s air hub. This initiative supports the national SAF policy, with SAFCo set up as a non-profit entity wholly owned by CAAS. Tan Seow Hui, a seasoned leader in energy and aviation, has been appointed as the founding Chief Executive Officer.

SAFCo’s creation follows the recent amendment of the Civil Aviation Authority of Singapore Bill, empowering CAAS to implement SAF policies and collect a SAF Levy. This levy will fund SAF procurement, aiming for a 1% SAF target by 2026, with plans to increase this to 3–5% by 2030. SAFCo will procure SAF through a competitive tender process, ensuring suppliers meet international sustainability standards.

SAFCo will also aggregate voluntary SAF demand from organisations looking to reduce their carbon footprint. This approach allows businesses to benefit from economies of scale and access competitively priced SAF without setting up their own procurement systems.

The immediate focus for SAFCo includes establishing governance frameworks, levy collection systems, and engaging stakeholders ahead of the first SAF procurement in 2026. SAFCo will also support the development of the SAF supply ecosystem in Singapore and the region, encouraging investment in SAF production capacity.

Han Kok Juan, Director-General of CAAS and Chairman of SAFCo, stated, “Through SAFCo, we want to get the best value for the SAF Levy collected and activate a SAF ecosystem.” Tan Seow Hui added, “By working closely with airlines, businesses, and suppliers, we aim to facilitate greater SAF adoption in the region.”

The World Gold Council’s latest report reveals that gold demand reached an unprecedented 1,313 tonnes in Q3 2025, valued at $146b. This surge was primarily fuelled by heightened investment demand, which rose by 47% year-on-year to 537 tonnes, accounting for 55% of the total net gold demand. The increase is attributed to geopolitical instability, a weakening US dollar, and investor fear of missing out as gold prices climbed.

Investment in gold exchange-traded funds (ETFs) was a significant contributor, with global inflows reaching 222 tonnes, marking the eighth consecutive quarter of growth in Asia. Bar and coin investments also saw a 17% year-on-year increase, with Singapore’s demand growing by 47% to 1.8 tonnes.

Central banks increased their gold purchases by 28% compared to the previous quarter, totalling 220 tonnes. Despite record-high gold prices, jewellery demand declined by 19% year-on-year, although the value of gold jewellery bought globally reached a record $112b.

Shaokai Fan, Head of Asia-Pacific (ex-China) and Global Head of Central Banks at the World Gold Council, noted, “With the record high level of gold demand and prices in Q3 2025, we expect gold demand to remain strong, with continued acceleration of gold ETF accumulation as well as bar and coin.”

The report highlights that total gold supply also reached a quarterly record of 1,313 tonnes, with mine production increasing by 2% year-on-year. The outlook for gold remains optimistic, with potential further gains driven by continued US dollar weakness and lower interest rate expectations.

Certis has announced the appointment of Yeo Teck Guan as its new Group Chief Technology Officer (GCTO), effective 3 November 2025. Yeo, a seasoned technology leader with over 30 years of experience, will spearhead Certis’ digital transformation, focusing on advancing artificial intelligence (AI), robotics, and smart orchestration platforms.

Yeo’s appointment is part of Certis’ ongoing strategy to bolster its technological capabilities. The company has been investing in technology talent, infrastructure, and partnerships to drive innovation. Yeo previously served as Chief Business Technology Officer at Singapore Pools, where he led significant modernisation efforts, including AI and automation initiatives, and strengthened cybersecurity measures.

“I am honoured to join Certis and excited to work alongside our teams to accelerate innovation, digitalisation, and the adoption of AI and robotics,” Yeo stated. “Together we will harness technology to make our world safer, smarter, and better.”

Certis has been expanding its AI and robotics engineering teams and has formed new partnerships with universities and commercial partners to enhance AI adoption. The company has also strengthened its robotics portfolio, deploying humanoid and quadruped robots for security, concierge, and inspection duties.

These developments underscore Certis’ commitment to leading in next-generation operations technology, aiming to deliver safer, smarter, and more sustainable solutions globally. Certis, headquartered in Singapore, has a significant international presence, extending to Australia and Qatar, and is supported by a global team of 25,000 employees.

