31/03/2018
He described it as the most prominent project in line with the objectives of the vision of the Kingdom 2030.
AlKhalidi: Solar project increases the potential investment opportunities for the business sector.
His Royal Highness Prince Mohammed bin Salman bin Abdulaziz signed the contract of "The Solar Energy Project" with Softbank, on Tuesday 27 March 2018. The Chairman of the Board of Directors of Asharqia Chamber, Abdul Hakim Al-Khalidi, described this project as the most prominent and most in line with the objectives of the vision of the Kingdom of 2030.
This project would be resulting on diversifying sources of the national economy and building on a sustainable basis based on the optimal utilization of natural resources.
He pointed out that the diversification of energy sources by resorting to renewable energy of various types would reduce domestic consumption of oil and the consequent higher oil export savings, help providing thousands of jobs for national forces, as well as increasing the promising investment opportunities for the business sector both internally and externally, which shows willingness to various partners in renewable energy projects in the Kingdom. In fact, this is mainly due to the growing Saudi energy market.
AlKhalidi said that the Kingdom is one of the most attractive countries in the renewable energy sector as it occupies a high position in terms of potential wind and solar energy. He considers the renewable energy sector in the Kingdom as a promising investment due to the given the abundant solar resources and the availability of vast land, as well as huge sovereign credit. He expects the Kingdom to become one of the most important producers of clean solar energy in the world in the next few years, as it will be able to export to many countries of the world.
Al Khalidi mentions that this agreement is a new framework for the development of the solar energy sector in the Kingdom and gives it a strong push forward.
He pointed out to the Kingdom's previous achievements in exploiting its solar resources in accordance with high-researched research bases. For example, the establishment of King Abdullah City for Atomic and Renewable Energy in 2010 was to expand its capacity and develop its potential in the field of power generation.
