Saudi-Japanese Business Council Discusses Investment Opportunities

Saudi and Japanese official attend a meeting of the Saudi-Japanese business council in Riyadh on Sunday. (SPA)
Saudi and Japanese official attend a meeting of the Saudi-Japanese business council in Riyadh on Sunday. (SPA)
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Saudi-Japanese Business Council Discusses Investment Opportunities

Saudi and Japanese official attend a meeting of the Saudi-Japanese business council in Riyadh on Sunday. (SPA)
Saudi and Japanese official attend a meeting of the Saudi-Japanese business council in Riyadh on Sunday. (SPA)

The Saudi-Japanese business council convened in Riyadh on Sunday to explore avenues for strengthening the strategic partnership between the two nations across diverse economic sectors.

The meeting was headed by Saudi Minister of Investment Khalid Al-Falih and Japan's Minister of Economy, Trade and Industry Muto Yoji. It brought together several ministers, CEOs of major Saudi and Japanese companies, and representatives from both countries' public and private sectors.

Officials reviewed the significant achievements made since the seventh ministerial meeting within the Saudi-Japanese Vision 2030.

It explored numerous areas of growing cooperation and identified promising investment opportunities in vital sectors such as clean energy, financial services, critical minerals, special economic zones, health and biotechnology, water, e-sports, advanced and electronic industries, and more.

The meeting witnessed the signing of 13 memoranda of understanding, demonstrating the growing momentum in bilateral cooperation. The agreements, covering healthcare, infrastructure, and logistics sectors, were signed between government and private sector entities and amongst private sector companies from both countries.



UAE's Masdar Launches Facility to Produce 1GW of Uninterrupted Renewable Energy

Windmill turbines stand in Masdar's wind farm on Sir Bani Yas Island, in Abu Dhabi, United Arab Emirates, September 28, 2023. REUTERS/Amr Alfiky/File photo
Windmill turbines stand in Masdar's wind farm on Sir Bani Yas Island, in Abu Dhabi, United Arab Emirates, September 28, 2023. REUTERS/Amr Alfiky/File photo
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UAE's Masdar Launches Facility to Produce 1GW of Uninterrupted Renewable Energy

Windmill turbines stand in Masdar's wind farm on Sir Bani Yas Island, in Abu Dhabi, United Arab Emirates, September 28, 2023. REUTERS/Amr Alfiky/File photo
Windmill turbines stand in Masdar's wind farm on Sir Bani Yas Island, in Abu Dhabi, United Arab Emirates, September 28, 2023. REUTERS/Amr Alfiky/File photo

UAE state-owned renewables firm Masdar has launched a renewable energy facility that will produce 1 gigawatt of uninterrupted clean power and that is expected to cost around $6 billion, company executives said on Tuesday.

Speaking at the opening of Abu Dhabi Sustainability Week, chairman Sultan Al Jaber, who also serves as the chief executive of energy giant Abu Dhabi National Oil Co (ADNOC) and is the UAE minister of industry and advanced technology, called the project a significant step in transforming renewable energy into baseload power, Reuters reported.

"This will, for the first time ever, transform renewable energy into baseload energy. It is a first step that could become a giant leap," Al Jaber said.

"How can we power a world that never sleeps with energy sources that do? How can we transform renewable resources into reliable power? Today...we have an answer," Al Jaber said before announcing the project.

The project is expected to start operations by 2027, Masdar's chief operating officer Abdulaziz Alobaidli said during the event.

It is expected to cover 90 square kilometres (34.75 square miles) in "the desert of Abu Dhabi" and cost around $6 billion, he said, adding it will be "equity and project finance debt funded."

The facility "is just the beginning for more projects here and in the region, where we can unlock the full potential of solar," the UAE energy minister Suhail al-Mazrouei told the public at a summit taking place in the same Abu Dhabi venue.

Earlier on Tuesday, Al Jaber had said that the rapid growth of energy-hungry applications like ChatGPT could lead to a 250% increase in energy demand by 2050, reaching 35,000 GW. This highlights the need for diverse power sources to meet the unprecedented demand, he added.