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.



Saudi-Turkish Talks Focus on Strengthening Bilateral Cooperation

The Saudi deputy foreign minister and his Turkish counterpart meeting in Ankara on Wednesday (SPA)
The Saudi deputy foreign minister and his Turkish counterpart meeting in Ankara on Wednesday (SPA)
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Saudi-Turkish Talks Focus on Strengthening Bilateral Cooperation

The Saudi deputy foreign minister and his Turkish counterpart meeting in Ankara on Wednesday (SPA)
The Saudi deputy foreign minister and his Turkish counterpart meeting in Ankara on Wednesday (SPA)

Saudi Deputy Foreign Minister Waleed Al-Khuraiji visited Ankara on Wednesday and met with Turkish Vice President Cevdet Yilmaz, Foreign Minister Hakan Fidan, and his counterparts Burhanettin Duran and Nuh Yilmaz.

Al-Khuraiji addressed relations between Saudi Arabia and Türkiye during his meetings, attended by the Saudi Ambassador to Türkiye, Fahd bin Asaad Abu Al-Nasr.

The Saudi deputy minister also held political consultations between the Saudi and Turkish foreign ministries in Ankara with Yilmaz.

During the meetings, Saudi Arabia and Türkiye discussed strengthening their bilateral relations and advancing cooperation. The officials also addressed issues of mutual interest and the latest regional developments.

In mid-July, Saudi Arabia and Türkiye reaffirmed their commitment to bolstering ties across various sectors, including the activation of a joint coordination council.

The announcement followed a meeting in Istanbul between Saudi Foreign Minister Prince Faisal bin Farhan and Turkish President Recep Tayyip Erdogan.

On his part, Fidan participated in an expanded international meeting on Syria hosted by Saudi Arabia on Sunday.

The gathering, chaired by Prince Faisal bin Farhan, underscored Riyadh’s pivotal role in the region and its steadfast support for ensuring Syria’s security, stability, and territorial integrity, free from foreign interference.