RIYADH: Saudi Arabia’s automotive companies will soon be able to expand their reach to global markets with the support from various initiatives taken by the local authorities, said a top government official.
Speaking at the Auto Connect Forum in King Abdullah Economic City, National Industrial Development Center CEO Khalil Ibn Salamah said the Saudi Export Development Authority is working on plans to export Saudi-manufactured cars.
This move aligns with the Kingdom’s policy of developing new industries that attract international investments and create jobs for local talent while empowering the private sector.
He said the government is taking measures to help the local auto sector cater to the domestic demand but also to export their products to the regional and global markets.
Speaking about the forum, Saleh Al-Khabti, deputy minister of investment transactions, said it opened the door for several opportunities within the sector.
“Auto Connect Forum is not merely an event. It’s a platform that exemplifies the spirit of collaboration and partnership. Today, we gather to discuss the investment opportunities that foster collaboration,” Al-Khabti clarified.
During the event — touted as the first of its kind — the Economic Cities and Special Zones Authorities showcased how special economic zones accelerated the adoption of electric vehicles by providing a supportive environment and implementing advantageous policies.
The two-day exhibition will include many workshops and the organization of an accompanying conference that includes dialogue sessions on the future of the industry and promising opportunities in manufacturing automotive components.
Moreover, the conference, expected to attract more than 300 foreign and local companies in multiple sectors, seeks to back the goals of the Kingdom’s Vision 2030, aiming to establish an advanced industrial base and further propelling the automobile sector.
Saudi authorities to support local automotive firms expand globally
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Saudi authorities to support local automotive firms expand globally
Saudi energy minister announces discovery of seven oil, gas deposits
RIYADH: Saudi Arabia's energy minister announced on Monday the discovery of seven oil and gas deposits in the Kingdom's Eastern Province and Empty Quarter, the official Saudi news agency SPA reported.
Prince Abdulaziz bin Salman said Saudi Aramco had discovered "two unconventional oil fields, a reservoir of light Arabian oil, two natural gas fields, and two natural gas reservoirs," SPA said.
Two unconventional oil fields and one reservoir were discovered in Saudi's Eastern Province while two natural gas fields and two reservoirs in the Kingdom's Empty Quarter.
ACWA Power secures $373m financing for Tashkent’s Riverside Power Plant
RIYADH: Saudi energy giant ACWA Power Co. has signed financing deals worth SR1.4 billion ($373.1 million) for Tashkent’s Riverside power plant in Uzbekistan, according to a statement on Tadawul.
The facility aims to generate 200 megawatts of solar photovoltaic energy and store 500 MW per hour using batteries, with a total cost of SR2 billion.
The financing agreements were signed by ACWA Power Riverside Solar Holding Co., the project company, in which ACWA Power holds full effective shareholding.
The Saudi utility firm explained that the funding was secured on July 1 from a consortium of development finance institutions, funds, and international commercial lenders.
The lenders included the European Bank for Reconstruction and Development, Proparco, DEG, Islamic Development Bank, as well as Standard Chartered Bank, and KfW IPEX-Bank.
ACWA Power has been a major investor in the Uzbek power and energy sector. In May, the company signed an SR18.2 billion power purchase agreement with the National Electric Grid of Uzbekistan for the Aral 5-gigawatt wind power project.
The energy giant will construct, own, operate, and ultimately transfer the wind farm in Uzbekistan under a 25-year contract.
In March this year, ACWA Power secured an SR985.13 million power purchase agreement with Uzbekistan’s National Electric Grid for the Nukus2 200-MW wind project.
This public-private partnership encompassed a battery energy storage system and follows ACWA Power’s build, own, operate, and transfer model.
The project’s financial impact is anticipated by the first half of 2026, marking a key milestone in ACWA Power’s Central Asian expansion.
These investments come as the company is aiming to lead the global energy transition, expanding to 20 countries and tripling its assets to $250 billion by 2030.
