JEDDAH: The Saudi-led Arab coalition destroyed a 2K12 “Kub” air missile system in belonging to militias in Sanaa, according to spokesperson Col. Turki Al-Maliki.
Al-Maliki said the indiscriminate use of air defense systems threatens air navigation and relief efforts.
He added the coalition will continue to prevent terrorist organizations from acquiring capabilities that threaten air routes and flight paths.
Developing...
ISLAMABAD: Prime Minister Shehbaz Sharif has asked officials to take steps to increase revenue collection from the sugar industry and to end hoarding of the commodity, Sharif’s office said on Saturday.
The prime minister issued the directives at a meeting he presided over in Lahore to review the implementation of a strategy to improve revenue collection.
Sugar remains one of the largest consumed food commodities in the South Asian country and is used in large amounts in food processing, beverages, and bakery items.
Owing to its huge demand, the government sets its procurement prices while the sugar industry is protected by a 40 percent import tariff to ensure prices remain stable.
“Revenue collection will improve after the installation of video analytics in the sugar industry,” Sharif was quoted as saying by his office. “These reforms will end sugar hoarding and help balance prices.”
The prime minister said the government was making all efforts to ensure the supply of sugar at affordable prices.
“Regular monitoring of sugar stocks should be carried out so that the sugar supply chain is not affected,” he instructed officials, calling for strict and indiscriminate action against sugar mills that were evading taxes.
Over the decades, Pakistan has failed to generate tax revenues in higher amounts due to a narrow tax base, low compliance rate, an inefficient tax administration and massive tax evasion.
The South Asian country has set an ambitious target of collecting $46 billion through taxes this financial year (July 2024 till June 2025), amid efforts to revive its fragile $350 billion economy.
RIYADH: The Tariq Abdulhakim Museum in Jeddah’s historic Al-Balad district will host events and activities to commemorate its first anniversary from Dec. 27
The two-day celebration will be held under the slogan “A Melody Between Heritage and the Future.”
It will highlight the museum’s most significant milestones since its establishment and its contributions to showcasing Saudi musical heritage while fostering national identity, the Saudi Press Agency reported.
Events include live musical performances, guided tours within the museum, theatrical activities and a light show projected onto the museum’s facade.
The Tariq Abdulhakim Museum, listed as a UNESCO World Heritage Site, houses a collection of the artist’s personal belongings, musical compositions and audiovisual materials.
It also features a music research center, providing researchers with access to an extensive music archive, with the aim of preserving intangible cultural heritage.
KOLKATA: An Indian man on trial for raping and murdering a 31-year-old doctor has pleaded not guilty, his lawyer said Saturday, a crime that appalled the nation and triggered wide-scale protests.
The discovery of the doctor’s bloodied body at a government hospital in the eastern city of Kolkata on August 9 sparked nationwide anger at the chronic issue of violence against women.
Sanjoy Roy, 33, the lone accused in the case, pleaded not guilty before the judge in a closed court on Friday in Kolkata, his lawyer Sourav Bandyopadhyay told AFP.
“I am not guilty, your honor, I have been framed,” Roy told the court, Bandyopadhyay said, repeating his client’s words.
Roy, a civic volunteer in the hospital, was arrested the day after the murder and has been held in custody since.
He would potentially face the death penalty if convicted.
The court began hearings on November 11, listening to evidence from some 50 witnesses, but it was on Friday that Roy took the stand.
“Judge Anirban Das questioned him with more than 100 questions during the six-hour-long in camera deposition, that continued until late in the evening,” Bandyopadhyay said.
Roy had earlier proclaimed his innocence to the public while screaming from a prison van outside the court before a hearing in November.
Doctors in Kolkata went on strike for weeks in response to the brutal attack.
Tens of thousands of ordinary Indians joined in the protests, which focused anger on the lack of measures for female doctors to work without fear.
India’s Supreme Court has ordered a national task force to examine how to bolster security for health care workers, saying the brutality of the killing had “shocked the conscience of the nation.”
The gruesome nature of the attack drew comparisons with the 2012 gang rape and murder of a young woman on a Delhi bus, which also sparked weeks of nationwide protests.
The trial continues. The next hearing is set for January 2, 2025.
RIYADH: Startups across the Middle East and North Africa region are gaining momentum, with funding rounds and expansions fueling innovation.
