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Renewable energy projects boost the power of the Saudi economy

Renewable energy projects boost the power of the Saudi economy

The renewable energy projects signed by the Kingdom put the Saudi economy in the ranks of the major economies of the world, with the advantage of a clean economy.

Experts in the strategic economy expected that the volume of renewable energy investments may reach 20 billion dollars, stressing that the Kingdom, with its new orientations towards investing in renewable energy, is pushing its economy towards economic growth until the year 2040.

Economists stressed that renewable energy is one of the projects that benefit the environment, especially that a project like Sadir Solar Energy will supply 185,000 housing units of energy, reduce carbon emissions to about 2.9 tons per year, and reduce electricity costs, as studies indicate that the project is the second largest.

Saudi Aramco, which is one of the strategic partners in the project launched by the Public Investment Fund, stated that it seeks to provide sustainable solutions in the field of energy by investing in the project.

The Kingdom has recently worked to upgrade the country’s economy and build a sustainable future in it, thus increasing local content and creating job opportunities, in addition to localizing the technology field in Saudi Arabia. The Kingdom, represented by the Public Investment Fund, signed a memorandum of understanding with the SoftBank Vision Fund for the establishment of the “Solar Energy Plan 2030.”

The Kingdom’s launch of solar energy projects (Sakaka solar power plant with a value of 3.4 billion Saudi riyals and a capacity of 1500 MW), and the Sadir solar energy project with a value of 1.2 billion riyals, in addition to the Laila project – Wadi Al-Dawasir – Saad – Al-Rass, and the Kingdom’s signing of agreements Purchasing energy for seven new projects has opened the door for wide investment in the field of renewable energy, in light of Saudi Arabia’s success in achieving remarkable progress in the global solar energy index.”

Renewable energy projects are expected to attract a large volume of investments exceeding 75 billion riyals (20 billion dollars) from home and abroad, to enter a large market that enjoys multiple advantages, which contributes to diversifying the Kingdom’s economic base, so that the Kingdom occupies an advanced position in solar energy investments in the Middle East.

Economists stressed that there is an unprecedented global interest in renewable energy as it will become the first source of electricity generation in the world in 2025, especially in the acquisition of nearly 90% of new production capacities, by renewable energy sources, and wind energy. It is expected that the population of the planet will reach nine billion people, which increases the need for clean energy to confront climate change.

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