In an interview with Arab News in February, the company’s vice chairman, and managing director shared insights into the firm’s strategic objectives to enhance its international presence, emphasizing the role of Saudi Arabia’s homegrown companies in energy transition.
Raad Al-Saady affirmed that the company is on course to grow its assets from $85 billion to $250 billion by 2030.
He added that the firm aims to achieve its goal by averaging $20 billion to $30 billion in assets under management annually from now until 2030.
The Saudi company, which currently operates in 12 countries across the Middle East, Africa and Central Asia as well as South-East Asia, is planning to expand its global footprint to 20 nations in the coming years, as stated by Al-Saady.
ACWA Power, a Saudi-listed company founded in Riyadh in 2004, is a global leader in private water desalination and a pioneer in green hydrogen.
According to the World Economic Forum, it manages a portfolio of 77 projects valued at SR310.5 billion, capable of generating 53.69 GW of power and producing 7.64 million m3/day of desalinated water.
Saudi Top for Trading Co. agrees to buy 1k carbon credits from PIF-backed firm
RIYADH: Plastic and wax specialists Saudi Top Plastics has signed an agreement with a Public Investment Fund-backed firm to purchase 1,000 carbon credits.
The memorandum of understanding, signed by the plastics trading name Saudi Top for Trading Co. with the Regional Voluntary Carbon Market Co. will remain in effect for three years, and will also see a focus on advancing global climate action.
A carbon, or offset, credit is a transferable financial instrument certified by governments or independent certification bodies to represent an emission reduction that can be bought or sold.
Under the terms of the agreement, both parties will cooperate on initiatives to expand the voluntary carbon market and advance climate action in the Middle East, North Africa, and globally, while compensating for emissions with the credits, contributing to Saudi Arabia’s climate goals.
“Under the terms of the MoU, STP has committed to purchasing 1,000 carbon credits from RVCMC. Carbon credits help finance important climate action projects that help to address the devastating effects of climate change,” a spokesperson for RVCMC commented.
He added: “The MoU aims to set a new standard for sustainability in the region, demonstrating that industry leaders can make substantial progress in their environmental commitments. The companies have prioritized high-quality carbon credits and will continue to work closely together on positive climate action.”
On the sustainability front, the spokesperson noted that STP focuses on creating innovative solutions that recycle plastic waste into raw materials for new industries. It currently produces over 50,000 tonnes of recycled products annually and exports to more than 30 countries worldwide.
“By partnering with the Regional Voluntary Carbon Market Co., STP aims to further enhance its sustainability initiatives,” he said.
Saudi Arabia’s sovereign wealth fund holds an 80 percent stake in RVCMC, with Tadawul Group owning the remaining 20 percent. The company aims to enable emissions offset via carbon credits and aspires to become a global leader in the sector.
In 2022 and 2023, RVCMC auctioned a total of 3.6 million tonnes of carbon credits. The first auction was the largest voluntary carbon bidding ever, selling 1.4 million tonnes of carbon offsets, which is roughly the amount produced by 250,000 family cars in a year.
The second auction, which was held in Nairobi, Kenya, sold over 2.2 million tonnes of high-quality carbon credits to 16 companies from Saudi Arabia and other countries.
In October last year, Riham ElGizy, CEO of RVCMC, said that carbon trading is crucial for mitigating the risks associated with climate change.
“Carbon trading can become a very powerful tool to scale and finance the export of voluntary carbon credits from the Global South, to mitigate the impacts of climate change globally while providing the Global South with financial resources to support their development and address the impacts of climate change,”
GE Vernova powers Saudi Arabia’s Jafurah plant with first locally made gas turbine
RIYADH: Saudi Arabia’s Jafurah plant will be powered by the Kingdom’s first locally manufactured H-Class gas turbine from GE Vernova, advancing the Kingdom's energy sector.
Known for their high efficiency and hydrogen-readiness, these advanced turbines are designed to quickly adjust to support grid stability amidst the increasing integration of renewable energy.