From artificial intelligence to fintech, health tech to media, these developments highlight the region’s growing ecosystem and investor confidence.
Aiming to boost the regional space, Saudi Venture Capital Co. has announced its investment in the $150-million Middle East Venture Fund IV, managed by Middle East Venture Partners. The fund targets technology startups with high growth potential across Saudi Arabia.
It aims to support startups from the seed stage through series A, series B, and eventual initial public offerings or exits, fostering the creation of regional tech champions. It also seeks to contribute to Saudi Arabia’s economic transformation by backing startups that impact key sectors.
“Our investment in the Middle East Venture Fund IV by MEVP supports SVC’s strategy of backing funds that invest in early-stage startups based in Saudi Arabia, aiming to foster their growth into later stages,” said Nabeel Koshak, CEO and board member at SVC.
Furthermore, SVC announced an investment for an undisclosed amount in Raed III LP, an early-stage venture capital fund managed by Raed Ventures.
The fund will target tech-enabled startups across Saudi Arabia and the wider region, primarily focusing on seed and series A stages, emphasizing fintech, enterprise software, and business-to-business Software-as-a-Services sector, predominantly in Saudi Arabia and UAE markets.
Risk intelligence platform Bureau closes $30m funding round to expand to Saudi Arabia
US-based risk intelligence and fraud detection startup Bureau completed a $30 million series B funding round to fuel its plans to expand in the Saudi market.
The round was led by Sorenson Capital with participation from PayPal Ventures and continued support from Commerce Ventures, GMO Venture Partners, Village Global, Quona Capital, and XYZ Ventures.
Bureau is a no-code identity decisioning platform that empowers businesses to prevent fraud, ensure compliance, and enhance user experiences.
The funding will accelerate Bureau’s product expansion into new use-cases, and geographical expansion to several new markets worldwide, including Saudi Arabia, to meet a significant surge in global demand.
OmniOps secures $8m to expand AI infrastructure solutions
Saudi-based OmniOps, an AI infrastructure technology provider, has raised $8 million in funding from GMS Capital Ventures.
The company, founded this year by Mohammed Al-Tassan, specializes in cloud and high-performance computing solutions for businesses of all sizes.
The investment will allow OmniOps to enhance research and development, scale operations, and advance AI infrastructure capabilities across Saudi Arabia. The company aims to deliver scalable, efficient solutions to meet the growing needs of regional industries.
This funding positions OmniOps to play a key role in Saudi Arabia’s digital transformation efforts, contributing to the development of advanced technological ecosystems.
Halo AI launches to connect brands with influencers
Saudi Arabia-based Halo AI has launched its services. Founded this year by Vito Strokov, Rami Saad, and Alex Gadalin, the AI-powered networking platform connects brands with nano- and micro-influencers who excel in specific niches.
The platform uses AI to streamline influencer marketing, offering brands access to highly targeted audiences with authentic engagement. Halo AI aims to support regional businesses in amplifying their reach through innovative marketing strategies.
Following its launch, Halo AI plans to expand its operations to the UAE and Kuwait, further solidifying its presence in the Gulf Cooperation Council market.
CredibleX raises $55m in seed round to support SMEs
UAE-based fintech startup CredibleX has secured $55 million in seed funding, comprising equity and debt.
Investors include Further Ventures for equity and debt providers such as Kilgour Williams Capital and Berkley Square Finance.
Founded in 2023 by Ahmad Malik, Anand Nagaraj, and Hassan Reda, CredibleX provides tailored financial solutions to support small and medium-sized enterprises in their daily operations. The startup aims to address the unique financial needs of SMEs in the region.
The new funds will accelerate CredibleX’s growth, expand its services, and strengthen its position as a leading fintech solution for SMEs in the Middle East.
Revibe secures $7 million Series A for refurbished electronics
UAE-based refurbished electronics marketplace Revibe has closed a $7 million series A funding round co-led by ISAI and Resonance, with participation from Kima Ventures and Edouard Mendy.
Founded in 2022 by Abdessamad Benzakour and Hamza Iraqui, Revibe specializes in providing high-quality, refurbished electronics through its B2C marketplace.
The startup has gained traction in emerging markets with its focus on affordability and sustainability and presence in Saudi Arabia, UAE, Kuwait, and South Africa.
The funds will be used to expand Revibe’s operations, enhance customer care, and invest in quality assurance as it continues to grow its market presence.
