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Jeddah Chamber of Commerce Creates Investment Opportunities in SMEs

The Jeddah Chamber of Commerce and Industry signed a MoU with KAUST to create investment opportunities in the field of SMEs.
The Jeddah Chamber of Commerce and Industry signed a MoU with KAUST to create investment opportunities in the field of SMEs.
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Jeddah Chamber of Commerce Creates Investment Opportunities in SMEs

The Jeddah Chamber of Commerce and Industry signed a MoU with KAUST to create investment opportunities in the field of SMEs.
The Jeddah Chamber of Commerce and Industry signed a MoU with KAUST to create investment opportunities in the field of SMEs.

The Jeddah Chamber of Commerce and Industry signed on Monday a MoU with King Abdullah University of Science and Technology (KAUST) to create investment opportunities in the field of SMEs, build the digital transformation strategy and develop artificial intelligence.

The KAUST delegation at the signing event was chaired by Vice President of Innovation and Economic Development at the university, Kevin Cullen.

Chairman of the Board of Directors of the Jeddah Chamber Mohammed bin Yousuf Naghi said the future is focused on investment in the knowledge-based economy in the Kingdom.

He noted that the Chamber is an active channel and a bridge to communicate with the private sector, highlighting the successful experiences of KAUST in entrepreneurship and emerging firms.

The chairman further added that there are four sectoral councils at the Chamber that share the university’s strategy.

They are the Councils of Industry, Education and Training, Tourism and Culture, and Urban Development.

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Saudi Power Procurement Company Signs Purchase Agreements for 3 Solar Energy Projects 

Officials are seen at the signing ceremony. (SPA)
Officials are seen at the signing ceremony. (SPA)
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Saudi Power Procurement Company Signs Purchase Agreements for 3 Solar Energy Projects 

Officials are seen at the signing ceremony. (SPA)
Officials are seen at the signing ceremony. (SPA)

The Saudi Power Procurement Company (SPPC) signed on Wednesday Power Purchase Agreements (PPA) for three new solar photovoltaic projects with a consortium of ACWA Power Company, and the Water & Electricity Holding Company (Badeel), a wholly owned subsidiary of the Public Investment Fund (PIF), and Aramco Power, a fully-owned subsidiary of Saudi Aramco.

The agreement was signed in the presence of Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud.

These new projects with a capacity of 5,500 MW are part of the National Renewable Energy Program, which is supervised by the Ministry of Energy.

The three solar projects are:

Haden Solar PV, in Makkah Province, with a total capacity of 2,000 MW and an LCOE of 1.58762 cent/kWh (5.95356 Halala/kWh)

Al-Muwaih Solar PV, in Makkah Province, with a total capacity of 2,000 MW and an LCOE of 1.60852 cent/kWh (6.03194 Halala/kWh)

Al-Khushaybi PV, in Qassim Province, with a total capacity of 1,500 MW and an LCOE of 1.67289 cent/kWh (6.27334 Halala/kWh)

Starting 2024, Saudi Arabia will tender annually new renewable energy projects with a total capacity of 20 GW with the aim of reaching between 100 to 130 GW by 2030, depending on the growth of electricity demand.

Since the start of the renewables program to date, 21 projects have been awarded, including the projects that were signed on Wednesday with a total capacity of 19 GW. Of the 21 projects, seven with a total capacity of 4.1 GW are now connected to the grid, eight with a total capacity of 8.2 GW are under construction, and six with a total capacity of 7 GW are in the financial close stage.

Furthermore, and since the start of 2024, six new renewable energy projects have been tendered with a total capacity of 6.7 GW. Additional capacities are planned to be tendered during the current year in order to achieve the 20 GW annual tendered capacities target.

The National Renewable Energy program’s projects aim to reach the Kingdom’s optimal energy mix targets, and displace liquid fuels used in power generation sector and other sectors in the Kingdom, as part of the energy ecosystem’s efforts towards achieving Saudi Vision objectives.