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ACWA Power Unveils Plans to Localize Renewable Energy Sector in Saudi Arabia

The localization rate at the “Sakaka" Photovoltaic Solar Energy Project has reached nearly 100%. (Asharq Al-Awsat)
The localization rate at the “Sakaka" Photovoltaic Solar Energy Project has reached nearly 100%. (Asharq Al-Awsat)
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ACWA Power Unveils Plans to Localize Renewable Energy Sector in Saudi Arabia

The localization rate at the “Sakaka" Photovoltaic Solar Energy Project has reached nearly 100%. (Asharq Al-Awsat)
The localization rate at the “Sakaka" Photovoltaic Solar Energy Project has reached nearly 100%. (Asharq Al-Awsat)

ACWA Power has declared its continued dedication to localizing the renewable energy sector in Saudi Arabia through extensive plans and strategies aligned with the Kingdom’s goal of meeting 50% of its energy needs with clean energy by 2030.

Saudi Arabia has undertaken the construction of numerous mega projects, including solar and wind power stations, which stand as the world’s largest. This significant leap aligns with the country's pledge to reduce greenhouse gas emissions, achieve carbon neutrality by 2050, and combat climate change.

According to the General Authority for Statistics, Saudi Arabia is a youthful nation, with 63% of its citizens under the age of 30.

Despite this demographic, the Kingdom achieved the fastest-growing economy within the G20 group in 2022, according to the International Monetary Fund (IMF).

The renewable energy industry worldwide is undergoing a pivotal turning point, fueled by Saudi Arabia’s ambitious aspirations to lead the energy transition. Consequently, investing in national human capital has become a crucial element in developing and implementing future energy solutions to achieve these objectives.

For its part, ACWA Power confirmed its dedication to keeping pace with this development.

Mohammad Abunayyan, chairman of ACWA Power, emphasized the value that young national energies add to one of the world’s fastest-growing economies.

“We recognize our responsibility towards our young national energies and the immense potential they possess,” said Abunayyan.

“Therefore, we are working on their training, promoting values, developing essential skills, and nurturing the knowledge that empowers them to lead the future of the clean energy and water sectors,” he added.

ACWA Power reiterated its commitment to supporting youth development in line with the goals of Saudi Vision 2030 and contributing to the diversification of the country’s economy.

It aims to play an active role in driving the realization of this vision by prioritizing the empowerment of young men and women and investing in programs that nurture their talents.

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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)
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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)

Chinese lawmakers are deliberating a draft of the country's first basic law specifically focused on the development of the private sector, the country’s Xinhua news agency reported.

“The law will be conducive to creating a law-based environment that is favorable to the growth of all economic sectors, including the private sector,” said Justice Minister He Rong, while explaining the draft on Saturday during the ongoing session of the Standing Committee of the National People's Congress, the national legislature.

The draft private sector promotion law covers areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.

The draft has incorporated suggestions solicited from representatives of the private sector, experts, scholars and the general public, the minister said.

China left its benchmark lending rates unchanged as expected at the monthly fixing on Friday.

Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margin on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.

The one-year loan prime rate (LPR) was kept at 3.10%, while the five-year LPR was unchanged at 3.60%.

In a Reuters poll of 27 market participants conducted this week, all respondents expected both rates to stay unchanged.

Morgan Stanley said in a note that the 2025 budget deficit and mix are more positive than expected and suggest Beijing is willing to set a high growth target and record fiscal budget to boost market confidence, but further policy details are unlikely before March.

Last Friday, data released by the country's central bank said total assets of China's financial institutions had risen to 489.15 trillion yuan (about $68.03 trillion) by the end of third quarter this year.

The figure represented a year-on-year increase of 8%, said the People's Bank of China.

Of the total, the assets of the banking sector reached 439.52 trillion yuan, up 7.3% year on year, while the assets of securities institutions rose 8.7% year on year to 14.64 trillion yuan.

The insurance sector's assets jumped 18.3% year on year to 35 trillion yuan, the data showed.

The liabilities of the financial institutions totaled 446.51 trillion yuan, up 8% year on year, according to the central bank.

Separately, data released by the National Energy Administration on Thursday showed that China's electricity consumption, a key barometer of economic activity, rose by 7.1% year on year in the first 11months of the year.

During the period, power consumption of the country's primary industries increased by 6.8% year on year, while that of its secondary and tertiary sectors rose by 5.3% and 10.4%, respectively.

Residential power usage saw strong growth of 11.6% during this period, the administration said.

In November alone, power usage climbed 2.8% from one year earlier, according to the data.