Klickl raises $25m series A to expand Web3 banking
UAE-based Web3 banking startup Klickl has raised $25 million in a Series A round led by Web3Port Foundation and Aptos Labs, with participation from Summer Ventures and others. The round values the company at $125 million.
Founded in 2017 by Michael Zhao, Klickl offers a Web3 open finance platform, enabling digital payments, banking, and crypto trading.
Its solutions are designed to facilitate seamless entry into the Web3 ecosystem for users and businesses alike.
The funding will allow Klickl to expand its Web3 banking services in MENA and emerging markets.
Quantix secures $500m asset-backed financing for lending
UAE-based fintech Quantix Technology Projects LLC, a subsidiary of Astra Tech, has raised $500 million in asset-backed securitization financing from Citi. Quantix will use the funding to support its CashNow consumer lending platform.
Founded in 2019, Astra Tech’s Ultra app integrates payments, cross-border transfers, and financing solutions, serving over 150 million users globally. Astra Tech aims to create a super app with capabilities such as digital payments and messaging.
This financing builds on Astra Tech’s previous funding success, including $490 million raised in 2022, enabling the acquisition of fintech PayBy and voice-calling app Botim.
BioSapien raises $5.5m to advance healthtech innovation
UAE-based healthtech BioSapien has raised $5.5 million in a pre-Series A funding round led by Global Ventures with participation from Dara Holdings. The funds will support clinical trials and product development.
Founded in 2018 by Khatija Ali, BioSapien offers MediChip, a 3D-printed drug delivery platform. The technology is attachable to tissues for localized treatment.
The new capital will enable patient enrollment for clinical trials in Abu Dhabi by the second quarter of 2025 and further investment in manufacturing capabilities and talent acquisition.
InvoiceQ raises $1.2 million pre-Series A to expand in GCC
Jordan-headquartered SaaS provider InvoiceQ has secured $1.2 million in pre-Series A funding from investors including Oasis 500, Orange VC, and Flat6Labs.
The company provides e-invoicing solutions and operates in Jordan and Saudi Arabia.
Co-founded in 2020 by Muhannad Tobal and others, InvoiceQ aims to streamline billing processes for enterprises while improving compliance with local regulations. The startup has been expanding its reach across the region.
The new funds will support geographic expansion into Oman, Egypt, and the UAE, as well as further development of its technology platform.
Anghami secures $55m with OSN Group taking majority stake
Lebanon-born music streaming app Anghami has raised $55 million, with $12 million coming as part of a convertible note program from OSN Group. OSN+ now holds a 55.45 percent majority stake in Anghami.
Founded in 2011 by Eddy Maroun and Elie Habib, Anghami merged with OSN+ earlier this year to create a larger media conglomerate. The company plans to use the funds to expand its content library.
The investment follows MBC Group’s acquisition of a 13.7 percent stake in Anghami earlier this year, as the streaming platform continues to strengthen its position in the media industry.
Unipal expands user base with pre-series A funding
Bahrain-born education tech startup Unipal has raised a pre-Series A investment round from Falak Angels Syndicate members.
The platform offers university students exclusive discounts on products and services.
Founded in 2020 by Ali Al-Alawi and Ali Al-Shaer, Unipal claims 160,000 users in Riyadh and 250 brand partnerships after just eight months of operation in the Saudi capital. The platform also boasts 60,000 users in Bahrain.
This investment follows a $500,000 round raised in July 2023, as Unipal continues its rapid regional growth and expansion.
ZSystems raises $1.5m to modernize traditional trade
Morocco-based marketplace ZSystems has secured $1.5 million in seed funding, led by MNF Ventures, Witamax, Cash Plus Ventures, and Kalys Ventures.
The platform empowers retailers by connecting them directly with consumers.
Founded in 2022 by Meriem Benabad and others, ZSystems focuses on revitalizing traditional trade, which accounts for 85 percent of the fast-moving consumer goods market. The company aims to drive competitiveness in underserved markets.
The funds will support ZSystems’ technology development, product expansion, and preparations for its next growth phase.
Oman Investment Authority invests in Elon Musk’s AI venture xAI
The Oman Investment Authority has acquired an undisclosed stake in xAI, Elon Musk’s artificial intelligence startup. This investment aligns with OIA’s strategy to diversify its international portfolio and support emerging technologies.