Tuas Power has announced its ambitious plan to convert the Tembusu Multi-Utilities Complex (TMUC) to run entirely on renewable biomass by 2028. This initiative is a key part of the company’s decarbonisation strategy and aligns with Singapore’s Green Plan 2030 and Energy Transition Strategy, supporting the nation’s goal to reach Net-Zero by 2050.

Located on Jurong Island, TMUC is currently Singapore’s largest steam generation plant. The conversion will make it the largest green steam and power cogeneration facility in the country, significantly advancing Singapore’s energy transition. The project is expected to reduce Tuas Power’s emissions by approximately 1 million tonnes of CO₂ equivalent, contributing to the national target of reducing peak emissions from 64.43 million tonnes to 60 million tonnes by 2030.

Michael Wong, Chief Operating Officer of Tuas Power, stated, “Singapore’s energy transition is not just an urgent climate imperative but also a strategic move to position the country at the forefront of the global green economy.”

The transition is supported by long-term utilities customers and new partners, including YCH Group, StarHub, and ABB Singapore, who have committed to green power purchases. Tuas Power, which generates over 10,000 gigawatt-hours annually, aims to balance energy security, sustainability, and affordability through this project.

The TMUC conversion is part of Tuas Power’s broader decarbonisation roadmap, which includes exploring electricity imports and renewables projects to further advance Singapore’s energy transition.

Univers, a Singapore-based AI firm specialising in energy technology, has unveiled the Global Impact AI Lab (IAL) in collaboration with Microsoft, AMD, the National University of Singapore (NUS), and the Infocomm Media Development Authority (IMDA). This new centre of excellence aims to leverage artificial intelligence to reduce energy consumption, lower carbon emissions, and enhance productivity across various industries.

The IAL, headquartered in Singapore, will serve as a hub for developing and scaling AI solutions. Univers will lead the initiative, with Microsoft providing cloud and AI capabilities, AMD supplying high-performance AI hardware, NUS focusing on research and talent development, and IMDA advising on sustainable AI practices. “AI and IoT achieve their full potential when powered by strong partnerships,” said Michael Ding, Global Executive Director of Univers.

The lab’s mission is to transform AI concepts into practical, scalable solutions, focusing on energy, operational, and system efficiency. It will operate through four stages: foresight, discovery, incubation, and industrialisation. The IAL will cater to sectors such as energy and utilities, public infrastructure, transportation, and manufacturing.

The Singapore office will act as the lab’s headquarters and a “living lab” for testing prototypes and managing collaborations. The initiative is expected to benefit partners like Starbucks, Microsoft, and AMD, who have already engaged in energy efficiency projects with Univers.

The IAL represents a significant step in advancing AI-driven energy solutions, with Singapore positioned as a global leader in this field.

RHB has revised its 2025 GDP forecast for Singapore, citing a favourable macroeconomic outlook and potential opportunities in the stock market. The firm suggests that recent pullbacks in the Straits Times Index (STI) present buying opportunities, particularly in real estate investment trusts (REITs) and high-yield stocks, as interest rates decline. Analyst Shekhar Jaiswal highlights that the Monetary Authority of Singapore’s (MAS) policy initiatives are expected to drive a rally in small and mid-cap stocks by enhancing liquidity and unlocking value.

The report, titled “Market Strategy: Improving Growth, Expanding Opportunity,” outlines that Singapore’s equities could benefit from easing US-China trade tensions and a stronger Singapore dollar. With market earnings projected to grow over 7% annually from 2026 to 2027, Singapore is poised to offer one of Asia’s highest dividend yields.

RHB’s analysis also points to the potential for increased investor sentiment, driven by these favourable conditions. The report underscores the importance of strategic investments in sectors poised for growth, such as REITs and small-mid caps, which are expected to benefit from the current economic climate.

In addition to the market strategy, RHB’s recent publications cover various topics, including women on boards, sustainable practices in Johor’s plantations, and the ASEAN investment landscape. These insights provide a comprehensive view of the opportunities and challenges in the region’s economic environment.

