عربي English Türkçe اردو فارسى
Logo
Latest News
Gulf

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)
TT
TT

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.

Most Viewed

 
 
Gulf

Saudi, Thai Foreign Ministers Co-Chair First Saudi-Thai Coordination Council Meeting

The convening of this meeting underscores the advancing relations between the governments of Saudi Arabia and Thailand - SPA
The convening of this meeting underscores the advancing relations between the governments of Saudi Arabia and Thailand - SPA
TT
TT

Saudi, Thai Foreign Ministers Co-Chair First Saudi-Thai Coordination Council Meeting

The convening of this meeting underscores the advancing relations between the governments of Saudi Arabia and Thailand - SPA
The convening of this meeting underscores the advancing relations between the governments of Saudi Arabia and Thailand - SPA

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah and Minister of Foreign Affairs of Thailand Maris Sangiampongsa co-chaired the first meeting of the Saudi-Thai Coordination Council in Bangkok on Thursday.
The convening of this meeting underscores the advancing relations between the governments of Saudi Arabia and Thailand, aiming to enhance coordination and collaboration across various sectors to fulfill the aspirations of both nations' leaders and peoples. This aligns with the shared objectives of the Saudi-Thai Coordination Council, focusing on enhancing cooperation, connectivity, and integration between the two countries through the council and its subcommittees in areas such as politics, security, defense, energy, economy, investment, education, culture, tourism, and other mutual interests, SPA reported.
During the meeting, the co-chairs reviewed the bilateral relations and emphasized the significance of sustained joint efforts between the two friendly nations. They expressed contentment with the outcomes of the committee sessions, which produced over 70 joint initiatives spanning various fields.
They highlighted the importance of upholding and advancing the council's work and collaboration among its committees while reinforcing coordination to amplify its effectiveness as an institutional mechanism framing bilateral cooperation. They also underscored the importance of implementing the recommendations and initiatives of the committee heads with the support of the council's general secretariat, looking forward to the upcoming second council meeting in Saudi Arabia.
At the conclusion of the meeting, the two ministers signed the minutes of the first meeting of the Saudi-Thai Coordination Council.
Following the meeting, the two sides signed a cooperation program between the Saudi Ministry of Foreign Affairs, represented by the Prince Saud Al-Faisal Institute for Diplomatic Studies, and the Thai Ministry of Foreign Affairs, represented by the Devawongse Varopakarn Institute of Foreign Affairs (DVIFA).