Founded in July 2023, xAI focuses on generative AI solutions, competing with leading players like OpenAI.
Earlier this month, xAI raised $6 billion in a series B round, attracting investments from Qatar Investment Authority, Kingdom Holding, and global firms like Andreessen Horowitz, bringing its valuation to $50 billion.
OIA’s latest investment in xAI complements its existing stake in SpaceX, Musk’s aerospace company.
This move reinforces the Gulf’s growing interest in cutting-edge technologies and the AI sector.
Iraq Venture Partners receives $2.7m for Iraqi entrepreneurs
Iraq Venture Partners has received $2.7 million from the Netherlands for the Orange Corners Innovation Fund. The funding will support the second phase of the initiative.
OCIF provides Iraqi entrepreneurs with technical expertise, financial backing, and access to extensive networks.
RIYADH: Saudi Arabia is a world leader when it comes to extracting energy sources from the ground, but it is the Kingdom’s drive to harness a power supply in the sky that is attracting attention.
Favorable government policies, a shift to meeting energy demands through renewable power, and a reduced dependence on fossil fuels are all factors pushing forward the Kingdom’s solar industry.
The ambitious target of Saudi Arabia’s National Renewable Energy Program sees the Kingdom aiming for a solar energy capacity of 40 gigawatts by 2030, promising significant opportunities for the market in the years to come.
According to market research firm Mordor Intelligence, the Kingdom’s solar market is projected to achieve a compound annual growth rate of 51 percent between 2024 and 2029 as a host of facilities come online.
However, challenges lie ahead with the rise of alternative clean energy sources like wind and the continued availability of fossil fuels potentially hindering solar energy market growth.
Solar technologies deployed in Saudi Arabia to maximize energy efficiency
According to Christopher Decker, partner in energy and natural resources at Oliver Wyman, India, Middle East and Africa, Saudi Arabia is at the forefront of innovative solar technologies aimed at maximizing energy efficiency and sustainability in the region.
“One notable advancement is the Dumat Al-Jandal Concentrated Solar Power plant, which harnesses solar energy to heat liquid for thermal energy storage, enabling energy availability even when sunlight is not present,” he said.
“Additionally, the Sakaka Solar Plant employs bifacial solar panels that take advantage of the reflectivity of the surrounding sand, significantly enhancing solar efficiency. To maintain optimal performance, projects like the Noor Energy 1 plant in NEOM have implemented waterless robotic cleaning technologies, which not only ensure high efficiency but also reduce operational costs,” Decker added.
The Oliver Whyman official went on to note that the integration of smart grids and artificial intelligence technologies allows for the optimization of solar energy generation by predicting energy demand and forecasting weather patterns, thereby minimizing waste.
“Lastly, the NEOM Green Hydrogen initiative exemplifies the use of solar power to produce green hydrogen and subsequently green ammonia, showcasing a commitment to sustainable energy solutions. Together, these technologies position Saudi Arabia as a leader in solar innovation, driving the transition toward a more sustainable energy future,” Decker said.
Solar technologies globally have reached a high degree of maturity and the cost reductions are driven by the growing efficiency of solar cells as well as economies of scale.
According to Adnan Merhaba, partner and energy and utilities practice lead at Arthur D. Little Middle East, these incremental innovations have also made their way into Saudi Arabia and some developers have proposed additional developments, such as bifacial solar cells, that can further enhance yields.
“Saudi Arabia, a leader in water desalination technology, is also pioneering solar desalination to enhance sustainability. Furthermore, research institutes in KSA are investing in the next generation of higher efficiency solar cells such as tandem perovskite cells that can achieve a step change for efficiency gains,” Merhaba said.
The King Abdullah University of Science and Technology is a prime example of the growing solar industry in Saudi Arabia.
According to Stefaan De Wolf, professor of material science and engineering at the Physical Science and Engineering Division in the university, the institution is pioneering research and development in emerging photovoltaic technologies aimed at maximizing energy efficiency and sustainability.
“One of the key innovations we are advancing is the combination of perovskite and silicon PV, which significantly enhances solar power efficiency beyond traditional technologies. This hybrid approach has the potential to achieve ultra-high efficiency solar cells for even harsh environmental conditions of Saudi Arabia – high temperatures and dust,” De Wolf said.
