Siemens: Middle East's Renewable Energy to Triple by 2035

A Saudi man walks on a street past a field of solar panels at the King Abdulaziz city of Sciences and Technology, Al-Oyeynah Research Station, (File Photo: REUTERS/Fahad Shadeed)
A Saudi man walks on a street past a field of solar panels at the King Abdulaziz city of Sciences and Technology, Al-Oyeynah Research Station, (File Photo: REUTERS/Fahad Shadeed)
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Siemens: Middle East's Renewable Energy to Triple by 2035

A Saudi man walks on a street past a field of solar panels at the King Abdulaziz city of Sciences and Technology, Al-Oyeynah Research Station, (File Photo: REUTERS/Fahad Shadeed)
A Saudi man walks on a street past a field of solar panels at the King Abdulaziz city of Sciences and Technology, Al-Oyeynah Research Station, (File Photo: REUTERS/Fahad Shadeed)

The Middle East's share of renewable energy in the power mix is expected to triple from 5.6 percent (16.7 GW) in 2016 to 20.6 percent (100 GW) in 2035, according to a new energy outlook report.

The report done by Siemens expected the region to require a total of 483 gigawatts (GW) of power generation capacity by 2035, an addition of 277 GW from 2016. It added that this increase highlights the need for reliable and efficient energy storage solutions, as well as "mixed power generation sources to overcome the intermittent nature of renewables and achieve grid stability."

Siemens’ report entitled: ‘Middle East Power: Outlook 2035’ notes that despite the growing share of renewables, natural gas is expected to remain the number one source for power generation in the region, representing 60 percent of installed capacity through 2035.

"With economic diversification and population growth accelerating, the growth in power demand in the region - approximately 3.3 percent per year – will be realized predominantly through increasingly efficient natural gas-fired power plants," added the report.

Capacity additions will primarily be highly efficient Combined Cycle Power Plants (CCPPs), the kind of power plants expected to dominate the domain by 2030.

Siemens Middle East and UAE CEO Dietmar Siersdorfer indicated that a reliable, efficient, flexible and affordable power supply is the backbone of economic and social development in the Middle East, adding: "While the energy mix will see significant diversification over the next 20 years, natural gas will remain the prime energy source for power generation in 2035."

Siersdorfer stated that the majority of new power generation capacity is expected to be via highly efficient combined-cycle power plants, but renewables will also gain a substantially increased share of the energy mix.

Aside from new capacity additions, an additional 45 GW could also be realized through efficiency brought about by upgrading facilities older than 30 years.

This comes as solar power is expected to add around 61 GW in the Middle East by 2035. The report also highlights significant potential for wind power generation, especially in Saudi Arabia and Egypt.

Yet, cost-competitive storage solutions continue to remain an obstacle for widespread adoption of renewable energy technologies.

Masdar CEO, Mohamed Jameel al-Ramahi stated that the technological developments are promising a "paradigm shift in the way in which we produce and consume energy."

The Middle East will definitely be affected by the transformation taking place, he added.

Ramahi described the report as "thought-provoking", stating that it will broaden the understanding of any audience confronting the changing dynamics of the Middle East’s power sector.

Masdar is a partner to Siemens and a pioneer in the clean energy space in the region, and it contributed to the report.

According to the report, digitization is one of the important elements in achieving the future energy goals . A gas turbine can produce 30 gigabytes of data per day, and the report points out that "using digitization tools to harness this data and use it intelligently will be an important factor in increasing the efficiency and flexibility of energy supply, while decreasing production costs at the same time."

“Digitization is an essential part of the future energy landscape, and turning big data into smart data will enable us to be more reliable, energy efficient and cost effective,” Siersdorfer concluded.



Saudi Real Estate Market Maintains Investment Momentum Despite War Fallout

Residential developments in Saudi Arabia (Ministry of Municipalities and Housing)
Residential developments in Saudi Arabia (Ministry of Municipalities and Housing)
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Saudi Real Estate Market Maintains Investment Momentum Despite War Fallout

Residential developments in Saudi Arabia (Ministry of Municipalities and Housing)
Residential developments in Saudi Arabia (Ministry of Municipalities and Housing)

Saudi Arabia's real estate market continues to attract investment despite geopolitical challenges weighing on economic activity worldwide, supported by new housing developments and efforts to expand residential supply.

The Ministry of Municipalities and Housing announced that more than 15,000 residential land plots had been made available through the Sakani platform across the Kingdom between the beginning of 2026 and the end of October, alongside additional projects launched by private-sector developers.

The developments underscore the sector's continued momentum and its importance to the Saudi economy.

Government initiatives and private-sector projects aim to expand housing supply and meet growing demand, reinforcing real estate's position as a key driver of economic growth and diversification.

Strong domestic demand and ongoing urban development projects continue to underpin the market's appeal, attracting investment from both Saudi and international investors.

Against a backdrop of geopolitical uncertainty and war-related disruptions to trade, supply chains, financing costs and construction expenses, the real estate sector has gained importance as an industry driven largely by domestic demand and capable of sustaining economic activity.

Private-Sector Investment

Despite mounting global economic volatility and geopolitical tensions, Saudi Arabia's real estate market continues to attract international investment, supported by clear economic policies, expanding development opportunities and strong housing demand.

