Saudi PIF Establishes New Energy Service Company 'Super Esco'

The Kingdom Tower stands in the night above the Saudi capital Riyadh November 16, 2007.  REUTERS/Ali Jarekji  (SAUDI ARABIA)
The Kingdom Tower stands in the night above the Saudi capital Riyadh November 16, 2007. REUTERS/Ali Jarekji (SAUDI ARABIA)
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Saudi PIF Establishes New Energy Service Company 'Super Esco'

The Kingdom Tower stands in the night above the Saudi capital Riyadh November 16, 2007.  REUTERS/Ali Jarekji  (SAUDI ARABIA)
The Kingdom Tower stands in the night above the Saudi capital Riyadh November 16, 2007. REUTERS/Ali Jarekji (SAUDI ARABIA)

Saudi Arabia's Public Investment Fund (PIF) has announced the establishment of a new energy service company, Super Esco, designed to increase energy efficiency across government and public buildings and stimulate the growth of the Kingdom’s energy efficiency industry in line with the objectives of Vision 2030 to diversify the economy and drive environmental sustainability.

In partnership with the Ministry of Energy, Industry and Mineral Resources, the Ministry of Finance, and the Saudi Energy Efficiency Center, Super Esco will provide new investment opportunities by creating partnerships with the private sector to deliver projects.

Projects in the Kingdom of Saudi Arabia’s energy efficiency sector have an estimated value of SAR 42 billion, or around SAR 3 billion annually. Internationally, the sector is valued at SAR 130 billion, with projects in the US, Europe, and China accounting for 90 percent of the global market share.

Super Esco has been established with a capitalization of SAR 1.9 billion. The company will fund and manage the retrofit of government and public buildings, which represent over 70 percent of overall projects in the sector.

These projects will help reduce government spending on the electricity sector, which will in turn reduce natural resource consumption while rationalizing capital investments in expansion projects for the production, generation, transmission, and distribution of electricity.



GCC Secretary-General Meets with Director of China Atomic Energy Authority

Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi
Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi
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GCC Secretary-General Meets with Director of China Atomic Energy Authority

Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi
Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi

Secretary-General of the Gulf Cooperation Council (GCC) Jasem Albudaiwi met with Director of the China Atomic Energy Authority Shan Zhongde on the sidelines of the first GCC-China Forum on Peaceful Uses of Nuclear Technology in Chengdu, the capital of Sichuan Province in China.
During the meeting, discussions focused on avenues of cooperation between the GCC and China across various fields, including the peaceful use of nuclear energy, SPA reported.
The two sides underscored the importance of the forum and its associated workshops and lectures, emphasizing their potential to enhance cooperation in this field.
Albudaiwi stated that this meeting aligns with the outcomes of the final statement of the Riyadh GCC-China Summit for Cooperation and Development, aimed at strengthening the existing strategic partnership between the GCC and China, and expanding it towards new horizons in various political, economic, and cultural fields.