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Solar Energy in Saudi Arabia Attracts Japanese, French Investments

Clean energy projects are key drivers to achieving sustainability and avoiding carbon emissions. (SPA) 
Clean energy projects are key drivers to achieving sustainability and avoiding carbon emissions. (SPA) 
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Solar Energy in Saudi Arabia Attracts Japanese, French Investments

Clean energy projects are key drivers to achieving sustainability and avoiding carbon emissions. (SPA) 
Clean energy projects are key drivers to achieving sustainability and avoiding carbon emissions. (SPA) 

A consortium consisting of Japanese Toyota Tsusho, French TotalEnergies Renewables, and Saudi Altaaqa Renewable Energy (a Zahid Group company) has completed a $100 million funding to construct a solar energy plant in the Kingdom.

 

The solar plant to be located in Wadi Ad Dawasir is the first renewable project in Saudi Arabia for Toyota Tsusho.

 

The construction of the plant, with a power generating capacity of 119MW, is expected to start in March 2025, according to a statement issued by the Japanese firm on Wednesday.

 

The project will be constructed as an independent power producer (IPP) for the sale of electricity.

 

This project will be implemented by three companies, Toyota Tsusho, TotalEnergies Renewables, and Altaaqa Renewable Energy through a joint venture company, Noor Alwadi Renewable Energy Company, the statement added.

 

Shares of Noor Alwadi Renewable Energy Company are distributed as follows: Toyota Tsusho 40%, TotalEnergies Renewables 40%, and Altaaqa 20%.

 

The Water and Electricity Holding Company (Badeel), a wholly owned company of the Public Investment Fund (PIF), and ACWA Power announced a month ago the signing of power purchase agreements (PPAs) with the Saudi Power Procurement Company (SPPC) for the development, and operation of three major new solar PV Independent Power Producer (IPP) projects in Saudi Arabia.

 

The combined value of the three projects is 12.2 billion Saudi riyals ($3.25 billion).

 

The projects are part of the National Renewable Energy Program, which is supervised by the Ministry of Energy, and aims to develop 70% of the renewable energy target capacity in Saudi Arabia by 2030.

 

Moreover, Saudi Arabia has launched five projects to produce electricity using renewable energy, with a total capacity of 3,300 megawatts.

 

Saudi Arabia aims to have 50 percent renewable energy by 2030.

 

Clean energy projects are key drivers to achieving sustainability and avoiding carbon emissions.

 

Saudi Arabia also plans on achieving net zero by 2060 through more than 60 projects under the Saudi Green Initiative launched by Crown Prince Mohammed bin Salman in Oct. in 2021.

 

It aims to reduce carbon emissions by more than 278 mtpa by 2030, and plant 10 billion trees across the Kingdom.

 

 

 

 

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Business

Al-Falih: Turkish Investment in Saudi Arabia Tops $2 Bln, Trade up 14%

Saudi Investment Minister Khalid Al-Falih speaks at the Saudi-Turkish Investment Forum in Riyadh (Asharq Al-Awsat)
Saudi Investment Minister Khalid Al-Falih speaks at the Saudi-Turkish Investment Forum in Riyadh (Asharq Al-Awsat)
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Al-Falih: Turkish Investment in Saudi Arabia Tops $2 Bln, Trade up 14%

Saudi Investment Minister Khalid Al-Falih speaks at the Saudi-Turkish Investment Forum in Riyadh (Asharq Al-Awsat)
Saudi Investment Minister Khalid Al-Falih speaks at the Saudi-Turkish Investment Forum in Riyadh (Asharq Al-Awsat)

Saudi Arabia’s Minister of Investment Khalid Al-Falih said Turkish direct investment in the Kingdom has exceeded $2 billion. In comparison, bilateral trade has reached about $8 billion, marking 14% growth in a single year.

He said the Saudi-Turkish economic partnership has moved from a phase of dialogue and exploration to one of active execution, underpinned by mutual trust and a central role for the private sector.

Al-Falih was speaking at the Saudi-Turkish Investment Forum, held alongside a meeting in Riyadh on Tuesday between Saudi Crown Prince Mohammed bin Salman and Turkish President Recep Tayyip Erdogan to discuss economic ties and the latest regional developments.