A recent poll by global talent solutions firm Robert Walters reveals that a significant number of Singapore professionals are opting to stay with their current employers due to concerns over job security. Dubbed ‘The Big Stay,’ this trend sees 81% of professionals expressing varying levels of concern about job security when considering new roles. Of these, 43% are significantly worried, and 15% are completely deterred from applying for new positions.

The survey highlights a shift in priorities, with 38% of professionals now valuing job security over higher pay and better work-life balance, a sentiment not previously held by many. Employers report a 39% increase in job candidates expressing concerns about job security during the hiring process.

Kirsty Poltock, Country Manager of Robert Walters Singapore, notes, “Three years ago, during The Great Resignation, professionals were eager to explore new opportunities. However, Singapore’s professionals were hesitant to leave jobs without securing new ones. Now, with economic volatility and restructuring announcements, ‘The Big Stay’ reflects a cautious approach.”

The poll also indicates that 85% of professionals prioritise job security over other benefits, with inflation, unemployment rates, and GDP growth being key factors influencing job change decisions. Employers are adapting by being more transparent about industry challenges and company growth plans, with 87% modifying recruitment strategies to address job security concerns.

Poltock adds, “Transparency builds trust, and companies that are open about financial positions and industry barriers can better attract the right candidates.” The trend of ‘The Big Stay’ poses challenges for economic growth, as labour movement is crucial for competitiveness and career development.

Meranti Power Pte Ltd has officially opened its 682-megawatt (MW) Hydrogen-Ready Open Cycle Gas Turbine (OCGT) facility on Jurong Island, marking a pivotal step in enhancing Singapore’s energy security. The facility, commissioned by the Energy Market Authority (EMA), can supply electricity within 10 minutes, ensuring grid reliability during unexpected demand surges or technical issues at other plants.

The facility comprises two 341 MW OCGT units, capable of powering over 1 million 4-room HDB households. It is designed to replace ageing fast-start power generation capacity, offering higher efficiency and reducing carbon dioxide emissions by approximately 4,000 tonnes for every 50 hours of operation. This reduction is equivalent to the annual carbon absorption of about 200,000 Meranti trees.

The turbines are hydrogen-ready, able to co-fire up to 30% hydrogen, supporting Singapore’s transition to cleaner energy sources and long-term net-zero goals. Puah Kok Keong, Chief Executive of EMA, stated, “These OCGTs strengthen the resilience of Singapore’s power system, providing fast-start capacity that enhances system reliability against unexpected events of supply disruption.”

Meranti Power has integrated advanced digital solutions and artificial intelligence into its operations, collaborating with partners like ST Engineering to enhance operational efficiency. The facility was completed on schedule in 28 months by a consortium including Jurong Engineering Limited and Mitsubishi Power Asia Pacific Pte. Ltd.

The project benefited from local and international partnerships, including collaborations with Keppel’s Merlimau Cogen Plant and Australia’s Snowy Hydro. Tan Chor Kiat, Managing Director of Meranti Power, noted, “The successful completion of this project on time and within budget reflects innovation and collaboration across partners.”

The private residential market in Singapore experienced a notable uptick in Q3 2025, with overall prices rising by 0.9% compared to the previous quarter, according to a report by OrangeTee, part of the Realion Group. This growth was driven by price increases across all market segments, despite a slight slowdown from the 1% growth observed in Q2.

New home sales saw a significant surge, attributed to the launch of 10 new projects, marking the highest number of uncompleted units released in over a decade. The number of units launched, excluding Executive Condominiums (EC), soared by 175.7% quarter-on-quarter to 4,191 units. Among these, Springleaf Residence emerged as the top-selling project, with 881 units sold at an average price of $2,176 per square foot.

Resale demand remained robust, with transactions increasing by 6.4% from Q2, despite the influx of new home supply. The average price of resale homes climbed to a record high of $1,809 per square foot, reflecting a year-on-year increase of 5.7%.

Landed property transactions also rose for the second consecutive quarter, although Good Class Bungalow (GCB) transactions saw a slight decline. Rental prices increased modestly, with a 24.2% spike in rental volume.

Looking ahead, OrangeTee projects that overall prices for the private residential sales market could rise by 3.5% to 4.5% for the entirety of 2025, indicating continued resilience in the face of macroeconomic uncertainties.