Saudi-Pakistani Business Forum Aims for Stronger Economic Ties, More Trade

The forum highlighted the growing importance of private sector collaboration in unlocking further trade potential. SPA
The forum highlighted the growing importance of private sector collaboration in unlocking further trade potential. SPA
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Saudi-Pakistani Business Forum Aims for Stronger Economic Ties, More Trade

The forum highlighted the growing importance of private sector collaboration in unlocking further trade potential. SPA
The forum highlighted the growing importance of private sector collaboration in unlocking further trade potential. SPA

The Saudi-Pakistani Business Forum kicked off on Wednesday in Riyadh under the patronage of Minister of Commerce Dr. Majid Al-Qasabi.

Organized by the Federation of Saudi Chambers and attended by key players from both countries, the forum highlighted the growing importance of private sector collaboration in unlocking further trade potential.

On behalf of the Commerce Minister, Acting Deputy Governor of the General Authority of Foreign Trade's Deputyship of Private Sector Affairs and Global Presence Fawaz bin Rafaah underscored the crucial role of private businesses in expanding trade ties.

He pointed to the Kingdom's position as Pakistan's fourth largest trading partner and lauded the efforts made to approve the signing of the Free Trade Agreement between the GCC states and Pakistan, emphasizing its potential to strengthen economic bonds.

Pakistani Federal Minister for Commerce, Industries & Investment Dr. Gohar Ejaz highlighted the Free Trade Agreement's ability to create new opportunities for investors. He noted the agreement's role in safeguarding Saudi and Gulf investments and expressed Pakistan's keenness to leverage Vision 2030 projects as a catalyst for deeper collaboration.

Ejaz further outlined Pakistan's ambitious goal of reaching $20 billion in trade exchange with Saudi Arabia, emphasizing the need for enhanced business environments and private sector engagement. He underscored Pakistan's potential as a major market for Saudi investors.

Federation of Saudi Chambers Chairman Hassan Al-Huwaizi affirmed the forum's focus on boosting investment and trade partnerships between the two countries. He showcased the positive trajectory of bilateral trade, exceeding $5.7 billion, and Pakistan's growing position as a key trading partner for the Kingdom. He envisioned broader collaboration opportunities within the framework of Vision 2030 projects.

Chairman of the Saudi-Pakistani Business Council Eng. Fahd Al-Bash outlined ongoing initiatives that have been jointly developed by investors from both countries.

The initiatives encompassed a dedicated portal for Pakistani rice importers, a technology center in Riyadh, a halal meat center in Makkah, a market for Pakistani products within the Kingdom, and joint petrochemical ventures catering to the Pakistani market.



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)
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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.