عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia Aims to Develop New Plant to Localize Wind Energy

NEOM Green Hydrogen has recently announced the delivery of the first batch of turbines for the new plant (Asharq Al-Awsat)
NEOM Green Hydrogen has recently announced the delivery of the first batch of turbines for the new plant (Asharq Al-Awsat)
TT
TT

Saudi Arabia Aims to Develop New Plant to Localize Wind Energy

NEOM Green Hydrogen has recently announced the delivery of the first batch of turbines for the new plant (Asharq Al-Awsat)
NEOM Green Hydrogen has recently announced the delivery of the first batch of turbines for the new plant (Asharq Al-Awsat)

The Saudi Public Investment Fund (PIF) and China’s second-largest wind turbine manufacturer are close to a deal to develop a new plant in the Kingdom to help boost renewable power production by building a wind turbine manufacturing plant in Saudi Arabia as part of the country’s efforts to localize supply chains.

The Saudi sovereign wealth fund and Vision Industries, a privately owned renewable-energy manufacturing company, could sign an agreement with Envision Energy Co., as soon as this week, Bloomberg said on Monday, quoting people familiar with the matter.

The deal would involve the PIF, which controls nearly $1 trillion of assets, and the two other partners building a wind turbine manufacturing plant in Saudi Arabia as part of the Kingdom’s efforts to localize supply chains, according to the people.

Envision is expected to be the majority investor in the partnership, they said, declining to be named discussing confidential information.

Envision already has significant business in Saudi Arabia, which is investing billions of dollars in renewables to stop burning oil for power.

The Chinese firm supplies wind turbines for the almost $9 billion Neom Green Hydrogen Co., which will use 4 gigawatts of solar and wind power to create clean hydrogen.

Most Viewed

 
 
Business

China Affirms Integration of Belt and Road Initiative with Saudi Vision 2030

 A recent report confirms that the integration of the Belt and Road Initiative with the Saudi Vision 2030 marks the beginning of a new era of strategic partnership between the two countries. (AFP)
 A recent report confirms that the integration of the Belt and Road Initiative with the Saudi Vision 2030 marks the beginning of a new era of strategic partnership between the two countries. (AFP)
TT
TT

China Affirms Integration of Belt and Road Initiative with Saudi Vision 2030

 A recent report confirms that the integration of the Belt and Road Initiative with the Saudi Vision 2030 marks the beginning of a new era of strategic partnership between the two countries. (AFP)
 A recent report confirms that the integration of the Belt and Road Initiative with the Saudi Vision 2030 marks the beginning of a new era of strategic partnership between the two countries. (AFP)

A recent report from Fujian Daily has highlighted the growing partnership between China and Saudi Arabia, emphasizing the alignment of the Belt and Road Initiative (BRI) with Saudi Vision 2030. This collaboration reflects the two nations’ shared commitment to fostering global progress and creating a unified future for humanity.
The report underscored the strengthening ties between the two countries in education and industry. For example, 22 Saudi students have graduated from Xiamen University in Fujian, with many pursuing careers in the chemical industry. Some have returned to Fujian, further enhancing the relationship between the nations.
During President Xi Jinping’s visit to Saudi Arabia in December 2022, a significant agreement was signed between Sinopec and Saudi Aramco to develop the second phase of the Gulei refining and petrochemical integration project. This initiative exemplifies the deepening energy sector cooperation.
In February 2024, construction began on a joint ethylene project with an investment of 44.8 billion yuan ($6.14 billion), marking the first direct partnership between a Chinese regional company and a global firm in petrochemicals. Expected to complete by 2026, the project highlights the strategic importance of industrial collaboration.
The report also spotlighted the historical ties between China and Arab countries through the Silk Road, with Fujian serving as a key hub. Today, initiatives such as the Maritime Silk Road revive this legacy. In May 2024, a multimodal transport channel linking Nanchang, Xiamen, and Saudi Arabia was launched to facilitate exports from the Gulei project to global markets.
Additionally, the second phase of the Gulei complex was launched in November 2024, with a total investment of 71.1 billion yuan ($9.74 billion), making it the largest industrial project in Fujian’s history. The project aims to enhance resource security and boost the petrochemical supply chain.
The report concluded that the ongoing partnership, supported by technological advancements and shared ambitions, underscores a new era of strategic collaboration, with the integration of BRI and Vision 2030 symbolizing a bright future for both nations.