Real estate developer Arada recently announced its entry into the Saudi market through a partnership with local company XTOPIA, backed by a SAR 50 billion ($13.3 billion) portfolio of land and development opportunities.

The partnership's first project is a SAR 14 billion residential development in Riyadh's Al Rimal district.

Riyadh Region Municipality, the Ministry of Municipalities and Housing, and the National Center for Privatization & PPP also recently announced the launch of the expression of interest, prequalification and proposal submission stages for a joint land investment project.

The initiative involves developing a municipal land plot in northern Riyadh through a 50-year partnership with the private sector, marking the municipality's first project under the joint investment model.

Real estate specialists described the initiative as an important step toward enabling private investors to develop property assets into sustainable projects with significant economic value.

They said the extended investment period would encourage developers to improve construction quality and services, strengthen project feasibility, diversify real estate offerings and increase supply in one of the capital's most expensive neighborhoods.

Balancing the Real Estate Market

The importance of releasing more residential land lies in achieving greater balance in the property market, a government objective outlined by Crown Prince and Prime Minister Mohammed bin Salman.

The strategy seeks to increase housing supply by making more land available, broadening the options accessible to Saudi citizens and enabling more households to move from searching for a home to building and owning one.

Increasing the availability of residential land, particularly in cities and governorates experiencing rising demand, could ease pressure on land prices over the medium term, provided that plot locations and sizes correspond to actual market needs.

The release of additional land also creates opportunities for real estate developers, contractors, engineering firms and building materials suppliers to benefit from anticipated demand for construction projects.

As a result, businesses across the real estate and construction supply chain could see stronger activity despite the impact of the geopolitical crisis on other economic sectors in the region.

The initiative also expands housing choices, supports efforts to increase homeownership rates and improve quality of life, and encourages urban development beyond major metropolitan centers.

Lowering Prices

Real estate developer Ahmed Omar Basoudan believes the main challenge facing Saudi Arabia's property market in the coming period will not simply be increasing the number of land plots and housing units available.

Rather, he said, the priority must be ensuring that homes reach buyers at prices they can afford, while providing adequate infrastructure and services and keeping development and construction costs under control.

Speaking to Asharq Al-Awsat, Basoudan explained that genuine balance in the real estate market depends on the availability of housing that meets buyers' needs in terms of price, location and quality, rather than simply increasing overall supply.

He said the release of more than 15,000 residential land plots during the first 10 months of the year, together with recently announced private-sector projects, reflected the government's continued commitment to expanding housing supply and providing more residential options.

Basoudan stressed that the latest real estate developments represent an important step toward addressing one of the market's most pressing challenges: achieving a sustainable balance between supply and demand, particularly amid the Kingdom's population growth and continued urban expansion.


Saudi Stocks Rebound 0.9%, Recouping Previous Session's Losses

An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
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Saudi Stocks Rebound 0.9%, Recouping Previous Session's Losses

An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)
An investor monitors stock market data on a screen at the Saudi Exchange (Tadawul) in Riyadh (Reuters)

Saudi stocks closed higher on Monday, recovering some of the losses sustained in the previous session as heavyweight shares strengthened and the banking sector advanced.

The benchmark Tadawul All Share Index (TASI) rose 0.90% to close at 10,106 points, gaining 90 points. Total trading value reached approximately SAR 3.5 billion ($933 million).

The index had fallen 0.8% on Sunday amid selling pressure on heavyweight stocks.

Anaam International Holding Group, Fitaihi Holding Group and Raoom were among the session's top gainers, rising between 7% and 9% to close at SAR 11.93, SAR 2.11 and SAR 72.30, respectively.

On the losing side, Almunajem Foods led the declines, shedding 9.20% to SAR 49.94, followed by Saudi Paper Manufacturing Co., which fell 6.18% to SAR 48.88, and Alamar Foods, which dropped 4.63% to SAR 44.06.

At the sector level, banks led the gains, advancing 1.60%, supported by a 2.06% rise in Bank AlJazira shares, which closed at SAR 10.89.


Tesla to Refund Many Cybertruck Deposits as Demand Exceeds Production, Musk Says

Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
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Tesla to Refund Many Cybertruck Deposits as Demand Exceeds Production, Musk Says

Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)
Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. (AFP)

Tesla will have to refund Cybertruck deposits for many customers as orders far exceed production capacity, CEO Elon Musk said, following last week's announcement that the electric vehicle maker is winding down the pickup truck's production at its Texas factory.

"We will try ‌to make ‌as many as ‌possible ⁠before shutting down the ⁠line in about 8 months, but will have to return deposits for a lot of people," the billionaire said in a post on X on Monday.

The comments ⁠come after Musk said ‌Tesla would ‌add an extra production shift to fulfill outstanding ‌Cybertruck orders before dismantling the production ‌line next year to expand output of its Cybercab robotaxi.

The production winddown is slated for mid-2027, Musk announced on ‌Friday, with the resources being redirected to the Cybercab, a vehicle ⁠central ⁠to the automaker's autonomous-driving ambitions.

Tesla began delivering the Cybertruck in late 2023, but demand has fallen far short of Musk's expectations. US sales fell 48% to 20,237 units last year, according to Kelley Blue Book, well below Musk's earlier projection that annual Cybertruck sales could reach 250,000 vehicles.