Mitsubishi Power: Saudi Arabia a Key Hub for Our Sustainable Energy Investments

Adel Al-Juraid, CEO of Mitsubishi Power in Saudi Arabia (Asharq Al-Awsat) 
Adel Al-Juraid, CEO of Mitsubishi Power in Saudi Arabia (Asharq Al-Awsat) 
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Mitsubishi Power: Saudi Arabia a Key Hub for Our Sustainable Energy Investments

Adel Al-Juraid, CEO of Mitsubishi Power in Saudi Arabia (Asharq Al-Awsat) 
Adel Al-Juraid, CEO of Mitsubishi Power in Saudi Arabia (Asharq Al-Awsat) 

Saudi Arabia has emerged as one of Mitsubishi Power’s most strategic global markets and a prime destination for its sustainable energy investments, in line with the Kingdom’s Vision 2030 agenda for localization and clean energy.

The Japanese company is partnering with leading national institutions, including the Ministry of Energy, Saudi Aramco, SABIC, Saudi Electricity Company, ACWA Power, and the Saline Water Conversion Corporation, in addition to projects spearheaded by the Public Investment Fund.

In an interview with Asharq Al-Awsat, Adel Al-Juraid, CEO of Mitsubishi Power in Saudi Arabia, emphasized that the company’s role extends beyond supplying high-efficiency and reliable energy. It also focuses on knowledge transfer, workforce development, and technology localization through its centers across the Kingdom, where Saudi nationals make up more than half of the workforce.

These efforts, he said, align with the In-Kingdom Total Value Add (IKTVA) program to boost local supply chains.

A subsidiary of Mitsubishi Heavy Industries, Mitsubishi Power specializes in innovative energy solutions aimed at accelerating carbon reduction. The company is also advancing digital transformation by integrating artificial intelligence and the Internet of Things into its operations.

Strategic Projects

Al-Juraid said that Mitsubishi Power has recently secured a strategic contract to supply gas turbines for the Rumah-1 and Nairyah-1 plants, using JAC-class units designed to transition to hydrogen in the future.

He added that the project will add 3.5 gigawatts to the national grid, making it one of the largest power supply projects in Saudi Arabia and the wider region.

The turbines will be assembled locally at the company’s Dammam facility, underscoring its role in supporting Vision 2030 industrial goals.

In the industrial sector, Mitsubishi Power is supplying turbines for the SATORP refinery in Jubail - a joint venture between Aramco and TotalEnergies - capable of producing 475 megawatts of power and 452 tons of steam per hour.

The turbines are designed to co-fire hydrogen with natural gas and can be upgraded to operate on 100 percent hydrogen, aligning with Saudi Arabia’s 2060 net-zero ambitions.

Expansion Plans

Al-Juraid stressed that Saudi Arabia is central to Mitsubishi Power’s long-term growth strategy, with plans to expand investments in clean energy and data center infrastructure. Future offerings include hydrogen-ready turbines and carbon capture solutions to help balance productivity with grid reliability. He cited the company’s success in the United States with Georgia Power, where blending hydrogen into turbines cut emissions by 22 percent.

Local Partnerships and Manufacturing

The company operates three service centers in the Kingdom, with its Dammam facility recently localizing the assembly of next-generation gas turbines. According to its CEO, Mitsubishi Power is also exploring partnerships with Saudi universities and innovation hubs in research and development, leveraging expertise from Japan’s Takasago Hydrogen Park, the world’s first dedicated hydrogen validation facility.

Moreover, the company currently holds the largest global market share in gas turbines, with 36 percent overall and 56 percent in advanced turbine categories in 2023, marking the second consecutive year of global leadership.

Concluding, Al-Juraid reaffirmed Mitsubishi Power’s commitment to providing advanced solutions that meet Saudi Arabia’s rising energy demand, particularly from data centers and artificial intelligence applications, while contributing to sustainable economic growth.

 

 



Third ‘Mirkaz AlBalad AlAmeen Platform’ to Open in Makkah on Sunday 

A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
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Third ‘Mirkaz AlBalad AlAmeen Platform’ to Open in Makkah on Sunday 

A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)

The third edition of the “Mirkaz ABalad AlAmeen”, a leading platform for exchanging opportunities in Makkah, will kick off on Sunday, under the theme “Makkah Inspires the World.”

The platform, organized by the Holy Makkah Municipality, will feature 15 exceptional Ramadan evenings focused on dialogue, knowledge exchange, and cross-sector engagement.

Makkah Mayor Musad Aldaood said the platform redefines development from Makkah, where faith meets inspiration and values are transformed into a comprehensive civilizational experience.

He noted that the initiative reflects the ambitions of Saudi Vision 2030 and showcases Makkah to the world as a living model of creativity, leadership, and innovation.

The upcoming edition will host more than 65 speakers, including executive leaders and decision-makers from across all three sectors, alongside futurists, entrepreneurs, and leading voices in culture and inspiration from artists, writers, media professionals, and innovators.

The program targets 12 key sectors: technology and digital transformation, financial investment, communications and media, real estate development, transport and logistics, banking services, youth and sports, tourism and culture, hospitality and catering, Hajj and Umrah, the third sector, and healthcare.


Saudi Arabia’s Mawani Grants Unified License to Global Shipping Line 

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
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Saudi Arabia’s Mawani Grants Unified License to Global Shipping Line 

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)

The Saudi Ports Authority (Mawani) granted on Thursday a unified license to international shipping line Global Shipping Line (PIL), officially recognizing it as an authorized foreign investor to operate maritime agencies in the Kingdom's ports, reported the Saudi Press Agency.

The license is issued in accordance with the regulations outlined in the Maritime Agency Services, reflecting Mawani's commitment to boosting the efficiency of the maritime sector and improving the quality of operational services provided at ports.

It aims to attract global expertise and facilitate knowledge transfer within the Kingdom, aligning with international best practices in the maritime transport industry.

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector.

PIL, which operates from its regional headquarters in Riyadh, manages operations in 29 countries.

The move strengthens the Kingdom's position as a crucial logistics hub, in line with the National Transport and Logistics Strategy, while attracting more international shipping lines. It reinforces Saudi Arabia's role as a key link among three continents.


IMF: Restoring Lebanon's Economic Growth Will Require Comprehensive Reforms

FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo
FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo
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IMF: Restoring Lebanon's Economic Growth Will Require Comprehensive Reforms

FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo
FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo

Lebanon's economy has shown resilience despite conflicts in the region, with tourism fueling a bit of a rebound, but restoring growth will require comprehensive reforms, the International Monetary Fund said on Thursday.

IMF spokeswoman Julie Kozack said the global lender remains engaged in complex discussions with Lebanese ‌authorities following their ‌request for an IMF-supported ‌program ⁠in March 2025. The ⁠IMF sent a staff mission to Beirut earlier this month, said Reuters.

The talks have been focused on two big issues, she said, citing the need for banking sector restructuring and a medium-term fiscal ⁠strategy. "The economy has shown resilience ‌despite the impact ‌of conflicts in the region. It has had ‌a bit of a rebound ‌on the back of tourism from the strong diaspora," Kozack said.

"But at the same time, really restoring strong and sustainable growth will ‌require a comprehensive set of reforms to tackle some of the ⁠structural ⁠weaknesses that have really hampered Lebanon's economic performance for many years," she said. Reforms also are needed to attract international support to help Lebanon address its substantial reconstruction needs.

Kozack said Lebanon needs an updated medium-term fiscal framework that includes concrete measures to mobilize additional revenues for much-needed capital spending, as well as a sovereign debt restructuring to restore debt sustainability.