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Saudi Arabia to Launch 4 New Solar Projects within Renewable Energy Program

A Saudi man looks at the solar plant in Uyayna, north of Riyadh, Saudi Arabia April 10, 2018. (Reuters)
A Saudi man looks at the solar plant in Uyayna, north of Riyadh, Saudi Arabia April 10, 2018. (Reuters)
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Saudi Arabia to Launch 4 New Solar Projects within Renewable Energy Program

A Saudi man looks at the solar plant in Uyayna, north of Riyadh, Saudi Arabia April 10, 2018. (Reuters)
A Saudi man looks at the solar plant in Uyayna, north of Riyadh, Saudi Arabia April 10, 2018. (Reuters)

Saudi Arabia is about to launch four giant projects to produce solar photovoltaic systems within a national renewable energy program.

The Kingdom’s Energy Ministry issued a request for qualifications from companies looking to take part in the third round of its national renewable energy program, according to a statement released by Saudi Press Agency.

The third round includes four solar photovoltaic projects with a combined generation capacity of 1,200 MW, according to the statement.

In March 2018, Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, signed a MoU with Masayoshi Son, Chairman of the Softbank Vision Fund, to establish the largest solar energy project in the Kingdom, which will produce 200 GW at a cost of USD 200 billion.

Eng. Faisal Al-Yemni, Head of the Renewable Energy Projects Development Office (REPDO) stated that the projects within Round Three will carry a minimum requirement of 17 percent local content as calculated by the mechanism defined by the Local Content and Government Procurement Authority, which aims to increase the value-added contribution of products and services in the national economy, according to the statement.

Saudi Arabia’s National Renewable Energy Program (NREP) is a long-term, multifaceted renewable energy program designed to balance the domestic power mix, in parallel with the implementation of the Kingdom’s Nationally Determined Contribution (NDC) to avoid carbon and other greenhouse gas emissions, directly supporting Vision 2030.

The National Renewable Energy Program aims to substantially increase the share of renewable energy in the power energy mix.

On July 18, 2019, REPDO launched Round Two of the NREP, which comprised six solar PV projects amounting to 1,470 MW. The deadline for receiving proposals for Round Two projects is Jan. 20, 2020, and Feb. 3, 2020, for categories B and A respectively.

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New Chapter for Saudi Real Estate Market as Foreign Ownership Allowed

Residential and commercial properties in Riyadh – Asharq Al-Awsat
Residential and commercial properties in Riyadh – Asharq Al-Awsat
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New Chapter for Saudi Real Estate Market as Foreign Ownership Allowed

Residential and commercial properties in Riyadh – Asharq Al-Awsat
Residential and commercial properties in Riyadh – Asharq Al-Awsat

Saudi Arabia has approved a new law allowing non-Saudis to own real estate across the Kingdom, a move officials say will stimulate foreign investment, increase the quality and availability of housing stock, and help bring balance to the property market.

The decision, announced by the Council of Ministers on Tuesday, marks a shift in the structure of the real estate sector and aligns with the Kingdom’s broader strategy to diversify investment and improve urban development under its Vision 2030 reform agenda.

Municipal and Rural Affairs and Housing Minister Majid Al-Hogail said the new framework is expected to attract foreign developers and investors, increase competition in the domestic market, and ultimately help stabilize prices while improving housing options for Saudi citizens.

“A Strategic Restructuring”

“This step will encourage real estate supply and raise the quality of developments,” Al-Hogail said in a statement. “It supports the economic momentum and investment movement we are witnessing under Vision 2030.”

Khalid Al-Jasser, head of Amaken Group and a real estate specialist, said the updated system prioritizes Saudi citizens’ interests and will include mechanisms to regulate the market and achieve planned targets—chief among them, property market balance.

He added that the move would introduce global real estate standards to the Kingdom and draw capital to improve housing infrastructure, while creating jobs and lowering property prices.

“This is more than just an investment measure—it’s a structural shift,” Al-Jasser said.

Focus on Mega Projects and New Cities

Khaled Almobid, CEO of Menassat Realty Co., said the measure would allow foreign investors to buy properties in major development zones such as NEOM and the Red Sea Project—areas central to Crown Prince Mohammed bin Salman’s economic diversification efforts.

Almobid said the law is intended to protect Saudi homebuyers from being priced out of the market, while enabling high-value foreign investment that brings hard currency and supports large-scale development.

“The focus will be on strategic areas,” he said. “We expect foreign ownership will be restricted in districts designated for Saudi housing, with safeguards against speculation.”

He noted that details would become clearer once executive regulations are released.

Riyadh Housing Reforms

The foreign ownership law follows a series of housing reforms launched in March by Crown Prince Mohammed, aimed at curbing soaring land and rental prices in Riyadh.

As part of the measures, the government lifted bans on land sales, divisions, and permits, and instructed the Royal Commission for Riyadh City to develop 10,000 to 40,000 new residential plots annually over the next five years - priced at no more than 1,500 riyals ($400) per square meter - for eligible citizens.

Eligibility is limited to married Saudis or individuals over 25 years old with no prior property ownership.

The government also pledged to amend regulations governing undeveloped land fees and tenant-landlord relations within 60 to 90 days to boost supply and protect all parties’ rights.

The Real Estate General Authority and the Royal Commission were also tasked with monitoring Riyadh property prices and submitting regular reports.