Al-Falih welcomed the presence of a large Turkish business delegation comprising more than 200 companies interested in developing trade, economic, and investment relations with the Kingdom, as well as several regional offices of Turkish firms.

He said Saudi Arabia is looking to attract more Turkish investment.

“This confirms that economic cooperation, particularly the role of the private sector, represents a core pillar of this strategic partnership between the Kingdom and Türkiye,” he said.

“This forum reflects the unprecedented level reached by Saudi-Turkish trade relations, the enthusiasm and confidence on both sides, and our determination to move from dialogue and exploration to an execution phase that has already begun.”

Turkish investments

Regarding economic relations between the two countries, Al-Falih said Turkish direct investment in Saudi Arabia has exceeded $2 billion, concentrated in manufacturing, real estate, construction, agriculture, and trade, among other sectors.

He added that total bilateral trade has reached about $8 billion, up 14% over the past year.

Active companies

Al-Falih said 1,473 investment licenses have been issued to active Turkish companies in the Kingdom up to last year, noting that “all these elements reflect the growth of trade relations between the two countries and the shift from identifying opportunities to implementing declared ambitions.”

Global shifts

He said the current phase of cooperation is critical given its timing, as the world experiences greater caution and selectivity in capital flows and a restructuring of global value and supply chains.

“Investors are now prioritizing high-quality investments of an appropriate scale and flexibility, in countries that enjoy a clear and stable investment environment over the long term,” he said.

Two economic pillars

In this context, Al-Falih said Saudi Arabia and Türkiye stand out as two economic pillars in the Middle East, as the only two countries in the region that are members of the G20, together accounting for around 50% of the region’s total gross domestic product.

He said the two countries account for a large share of global trade between the region and the world, as well as of foreign direct investment inflows.

Saudi Arabia is the largest economy and investment destination in the Arab world, he said, while Türkiye is a leading manufacturing and export hub in the region.

“The advantages sought by investors and enjoyed by our two countries confirm that their economies are more complementary than competitive,” he added.

Competitive advantages

Al-Falih said Saudi Arabia is a global energy hub, based on its entrenched position in oil and gas and its growing role in renewable energy, hydrogen, power generation, and electricity exports.

He said the Kingdom is also a significant investment power steadily moving toward a leading global position in artificial intelligence, digitalization, and data, as well as tourism, transport, and logistics services.

He added that Saudi Arabia has an enabling regulatory environment, supportive cities and economic zones, and one of the most advanced and integrated logistics and digital infrastructures in the region.

Turkish expertise

By contrast, Al-Falih said Türkiye has distinctive expertise and capabilities across several sectors, including manufacturing, tourism, and services, alongside a strong private sector, a highly skilled workforce, and deep integration with European markets through a free trade agreement.

Business

Saudi Arabia Plans Global Village at Expo Site After 2030

Saudi Media Minister Salman Al-Dossary visits the Expo 2030 pavilion at the Saudi Media Forum. (Asharq Al-Awsat)
Saudi Media Minister Salman Al-Dossary visits the Expo 2030 pavilion at the Saudi Media Forum. (Asharq Al-Awsat)
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Saudi Arabia Plans Global Village at Expo Site After 2030

Saudi Media Minister Salman Al-Dossary visits the Expo 2030 pavilion at the Saudi Media Forum. (Asharq Al-Awsat)
Saudi Media Minister Salman Al-Dossary visits the Expo 2030 pavilion at the Saudi Media Forum. (Asharq Al-Awsat)

Saudi Arabia plans to transform the site of Expo 2030 Riyadh into a permanent, sustainable global village once the six-month world fair ends, officials said on Tuesday, as countries begin locking in their presence at the flagship event, with eight nations, including the US, already securing pavilion space.

The details were disclosed during a media briefing for Expo 2030, held on the sidelines of the Saudi Media Forum in Riyadh.

The briefing was attended by chief executive officer of Expo 2030 Riyadh Company Talal Al-Marri and Director General of the Center for Government Communication Abdullah Al-Maghlouth, along with several officials and specialists.

Al-Marri said the site would be fully prepared by 2029, allowing participating countries to begin early preparations ahead of the opening of the global event. He added that eight countries have already reserved pavilion plots, among them the US.