“Additionally, we are exploring the development of bifacial solar panels, which can generate electricity from both sides, further improving energy yield. These innovations are designed to help Saudi Arabia not only maximize its solar energy potential but also contribute to the global advancement of sustainable energy solutions,” the professor added.
From his side, Qiaoqiang Gan, professor of material science and engineering at the same division, shed light on the fact that industry players are actively seeking advanced thermal management technologies to reduce the operational temperatures of PV systems installed in the Kingdom.
“This challenge is pressing for Middle Eastern countries due to the region’s high temperatures. Addressing this issue requires more reliable materials and devices on a microscopic level, as well as advanced thermal management strategies on an operational level,” Gan said.
Shihab El-Borai, partner with Strategy& Middle East, noted that projects like the Sudair Solar PV exemplify Saudi Arabia’s commitment to cutting-edge technologies, incorporating bifacial panels and sun-tracking systems to maximize efficiency.
“Saudi Arabia is leveraging world-class innovations in solar energy to not only produce electricity but to create a sustainable model for the entire region,” El-Borai said.
“Companies like Mirai Solar are also making strides with multifunctional solar panels that harness diffused sunlight while providing variable shading. These innovations demonstrate Saudi Arabia’s ability to leverage cutting-edge technologies to reduce its carbon footprint and position itself as a global leader in solar energy,” he added.
Solar sector contribution to the Kingdom’s economic diversification and energy goals
The growth of Saudi Arabia’s solar energy industry is vital for the nation’s economic diversification and is in line with the goals of Vision 2030. Through the enhancement of solar power infrastructure, Saudi Arabia is catalyzing the emergence of fresh sectors, enticing international investments, and cultivating a culture of innovation.
“This growth not only supports local manufacturing and supply chains but also generates employment opportunities and enhances human capital development, positioning the Kingdom as a regional leader in renewable energy,” Decker from Oliver Wyman said.
“In terms of energy security, solar power contributes to a resilient and diversified energy mix. By incorporating advanced solar technologies, energy storage, and smart grids, Saudi Arabia can enhance the flexibility and stability of its electricity grid,” he added.
The Oliver Wyman partner continued to highlight that solar-powered initiatives, like green hydrogen production, ensure that the Kingdom adds an additional stream of energy exportation, tapping into new revenue streams while promoting environmental sustainability.
“This strategic expansion strengthens Saudi Arabia’s energy capabilities for the future,” Decker concluded in that regard.
Demand for power is ever increasing in the Kingdom, largely driven by economic and population growth as well as giga-scale developments across the country.
“The wide deployment of solar projects can also prop up adjacent sectors such as battery storage, smart grid technologies and green hydrogen production. From an energy security perspective, burning less hydrocarbons for domestic use frees up more oil for export, enhancing revenues for investment in economic diversification and also supports the Kingdom achieve its sustainability goals,” he added.
On KAUST’s behalf, De Wolf explained that by investing in renewable energy, particularly solar power, the Kingdom is reducing its dependence on fossil fuels and building a more sustainable and resilient economy.
As for Gan, he indicated that given its geographical location, Saudi Arabia has an abundance of solar energy, surpassing that of many developed countries – an evident advantage in terms of available sunlight as an energy source.
“However, high temperatures present a significant challenge, leading to overheating in semiconductor solar cells. To effectively implement PV systems in Saudi Arabia, it is essential to develop specialized solutions that fully account for the unique local weather and environmental conditions. Such solutions must aim to maximize the utilization of abundant solar energy while mitigating the adverse impacts on PV performance,” the professor said.
He further noted that developing these specialized solutions will require further research and development, presenting both opportunities and challenges in advancing energy security goals.
El-Borai from PwC noted that by shifting toward renewables, the Kingdom is securing a more stable and sustainable energy supply, which supports broader economic growth.
“The localization of renewable energy manufacturing is another critical component. Saudi Arabia is focusing on producing renewable energy components domestically, reducing import dependency and positioning itself as a hub for clean energy technologies. By localizing renewable energy production, Saudi Arabia is positioning itself as a hub for clean energy technology in the region, enhancing both economic growth and energy security,” he said.
“By 2030, Saudi Arabia aims to produce 1.2 million tonnes of green hydrogen annually, with solar energy powering the electrolysis process. This dual focus on solar and hydrogen is expected to drive further economic diversification and solidify the Kingdom’s leadership in green energy,” El-Borai added.
