Saudi Arabia’s Red Sea coast holds attractive wind resources—an opportunity that has garnered notable interest from Masdar, an Abu Dhabi-based renewable energy company.
As Mohamed Jameel Al-Ramahi, CEO of Masdar said: “In the Kingdom of Saudi Arabia, wind will play a very important role. It is blessed with a lot resources – not only solar.”
Masdar is actively eyeing Saudi Arabia as a destination to invest in renewable energy efforts, in line with the Kingdoms’ broader economic strategy to reduce its reliance on oil. To date, the company has invested some $2.7 billion in renewable energy projects worldwide.
Saudi’s Roadmap to Renewables
Around the world, countries are looking for ways to decrease their reliance on oil by pushing for more sustainable energy projects.
Throughout the year, Saudi Arabia, with bountiful natural resources, has announced robust renewable energy projects, indicating the Kingdoms unwavering commitment to become a greener nation. This pursuit will ultimately help foster a competitive energy sector for both investors and consumers.
At the 21st Petersburg International Economic Forum in June 2017, Khalid Al-Falih, Minister of Energy, Industry and Resources, laid out the plans for the Kingdom as it looks to invest in the research and development of renewable energy and petrochemicals.
Most recently, a November meeting between OPEC member countries ended with a plan for Russia and Saudi Arabia to strengthen their cooperation in oil, gas, electricity and renewable energy.
Saudi Arabia aims to develop 9.5 gigawatts of sustainable energy by 2023 with the majority coming from solar power, completely revolutionizing energy in the Kingdom. This coincides with the push for green energy under Vision 2030.
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