Saudi Arabia Diversify Investments, away from Oil -Abdullah @AbdullaAlami1
Sunday, 4 June 2023
No Result
View All Result
MAAAL NEWS
  • Home
  • العربية
No Result
View All Result
  • Home
  • العربية
No Result
View All Result
MAAAL NEWS
No Result
View All Result

Saudi Arabia Diversify Investments, away from Oil

21 Sep 2021

Abdullah Al Alami

In mid-September, the Saudi International Water and Energy Works Company “ACWA Power” private placement for institutional investors was fully subscribed in a matter of minutes. The Company is valued at $10.9 billion at the high end of the offering price range.

Saudi Arabia is making strides at diversifying its economy away from oil. The project is being executed in NEOM with the help of $430 billion in funding from the Public Investment Fund (PIF). ACWA Power has completed 64 projects worth SR248 billion in 13 countries across three continents.

This is the largest offering on the Saudi Stock Exchange since the Saudi Government sold 2% of Aramco in a public offering in 2019. Investors were able to enter the Saudi oil sector thanks to Aramco record IPO. On the other hand, the ACWA Power offering demonstrates the Saudi Arabian Government desire to promote renewable energy projects and invest in hydrogen energy, as outlined in the Saudi Arabia strategy.

Read More

Benefits of the PIF Investments Toward Newcastle United

Future Adoption of Blockchain Technology in Business Solutions

Saudi Arabia is all set to amaze the world again

Why did Saudi Arabia decide to invest in areas other than oil? The Kingdom plans to make a significant investment in the $700 billion hydrogen market. One such plan seeks to construct a $5 billion plant that will be fully powered by wind and solar power, making Saudi Arabia one of the world-leading producers of green hydrogen. We are all excited to kick off this enormous project in NEOM in 2025, and then export the completed product to global markets for use as a biofuel in transportation and communication networks.

This is not the only renewable energy initiative we are working on; the Sakaka Project, which uses solar energy to generate power, is one of the Kingdom other initiatives. This is how we are pursuing our strategic goal of reducing reliance on oil and achieving a 50% renewable energy target by 2030.

This is how we quietly strive to achieve our objectives and create significant economic opportunities.

Previous Post

No More Logos for Fourth Industrial Revolution!”

Next Post

Congratulations to Saudi Arabia, its people on the completion of 5-Year of Vision2030.

Related Posts

Roadmap of Saudi Arabia for 2023 and beyond

Use of Blockchain technology in Government Sector of Saudi Arabia

The Legal Framework for Sustainable Family Businesses in the Kingdom

How might ChatGPT impact investors?

The Ministry of Tourism: Making Saudi Arabia the Most Coveted Destination in the Middle East

The Impact of HRH Prince Abdulaziz bin Salman on KSA and the World

Articles

الكاتب

The New Model of Care

Alaa Mulla

الكاتب

Saudi Astronauts Have Safely Arrived on the International Space Station

Prof. Alaa Alghamdi

الكاتب

The War on Drugs in Saudi Arabia is Pressing on With Positive Results

Prof. Alaa Alghamdi

الكاتب

Benefits of the PIF Investments Toward Newcastle United

Prof. Alaa Alghamdi

More

Read More

Saudi Arabia’s Quality of Life Program: Development, Diversification, and Social Impact

Second challenge of passenger growth

In the Saudi stock market, women make up 26% of investors. What are the causes of this low proportion, and what suggestions are there to raise it?

© 2020 All rights reserved to Maaal Newspaper
Publisher: Maaal International Media Company
License: 465734

Quick links

  • News
  • Articles
  • Maaal

Contact Us

055 144  3666  
[email protected]  

No Result
View All Result
  • العربية
  • Home

© 2020 All rights reserved to Maaal Newspaper - Publisher: Maaal International Media Company - License: 465734