Challenges encountered in the Kingdom’s solar industry
The deployment of solar energy in Saudi Arabia faces significant challenges, particularly around localizing the value chain and addressing environmental factors such as high temperatures and dust.
From Decker’s perspective, Saudi Arabia faces several challenges in scaling up its solar energy capacity, two of which are infrastructure limitations and regulatory complexities.
“To address these challenges, Saudi Arabia is investing in modernizing its grid infrastructure through smart grid technologies and energy storage solutions, enabling better management of intermittent solar power. The government is working on streamlined regulatory processes and introducing incentive schemes, such as public-private partnerships and favorable tariffs, to encourage private sector investment, but there is still much to do in this area,” he added.
From Arthur D. Little Middle East’s side, Merhaba said that in order to meet its highly ambitious objectives by 2030, the Kingdom will have to overcome technical challenges, global supply chain issues due to increasing demands for solar cells, and supply concentrated largely in China.
There are also concerns around the disruptions in global trade, the localization and human capital needed to ensure development of a robust and competitive solar value chain industry in the Kingdom, and adequate supply of engineers and technicians to meet the growing demand in the sector.
The country has strong strategies and policies, including national industrial and localization plans, along with other initiatives, that are poised to help them tackle these obstacles effectively.
Saudi Vision 2030 impact on strategies for transitioning toward renewable energy sources
By 2030, Saudi Arabia aims to produce approximately 58.7 GW of renewable energy, with solar energy contributing 40 GW to this total.
On behalf of Oliver Wyman, Decker explained that in terms of establishing a regulatory framework to facilitate the development of renewable energy, Vision 2030 outlines the need for a supportive environment.
This involves creating policies that incentivize private sector participation through Power Purchase Agreements that guarantee long-term revenue for investors, subsidies and tariff reforms to make renewable energy more competitive, and streamlined licensing processes to reduce bureaucratic hurdles for solar projects.
With regards to promoting private sector investment, Decker highlighted that the Saudi government is actively encouraging public-private partnerships and foreign direct investment to drive the growth of solar power projects.
“The National Renewable Energy Program, launched under Vision 2030, is a key initiative that seeks to attract $30-$50 billion in investments for renewable energy projects,” he said.
In terms of maintaining a strong traditional energy sector while investing in diversification, Decker added: “While Vision 2030 emphasizes the transition to renewable energy, it also acknowledges the importance of maintaining a robust traditional energy sector, particularly oil and gas, which remain critical to the Kingdom’s economy.”
This comes as Saudi Arabia aims to optimize its oil and gas production through technological advancements and efficiency improvements to ensure the sector continues to generate revenue.
On behalf of Arthur D. Little Middle East, Merhaba highlighted that the Kingdom has undergone a pivotal shift in its economic and energy landscape in recent years.
“It ushered in the era of renewables and accelerated the deployment of solar. With a highly ambitious target to achieve 50 percent renewable adoption by 2030, which are under consideration for an upward revision, it has not only led to development of mega solar projects at record low prices, but also to build momentum in developing national champions across the solar value chain,” he said.
KAUST representative De Wolf reiterated the fact that the Vision has created a favorable climate for investment and development, with ambitious renewable energy targets shaping the future of the Kingdom’s energy mix.
Similarly, Gan emphasized that the Vision 2030 has created fertile ground for solar energy development, with policies that incentivize public-private partnerships and invest heavily in renewable energy infrastructure.
“This initiative aims to diversify the Kingdom’s energy mix by transitioning toward cleaner, more sustainable energy sources,” he said.
From PwC’s side, El-Borai explained that the National Renewable Energy Program is central to this.
“By 2060, Saudi Arabia aims to reach Net Zero status, supported by significant financial commitments, such as the planned $266 billion investment in cleaner energy sources, including solar,” he said.
“The Kingdom is actively developing projects with a capacity of 20 GW annually to meet its target of 100 GW to 130 GW of clean energy by 2030. This strategic framework also emphasizes localizing renewable energy manufacturing, with collaborations like the Public Investment Fund’s partnership with Chinese solar manufacturers to establish 30 GW of solar PV production capacity. The NREP is not just about generating clean energy — it’s about securing the Kingdom’s energy future and reducing its reliance on fossil fuels,” the PwC partner said.
