SAUDIS RENEWABLE INVESTMENT $80 BLN

AAA - 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.

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