Abdulaziz bin Salman: In Saudi Arabia, We Don’t Know the Word ‘Impossible’

Prince Abdulaziz highlighted that Saudi Arabia is achieving “record-low costs for renewable energy generation." Asharq Al-Awsat
Prince Abdulaziz highlighted that Saudi Arabia is achieving “record-low costs for renewable energy generation." Asharq Al-Awsat
TT

Abdulaziz bin Salman: In Saudi Arabia, We Don’t Know the Word ‘Impossible’

Prince Abdulaziz highlighted that Saudi Arabia is achieving “record-low costs for renewable energy generation." Asharq Al-Awsat
Prince Abdulaziz highlighted that Saudi Arabia is achieving “record-low costs for renewable energy generation." Asharq Al-Awsat

Saudi Energy Minister Prince Abdulaziz bin Salman stated that Saudi Arabia might be the only country positioned to financially benefit from the global energy transition toward renewables, affirming: “In the Kingdom, we don’t know the word ‘impossible.’”

Speaking at a session on New Energy Economies during the eighth annual Future Investment Initiative in Riyadh on Tuesday, he explained: “We’re building nearly 4,000 kilometers of gas pipelines to supply cities with affordable gas as part of our energy transition strategy. This could potentially triple our chemical production, providing us with valuable liquids and methane gas, which will yield substantial gains for the Kingdom.”

“How many countries worldwide are taking on what we are in terms of energy transition and accelerating the Vision 2030 targets?” he asked, adding: “This country doesn’t know the word ‘impossible.’ Over the last six years, we have achieved significant progress with focus and purpose, using our circular carbon economy approach to direct us to where we intend to go. Our aim is to diversify our economy, create value, strengthen supply chains, and generate jobs—all core to Saudi Arabia’s plans.”

Prince Abdulaziz highlighted that Saudi Arabia is achieving “record-low costs for renewable energy generation” and shared plans to provide 20 gigawatts of renewable energy annually. He emphasized that the country is proactively identifying suitable sites for renewable energy production and accelerating its shift toward gas.

“Since 2020, we have produced 44 gigawatts of renewable energy—equivalent to about half of the total capacity in the UK and 90% of that in Sweden.” He added that Saudi Arabia will be uniquely positioned to profit financially from the energy transition.

The Kingdom is also working to connect all regions to at least two electricity sources and is expanding pipelines nationwide to ensure industrial cities have a stable gas supply.

Prince Abdulaziz announced agreements and contracts supporting these goals, targeting nine electricity control centers by 2030, up from the current two.

“We have already signed for 26 gigawatts of battery storage, aiming to reach 48 gigawatts by 2030. Some G20 countries haven’t reached these figures,” he remarked.

He also noted ongoing collaborations with the Public Investment Fund (PIF) to launch an optimized carbon market and with Ma’aden to secure critical mineral supplies both domestically and internationally. Referring to the Saudi Green Initiative and Middle East Green Initiative, he noted: “No other country has initiatives like these.”

The minister reaffirmed Saudi Arabia’s commitment to maintaining a crude oil production capacity of at least 12.3 million barrels per day, saying: “We are committed to sustaining this production level, and we take pride in that.”



Riyadh Air Orders 60 Airbus A321neo Planes

Riyadh Air planes. Photo: Riyadh Air website
Riyadh Air planes. Photo: Riyadh Air website
TT

Riyadh Air Orders 60 Airbus A321neo Planes

Riyadh Air planes. Photo: Riyadh Air website
Riyadh Air planes. Photo: Riyadh Air website

Saudi Arabia's newest airline Riyadh Air said on Wednesday it had placed an order for 60 Airbus narrowbody A321-family jets as it prepares to start operations in 2025.

The deal, signed at the Future Investment Initiative forum in Riyadh, brings to 132 the total number of jets ordered by the Saudi startup, which last year ordered 39 Boeing 787 Dreamliners with options for 33 more.

The creation of Riyadh Air by the Saudi sovereign wealth fund is part of a broader Saudi strategy to diversify its economy and boost tourism.

“This deal underlines the airline’s ambitious intentions in advance of next year’s launch, as it builds a comprehensive international network and establishes Riyadh as a major strategic global aviation hub,” Yasir Al Rumayyan, governor of the Public Investment Fund (PIF) and chairman of Riyadh Air, said.

CEO of Commercial Aircraft at Airbus Christian Scherer said: “The latest generation A321neo aircraft will bring exceptional efficiency to the airline's operations, concrete contributions to its decarbonization goals and comfort to its passengers. We look forward to working together to support the strong ambitions of Saudi aviation."