GE Saudi Advanced Turbines, a joint investment with Dussur, is the first facility in Saudi Arabia and the region to manufacture H-Class gas turbines and components, according to a press release.
The successful rollout of the gas turbine at GESAT marks a significant milestone in the Kingdom’s energy sector and contributes to economic diversification and local skills development initiatives, in alignment with Saudi Vision 2030 goals.
The rollout underscores GE Vernova’s commitment to delivering cutting-edge technology products that support both the Kingdom’s energy needs and its sustainability goals, the release added.
Hisham Al-Bahkali, president of GE Vernova in Saudi Arabia, said: “We are incredibly proud of GESAT’s accomplishments in driving industrial localization within the Kingdom’s energy sector in support of Saudi Vision 2030.”
He added: “GESAT strengthens ‘Made in Saudi’ capabilities and, since 2018, has exported 200+ accessory modules for power plants generating more than 11 GW.”
The first locally completed unit will power the Jafurah Cogeneration Independent Steam and Power Plant, anticipated to become the most efficient facility in Saudi Arabia upon operationalization. By 2030, the entire Jafurah gas field is projected to produce up to 630,000 barrels of natural gas liquids and condensates daily, along with over 420 million standard cubic feet of ethane per day.
“The high efficiency and hydrogen readiness of our H-class turbines can support the country’s energy transition, as the turbines can rapidly ramp up or down to support grid stability as more intermittent renewables are integrated into the energy system,” said Joseph Anis, president and CEO of GE Vernova’s Gas Power business in Europe, Middle East and Africa.
To further support the Kingdom’s economic diversification and export capabilities, GE Vernova also signed a memorandum of understanding with Saudi EXIM aimed at facilitating the export of goods and services from Saudi Arabia, with support in lending and insurance.
Saudi oil giant Aramco boosts Esports World Cup with a gaming arena
RIYADH: A high-end simulator zone is set to land in Riyadh as Aramco partners with the Esports World Cup.
As the official title partner of the Aramco SIM Arena, the oil giant will present a high-end simulator zone where racing enthusiasts can compete in community tournaments.
This comes as the Esports World Cup Foundation and Aramco have announced a strategic partnership, with the oil company extending its sponsorship of the event, which will take place this summer.
The Aramco SIM Arena will offer hyper-realistic simulators, providing an experience akin to driving a Formula 1 car, and will be a premier destination for sim-racing fans.
Saudi state-owned companies are increasingly investing in the gaming sector at home and overseas to further solidify the national vision, with the Kingdom’s sovereign wealth fund increasing its stake in Japan-based Koei Tecmo earlier in 2024.
Starting July 3, the EWCF will transform Riyadh into the epicenter of esports fandom and gaming culture with an eight-week festival.
Athletes and clubs will compete in a 21-game global championship for a share of more than $60 million in prize money, the largest in esports history.
The event will feature gaming activations, community tournaments, pop culture celebrations, international experiences, and more.
This partnership builds on Aramco’s previous sponsorships of Gamers Without Borders and Gamers8: The Land of Heroes festival.
Aramco’s involvement with the Esports World Cup is part of a broader ambition to promote economic development and diversification, provide new opportunities for young people, and help build a diverse and dynamic Saudi economy, according to a press release.
The partnership aims to create a lasting impact on the world of esports, showcasing Saudi talent on the global stage and inspiring today’s youth through gaming.
Saudi Arabia’s National Gaming and Esports Strategy aims to contribute $13 billion to the Kingdom’s gross domestic product by 2030, with professional services firm PwC predicting that in 2026 the global gaming industry will be worth $320 billion.
Prince Faisal bin Bandar, chairman of the Saudi Esports Federation, outlined the nation’s ambitious goal amid projections that the global gaming community will grow to 3.7 billion gamers.
In an interview with Arab News in August 2023, Prince Faisal stated that gaming is set to contribute to roughly 1 percent of the nation’s GDP.
“(Some) 68 percent of our population consider themselves gamers, which is mirrored across the Gulf and the MENA (Middle East and North Africa) region,” he said.
