Saudi Arabia Starts Operating First Wind Turbine In Al-Jouf Region

FILE PHOTO: A power-generating windmill turbine is seen at the Eneco Luchterduinen offshore wind farm near Amsterdam, Netherlands September 26, 2017. REUTERS/Yves Herman/File Photo
FILE PHOTO: A power-generating windmill turbine is seen at the Eneco Luchterduinen offshore wind farm near Amsterdam, Netherlands September 26, 2017. REUTERS/Yves Herman/File Photo
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Saudi Arabia Starts Operating First Wind Turbine In Al-Jouf Region

FILE PHOTO: A power-generating windmill turbine is seen at the Eneco Luchterduinen offshore wind farm near Amsterdam, Netherlands September 26, 2017. REUTERS/Yves Herman/File Photo
FILE PHOTO: A power-generating windmill turbine is seen at the Eneco Luchterduinen offshore wind farm near Amsterdam, Netherlands September 26, 2017. REUTERS/Yves Herman/File Photo

Saudi Arabia announced on Wednesday the operation of the first wind turbine to produce electricity in the Kingdom, marking a new era of serious transformation towards alternative and clean renewable energy.

The Saudi Ministry of Energy announced the start of the trial operation of the first turbine in the Dumat Al-Jandal project in Al-Jouf region (northern Saudi Arabia) to exploit wind energy in electricity production.

In a statement, the Saudi Ministry of Energy said that the step comes within the implementation of one of the goals of Vision 2030, represented by the production of 50 percent of the Kingdom’s electricity from renewable sources by 2030.

The Dumat Al-Jandal project in Al-Jouf region is a practical step to exploit wind energy in the production of electricity, and it is the first project in the Kingdom and the largest project of its kind in the Middle East.

The Ministry of Energy had earlier announced awarding the energy project to the alliance led by the French Electricity Company, EDF Energies Nouvelles, and the Abu Dhabi Future Energy Company (Masdar).

Saudi Arabia continues its endeavors towards the global race to adopt and develop work systems with renewable and alternative energy, at a time when it is leading giant projects that are environmentally friendly and enhance sustainability, such as the city of The Line in NEOM, and the Amaala and Red Sea tourism projects - the pillars of the Kingdom’s Vision 2030.



Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
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Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo

Saudi Arabia's Public Investment Fund (PIF) completed on Monday a $7 billion inaugural murabaha credit facility.
In a statement, PIF said the credit facility is supported by a syndicate of 20 international and regional financial institutions.
PIF head of the Global Capital Finance Division and head of Investment Strategy and Economic Insights Division Fahad AlSaif said: “This inaugural murabaha credit facility demonstrates the flexibility and depth of PIF’s financing strategy and use of diversified funding sources, as we continue to drive transformative investments, globally and in Saudi Arabia”, the Saudi Press Agency reported on Monday.
This financing complements PIF’s successful sukuk issuances over the past two years, the statement added. It also underpins PIF’s strong financial position, as well as its best-practice approach to debt financing.
PIF is rated Aa3 by Moody’s with stable outlook and A+ by Fitch with stable outlook. PIF has four main sources of funding: capital injections from government, government asset transfers, retained earnings from investments, and loans and debt instruments.