Saudi Energy Minister, US Secretary of Energy Sign Roadmap for Cooperation

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met in Riyadh with the US Secretary of Energy. SPA
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met in Riyadh with the US Secretary of Energy. SPA
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Saudi Energy Minister, US Secretary of Energy Sign Roadmap for Cooperation

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met in Riyadh with the US Secretary of Energy. SPA
Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met in Riyadh with the US Secretary of Energy. SPA

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz has met in Riyadh with US Secretary of Energy Jennifer M. Granholm.

Within the context of the Partnership for Advancing Clean Energy Agreement, signed by the Kingdom and the US in Jeddah on July 15, 2022, the Ministers discussed ways to enhance cooperation between the two countries in various energy fields, including carbon management, clean hydrogen, nuclear energy, electricity and renewables, innovation, energy sector supply chain resilience, and energy efficiency.

During Wednesday’s meeting, the two Ministers also addressed the Kingdom's efforts to tackle climate change through local and regional initiatives based on Circular Carbon Economy, including the “Saudi Green Initiative” and the “Middle East Green initiative.”

After the meeting, they signed a roadmap for cooperation in the field of energy between Saudi Arabia and the US.

The roadmap represents the joint implementation plan for energy cooperation, under the Partnership Framework for Advancing Clean Energy signed between the two countries in Jeddah on July 15, 2022, and sets a timeline that outlines critical projects for collaboration.

Both sides have agreed to implement the roadmap through several workstreams, including exchanging knowledge on policies in the areas covered by the roadmap, including policies related to standards and regulatory frameworks, enhancing joint research and development, especially in the field of new technologies, and building human capital through training and exchange of expertise.

The partnership framework covers cooperation in various fields and projects including clean energy, clean hydrogen, Circular Carbon Economy, Carbon Capture, Utilization and Storage technologies, clean cooking solutions, emissions reduction, research and development, and clean electricity generation technologies. The partnership framework also allows for further cooperation in other areas, in alignment with both countries' policies, laws, and international commitments.



Saudi PIF, Hong Kong Monetary Authority Sign MoU on Investment Fund

The MoU was signed at FII 8th Edition in Riyadh. SPA
The MoU was signed at FII 8th Edition in Riyadh. SPA
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Saudi PIF, Hong Kong Monetary Authority Sign MoU on Investment Fund

The MoU was signed at FII 8th Edition in Riyadh. SPA
The MoU was signed at FII 8th Edition in Riyadh. SPA

The Public Investment Fund (PIF) and the Hong Kong Monetary Authority (HKMA) signed on Thursday a memorandum of understanding (MoU) to work towards jointly anchoring a new investment fund, with a target size of $1 billion.

The MoU was signed at FII 8th Edition in Riyadh.

Under the MoU, the fund would explore investment in manufacturing, renewables, fintech, and healthcare, supporting the localization of companies connected to Hong Kong and the Greater Bay area in Saudi Arabia. It would create highly skilled local jobs and drive economic growth by fostering regional champions in the target sectors. It would reinforce Hong Kong’s position as one of the world’s leading financial hubs, leveraging its diverse talent pool, efficient financial infrastructure and deep liquidity. The signing of this MoU is a new milestone that underlines the economic ties between two leading institutions: PIF and HKMA.

The proposed new fund aligns with PIF’s economic diversification and sustainability strategy.

This partnership has the potential to drive shared prosperity by investing in industries that will shape future economies. It combines HKMA’s long-term investment expertise with PIF’s strategy for the target sectors.

The new fund would promote foreign direct investments via Hong Kong, providing a platform for companies to internationalize their businesses and access attractive investment opportunities in Saudi Arabia.