Saudi Investment Ministry Signs 12 MoUs with Int’l Companies at World Defense Show 2024

World Defense Show 2024 in Riyadh (SPA)
World Defense Show 2024 in Riyadh (SPA)
TT

Saudi Investment Ministry Signs 12 MoUs with Int’l Companies at World Defense Show 2024

World Defense Show 2024 in Riyadh (SPA)
World Defense Show 2024 in Riyadh (SPA)

The Ministry of Investment has concluded its participation in the World Defense Show 2024, held in Riyadh, where it showcased available investment opportunities in the Kingdom as well as the support services it offers to investors as it leads the national endeavor to improve the investment climate in the Kingdom, SPA said on Friday.
During the four-day conference that ended Thursday, the Ministry of Investment and the General Authority for Military Industries (GAMI) signed 12 memoranda of understanding (MoUs) with international companies working in the defense sector -- including Airbus, Leonardo industrial group, Lockheed Martin Corporation, Roketsan, and others -- in a bid to enhance cooperation in areas related to investment in the defense sector in the Kingdom.
It discussed a wide range of investment opportunities that will contribute to achieving the Kingdom's ambitious goals to increase the contribution of foreign direct investment to gross domestic product (GDP) to 5.7%, the contribution of the private sector to GDP to 65%, and to localize 50% of spending on the military sector by 2030.
The Ministry of Investment also sponsored an agreement to establish a joint entity between Qudra Industrial Co. and Steelcore Inc. to localize, manufacture, and innovate small arms.
The World Defense Show is held every two years with the aim of empowering defense and security institutions to keep pace with defense developments and technical solutions in line with the targets of the Saudi Vision 2030.



Saudi Arabia Among World's Top 10 Global Markets in Energy Storage

Through the National Renewable Energy Program, overseen by the Ministry of Energy, the Kingdom aims to achieve a storage capacity of up to 48 gigawatt-hours by 2030. (SPA)
Through the National Renewable Energy Program, overseen by the Ministry of Energy, the Kingdom aims to achieve a storage capacity of up to 48 gigawatt-hours by 2030. (SPA)
TT

Saudi Arabia Among World's Top 10 Global Markets in Energy Storage

Through the National Renewable Energy Program, overseen by the Ministry of Energy, the Kingdom aims to achieve a storage capacity of up to 48 gigawatt-hours by 2030. (SPA)
Through the National Renewable Energy Program, overseen by the Ministry of Energy, the Kingdom aims to achieve a storage capacity of up to 48 gigawatt-hours by 2030. (SPA)

Saudi Arabia has achieved a leading position among the top ten global markets in the field of battery energy storage, coinciding with the launch of the Bisha Project, which has a capacity of 2000 MWh and is one of the largest energy storage projects in the Middle East and Africa.

Through the National Renewable Energy Program, overseen by the Ministry of Energy, the Kingdom aims to achieve a storage capacity of up to 48 gigawatt-hours by 2030. So far, 26 gigawatt-hours of storage projects have been tendered, and they are at various stages of development.

These projects play a pivotal role in supporting the expansion of renewable energy, thereby helping achieve the targets of the national energy mix. The Kingdom aims for 50% of total electricity production to be generated by renewables by 2030, reported the Saudi Press Agency on Friday.

According to the ranking by Wood Mackenzie consultancy, which specializes in the energy sector, Saudi Arabia is at the forefront of emerging markets that are experiencing rapid growth in energy storage projects, amid expectations of the new storage capacities to further strengthen the Kingdom's position among the top ten global markets in this field over the next decade.

This growth aligns with the goals of the Saudi Vision 2030, which seeks to expand electricity production from renewable sources such as solar and wind energy.

The Kingdom plans to operate 8 GWh of energy storage projects by 2025, and 22 GWh by 2026, positioning itself as the third largest global market in energy storage projects, following China and the United States, based on the storage capacities announced to date.

The recently operational Bisha battery energy storage project features 488 advanced battery containers with a storage capacity of 500 MW for a duration of four hours.

The project facilitates battery charging during low-demand periods and discharging during peak times, ensuring backup power availability when necessary, improving the flexibility of electricity supply management, and promoting smart solutions for a more sustainable energy future.

The Kingdom's energy sector is undergoing a significant transformation that strengthens its leading position in the production and export of diverse energy types. By the end of 2024, the total capacity of renewable energy projects, across all stages of development, had reached 44.1 GW.

Energy storage plays a crucial role in enhancing the reliability of electricity supply, thereby improving the National Grid's capacity to deal with emergency situations and achieving strategic objectives for the advancement of the energy sector in the Kingdom.