Saudi Arabia Plans to Invest $80 Bn in Renewable Energy

A scene from a workshop organized by Riyadh Chamber in cooperation with King Abdullah City for Atomic and Renewable Energy on Sunday, March 3, 2019.
A scene from a workshop organized by Riyadh Chamber in cooperation with King Abdullah City for Atomic and Renewable Energy on Sunday, March 3, 2019.
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Saudi Arabia Plans to Invest $80 Bn in Renewable Energy

A scene from a workshop organized by Riyadh Chamber in cooperation with King Abdullah City for Atomic and Renewable Energy on Sunday, March 3, 2019.
A scene from a workshop organized by Riyadh Chamber in cooperation with King Abdullah City for Atomic and Renewable Energy on Sunday, March 3, 2019.

The Saudi plan to expand in the renewable energy sector and diversify partnerships with progressive countries in the field is moving forward.

It will contribute to the development of a bigger picture to boost the sector with achieving Kingdom Vision 2030’s goals.

Plans are being developed in line with King Abdullah City for Atomic and Renewable Energy’s introduction of nine projects in the renewable energy sector that the city wishes to implement in partnership with the private sector.

This comes in the framework of its efforts to increase the local content in the field of localization of renewable energy technology in the Kingdom in line with Kingdom Vision 2030’s objectives.

Chairman of the Renewable Energy Committee in Riyadh Chamber of Commerce and Industry Abdulrahman al-Ibrahim told Asharq Al-Awsat that Saudi renewable energy plans will boost localization chances and global partnerships with a number of developed countries, such as Russia, China, the United States, and European countries.

He also noted that the secret to boosting this sector was in possessing renewable energy technologies and facilitating their transfer.

The electrical capacity, which will range between 27 to 57 GW in 2030, will be generated from renewable energy, he explained, adding that the size of the investment will range from SR150 billion ($40 billion) to SR300 billion ($80 billion).

Furthermore, the localization of renewable energy techniques was the main focus of the workshop organized by the Riyadh Chamber in cooperation with King Abdullah City for Atomic and Renewable Energy on Monday and included nine projects launched by the City.

These projects include, according to Ibrahim, developing local capacities to build nine specialized technologies for renewable energy use and direct support from the City to build this experimental station that will enable the private sector to be eligible for global competition.



Saudi Arabia Reiterates Support to Syrian People, Their Country’s Security and Stability

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chairs the cabinet meeting that was held in Riyadh. (SPA)
Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chairs the cabinet meeting that was held in Riyadh. (SPA)
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Saudi Arabia Reiterates Support to Syrian People, Their Country’s Security and Stability

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chairs the cabinet meeting that was held in Riyadh. (SPA)
Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chairs the cabinet meeting that was held in Riyadh. (SPA)

The Saudi government reiterated on Tuesday its support to the Syrian people and everything that would restore security and stability in their country.

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chaired the cabinet meeting that was held in Riyadh.

The cabinet also condemned the Israeli attacks against Syria and its violations of international law.

The ministers expressed gratitude for the significant achievements and progress made by Saudi Arabia in 2024, attributing the to divine guidance, the leadership of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and the unwavering determination of the Saudi people to drive the Kingdom’s comprehensive and sustainable development.

The cabinet hailed King Salman for his generous support for the Riyadh public transportation project, consisting of train and bus networks, from its inception to its realization. The project marks a substantial advancement in infrastructure development, economic growth, and improved quality of life for citizens and residents, it added.

It highlighted Saudi Arabia winning the bid to host the 2034 FIFA World Cup, saying holding the global event is significant milestone that will elevate Saudi sports to new heights. By organizing and hosting an extraordinary edition of this global event, the Kingdom aims to solidify its position as a leading nation.

Minister of Media Salman Al-Dossary added that the cabinet was briefed on recent talks and consultations with leaders from various countries, which covered bilateral relations, regional developments, and international affairs, with particular focus on the situation in the occupied Palestinian territories and Syria.

The cabinet commended the successful visits of French President Emmanuel Macron and UK Prime Minister Keir Starmer to the Kingdom, which will contribute to expanding cooperation in various fields, advancing mutual interests, and boosting international coordination.

It reiterated the Kingdom's commitment to seeing the Palestinians establish an independent state with East Jerusalem as its capital. It urged global participation in a high-level international conference in New York City next June, chaired jointly by Saudi Arabia and France, aimed at resolving the Palestinian issue peacefully, based on the two-state solution.

The cabinet reviewed the outcomes of regional and international events hosted by the Kingdom, and renewed its commitment to multilateralism and global cooperation to drive development and economic prosperity, and address global challenges.

The ministers highlighted the significance of the One Water Summit, held in Riyadh, underlining the Kingdom's pioneering role in addressing global water challenges, its dedication to exercising sustainable water management, and its commitment to ensuring equitable access to clean water for communities worldwide. The establishment of the Global Water Organization further solidifies the Kingdom's position as a global leader in this critical area.

Al-Dossary said that the Cabinet praised COP16, held under the Kingdom's presidency, for mobilizing international efforts to present over 100 initiatives and for securing over $12 billion to bolster the role of financial institutions and of the private sector in addressing land degradation, desertification and drought.

The cabinet discussed the importance of the National Red Sea Sustainability Strategy, launched by Crown Prince Mohammed, which aims to protect the Red Sea ecosystem, foster cooperation to ensure its sustainability, and support the transition to a sustainable blue economy, consistent with national diversification goals.

The cabinet highlighted the Kingdom's global role in combating hunger and poverty, evident in its membership in the Global Alliance against Hunger and Poverty, its endeavors, through the King Salman Humanitarian Aid and Relief Center and the Saudi Fund for Development, and its contributions to IMF and World Bank initiatives to support developing countries.

The cabinet expressed the Kingdom's ambition to become a global biotechnology leader and hailed the outcomes of the third Riyadh Global Medical Biotechnology Summit, which is bound to contribute to achieving the objectives of the National Biotechnology Strategy.

Al-Dossary said the cabinet highlighted the over SAR10 billion worth of agreements and launches at CPHI Middle East in Riyadh, which aim to localize gene therapies and support the production of vital medicines and vaccines, solidifying the Kingdom's global leadership in health innovation.

The cabinet welcomed the adoption of the Riyadh Design Law Treaty by states members of the World Intellectual Property Organization, which will foster international cooperation and establish a legal framework that supports innovation and creativity worldwide.

The cabinet noted that recent credit rating upgrades from international agencies reflect the Kingdom's ongoing economic reforms and sound financial policies, which have contributed to maintaining financial sustainability, bolstering the efficiency of financial planning and strengthening the Kingdom's overall financial position.