Saudi Arabia’s Local Content and Government Procurement Authority (LCGPA) has signed two agreements with Steel towers to manufacture wind energy systems in the Kingdom.
According to Arab News, the agreements aim particularly to localize wind energy production and make a revolutionary development in the sector. The deals were signed in partnership with Al-Yamamah Steel Industries Co. and Arabian International Co. for Steel Structures.
Energy Localization Forum
Interestingly, the cooperation was part of the Energy Localization Forum in Riyadh. The forum represented a valuable platform for the Ministry of Energy and LCGPA to ink 107 agreements and deals valued at SR104 billion ($27.69 billion).
Thus, the Ministry is gearing up for more initiatives and programs to strengthen the Kingdom’s renewable energy potential. Steered by Vision 2030, the Kingdom has achieved remarkable success to diversify energy sources and accelerate the economic growth.
Based on the Saudi National Renewable Energy Program, the Ministry is intensifying its efforts to boost the renewable energy industry and ensure sustainable financial stability. In the light of this, the ministry stated on its official X account that these deals support local content development and expand supply chains in the renewable energy sector.
Therefore, they play a pivotal role in securing a sustainable energy future in line with 2030 Vision. LCGPA also commended the inclusive role of the knowledge transfer agreements in launching new industries and providing job opportunities.
Abdulrahman bin Abdullah Al-Semari, CEO of the LCGPA, emphasized that the agreements will significantly localize the production of steel towers for wind energy systems. Al-Semari added that this initiative will contribute nearly SR1.1 billion to the nation’s gross domestic product. Moreover, the localization of the wind tower industry will also offer over 500 new jobs.
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