Infrastructure

Work is progressing steadily to prepare the site. In 2025, the government awarded the main infrastructure development contract and deployed a fleet of heavy equipment.

Excavation and landfill works have been carried out over an area of 1.5 million square meters, and construction of hotels dedicated to the exhibition is expected to begin later this year.

The anticipated event, described by organizers as one of the largest international platforms for bringing countries together, is under the theme “The Era of Change: Together for a Foresighted Tomorrow.” The exhibition will run from October 1, 2030, to March 31, 2031.

The event, overseen by the Bureau International des Expositions (BIE), will be held on a six-million-square-meter site north of Riyadh, near King Salman International Airport.

Organizers expect more than 40 million visitors from inside and outside the Kingdom, along with broad participation from international institutions and governmental and non-governmental organizations.

Sustainable development

Expo 2030 aims to host 197 countries and 29 organizations, with more than 230 pavilions addressing significant global challenges and presenting innovative solutions to build a more sustainable future.

The exhibition is designed as a global platform for sharing ideas and expertise on the future of sustainable development and international cooperation, highlighting innovation, culture, and scientific and technological progress.

Events will include a mix of interactive exhibitions, intellectual forums, advanced technology showcases, and dialogue platforms bringing together governments, companies, non-profit organizations, and universities.

Cultural and entertainment programs reflecting the diversity of global cultures and human history will also be featured.

The site’s design draws inspiration from nature and Riyadh’s historical heritage, is built around an ancient valley, and is inspired by the concepts of the oasis and the garden to reflect harmony between nature and urban progress.

The exhibition has been planned as a fully walkable experience, with public facilities and leisure spaces carefully designed to enhance visitor comfort and engagement across pavilions and open areas.

Solar energy

Among the site’s key design features are 226 spherical pavilions, arranged to reflect the philosophy of international cooperation and cultural harmony among nations.

Shaded walkways and green gardens have also been incorporated into public spaces, providing a comfortable environment for visitors and underscoring Saudi Arabia’s commitment to sustainable environmental practices.

All participating countries will contribute to preparing the pavilions, allowing each nation to showcase its culture, achievements, and future ambitions.

Expo 2030 Riyadh is also built around sustainable environmental strategies, including solar energy, natural resource management, water treatment solutions, and waste recycling, to become one of the world’s most sustainability-focused expos.

The event’s program will address themes such as climate action, prosperity for all, and a better tomorrow, reflecting key issues on the global sustainable development agenda.

Expo 2030 Riyadh reflects the Kingdom’s ambition to position itself as a global hub for knowledge, cultural, and economic exchange. It represents a central milestone in its long-term transformation under Vision 2030, aimed at diversifying the economy and strengthening its role on the global stage.

Business

Kuwait: KPC to Invite Int’l Oil Companies to Help Develop Offshore Oil and Gas

People cast their fishing rods on a pier in Kuwait City on January 31, 2026. (Photo by YASSER AL-ZAYYAT / AFP)
People cast their fishing rods on a pier in Kuwait City on January 31, 2026. (Photo by YASSER AL-ZAYYAT / AFP)
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Kuwait: KPC to Invite Int’l Oil Companies to Help Develop Offshore Oil and Gas

People cast their fishing rods on a pier in Kuwait City on January 31, 2026. (Photo by YASSER AL-ZAYYAT / AFP)
People cast their fishing rods on a pier in Kuwait City on January 31, 2026. (Photo by YASSER AL-ZAYYAT / AFP)

Kuwait's Prime Minister Ahmad Abdullah al-Ahmad al-Sabah said on Tuesday that Kuwait Petroleum Corporation plans to invite international oil companies to assist Kuwait Oil Company in developing recently announced offshore oil and ‌gas discoveries.

Al-Sabah ‌added ‌in ⁠his opening ‌remarks at the Kuwait Oil and Gas Show that KPC is in talks with global financial institutions to establish a lease ⁠and lease-back of Kuwait's domestic ‌crude oil pipeline network.

In ‍January, ‍sources told Reuters that ‍Kuwait was set to launch an oil pipeline network stake sale as soon as February in a deal that could raise up to $7 ⁠billion.

Kuwait's Oil Minister Tariq Al-Roumi told Reuters on Monday that he expects tenders for the Durra oil and gas field project, in cooperation with Saudi Arabia, to be launched this year.