Saudi Forum to Attract Kuwaiti Investments

Invest in Saudi Arabia forum to be launched on Monday in Kuwait (Asharq Al-Awsat)
Invest in Saudi Arabia forum to be launched on Monday in Kuwait (Asharq Al-Awsat)
TT
20

Saudi Forum to Attract Kuwaiti Investments

Invest in Saudi Arabia forum to be launched on Monday in Kuwait (Asharq Al-Awsat)
Invest in Saudi Arabia forum to be launched on Monday in Kuwait (Asharq Al-Awsat)

''Invest in Saudi Arabia Forum'' will kick off Monday in Kuwait within the framework of Saudi Investment Minister Khaled al-Falih's visit to the country.

Several ministers and officials, public entities, significant companies, and representatives of the private sector from both countries are expected to attend the forum.

The forum aims to develop economic relations, promote mutual investments, explore the investment environment, and showcase the Kingdom's most prominent investment opportunities.

The forum's activities include panels and dialogue sessions to discuss the most promising investment sectors between the two countries, review the most prominent developments in the business environment in the Kingdom and significant projects related to Vision 2030, and bilateral meetings between government agencies and the private sector.

The visit of the Saudi Minister to Kuwait aims to deepen existing investment relations, build new and diversified qualitative partnerships, and strengthen economic, investment, and commercial ties with Kuwait.

The two countries have ambitious visions, Vision 2030 and Kuwait Vision 2035, which seek to play a role in the economic transformation and focus on attracting and diversifying foreign investments.

Vision 2030 provides opportunities for investors and companies to enter the Saudi market.

It contributes to searching for economic and commercial opportunities, attracting investments, and providing proper infrastructure, seeing that the Kingdom has massive investment capabilities harnessed to build a more diversified and sustainable economy.

In Kuwait, the stock market closed its trading on a rise in its general index of 18.18 points, reaching 7358 points, an increase of 0.25 percent, with a trading volume of 215.3 million shares, through the implementation of 9599 cash transactions, at a value of KD47.1 million.



Vision 2030 Sets Saudi Arabia on the Path to Energy Sustainability, Emissions Reduction

 A solar energy project in Saudi Arabia (SPA) 
 A solar energy project in Saudi Arabia (SPA) 
TT
20

Vision 2030 Sets Saudi Arabia on the Path to Energy Sustainability, Emissions Reduction

 A solar energy project in Saudi Arabia (SPA) 
 A solar energy project in Saudi Arabia (SPA) 

For decades, Saudi Arabia heavily relied on traditional energy sources as a cornerstone of its national energy mix. This reliance led to significant fossil fuel consumption and a rise in carbon emissions. Despite the Kingdom’s abundant natural resources in solar and wind energy, previous investments in these renewable sources were not scaled to their full potential.

However, with the launch of Vision 2030, a transformative shift began. Diversifying energy sources became a strategic priority for achieving environmental sustainability and reducing carbon emissions. Saudi Arabia introduced the National Renewable Energy Program and the Custodian of the Two Holy Mosques Initiative for Renewable Energy. According to the Vision 2030 Report for 2024, these initiatives have significantly accelerated the diversification of the national energy portfolio.

Under these frameworks, Saudi Arabia has achieved notable milestones in the renewable energy sector, including setting a global record for the lowest cost of electricity production from solar and wind energy. The Kingdom has also begun implementing sustainable transportation solutions utilizing hydrogen, while actively supporting the broader transition to a low-carbon energy future.

As part of these efforts, Saudi Arabia has taken practical steps to develop hydrogen-powered transportation solutions and to expand its reliance on low-carbon energy sources. These initiatives are aimed at ensuring the long-term sustainability of the Kingdom’s energy resources, thereby advancing sustainable development and supporting the creation of a thriving green economy.

In the field of energy storage, Saudi Arabia now ranks among the world’s top ten markets. Current projects provide 26 gigawatts of storage capacity, with a target of reaching 48 gigawatts by 2030. Among these projects is the Bisha Energy Storage Project, one of the largest of its kind in the Middle East and Africa, boasting a capacity of 2,000 megawatt-hours and housing 488 state-of-the-art battery containers.

The Kingdom has also made significant advancements in the conventional energy sector. Two new oil fields and two unconventional reservoirs were discovered in the Eastern Province, reinforcing Saudi Arabia’s standing as a leading global energy supplier. These new discoveries produce approximately 11,437 barrels per day of Arabian oil and 9.39 million standard cubic feet per day of associated gas.

In addition, two natural gas fields and two reservoirs were discovered in the Empty Quarter, yielding 140 barrels per day of condensates and 19.5 million standard cubic feet per day of associated gas.