Saudi Arabia launches new phase of renewables plan

The second phase of the program will comprise seven solar projects worth $1.5 billion. (Shutterstock)
Updated 30 January 2019

Saudi Arabia launches new phase of renewables plan

  • The combined generation capacity will be 1.51 gigawatts, enough to power 226,500 households
  • The projects are expected to create more than 4,500 jobs during construction, operations and maintenance

LONDON: Saudi Arabia has launched the second phase of its Renewable Energy Program, which will comprise seven solar projects worth $1.5 billion.
The combined generation capacity will be 1.51 gigawatts (GW), enough to power 226,500 households, according to a statement from the Renewable Energy Project Development Office of Saudi Arabia’s Ministry of Energy, Industry and Mineral Resources.
The projects will be tendered by mid-2019, after expressions of interest were first invited at Monday’s National Industrial Development and Logistics Program launch in Riyadh.
They are expected to create more than 4,500 jobs during construction, operations and maintenance.
Saudi Arabia’s Renewable Energy Program seeks to achieve more than 25GW of wind and solar power generation in the next five years, and close to 60GW over the next decade; of which 40GW will be generated from solar energy, with a further 16GW of onshore wind.
Overall, Saudi Arabia aims to create a renewable energy capability of more than 200GW over the next decade.


G20 ready to limit effects of coronavirus on global economy, Saudi finance minister

Updated 23 February 2020

G20 ready to limit effects of coronavirus on global economy, Saudi finance minister

RIYADH: Finance officials from the Group of 20 major economies agreed on Sunday to continue monitoring the risk from the coronavirus outbreak and to adopt appropriate policies to limit the global economic impact, Saudi Arabia's finance minister said.
The two-day gathering in Riyadh was dominated by growing concern over the widening fallout from the coronavirus outbreak, with the International Monetary Fund predicting it would shave 0.1 percentage point off global growth. 
During the meeting, which also included central bank governors heads of international and regional organizations, under the Saudi G20 Presidency, was chaired by Saudi finance minister Mohammed Al-Jadaan and the Saudi Central Bank
governor Ahmed Al-Kholifey.
They also discussed the global economic outlook and possible policy responses to support growth and safeguarding against downside risks, as well as the priorities of the Saudi G20 presidency, under the theme of “Realizing Opportunities of the 21st Century for All.” 
They also addressed the tax challenges arising from the digitalization of the economy, utilizing the benefit of technology for infrastructure, developing domestic capital markets, and framing supervisory and regulatory issues for the digital era.