Saudi Minister of Energy: We target projects worth SR2.8 trln in ‎sector

Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, revealed that the projects of the energy sectors, in the fields of oil and gas, petrochemicals, conventional and renewable energy, and hydrogen, are a major tributary to the national economy, indicating that the value of the targeted projects in the sector, until 2030, is estimated at about (2.85) two trillion, eight hundred and fifty billion riyals.

This came during his presence and the Minister of Investment, Eng. Khaled bin Abdulaziz Al-Falih, and the CEO of the National Center for Industrial Development, Dr. Abdul Rahman bin Moayed Al-Qertas, signing an agreement aimed at supporting the growth and sustainability of the Tuwaiq Casting and Roads Company project, within the framework of the Kingdom of Saudi Arabia’s efforts to support Improving the investment environment in the Kingdom, localizing the industry, and developing the manufacturing sector, to maximize the added value that the Kingdom reaps from the available resources. Pointing out that the Tuwaiq Casting and Road Company is one of the projects that the Ministry of Energy supported its establishment to contribute to the localization of the main components of the energy sector in its various projects.

The Minister of Energy stated that to achieve the goal of the energy system, which is to localize 75% of the materials required in energy sector projects, in implementation of the noble royal directive, the system seeks to attract Saudi investments and capabilities worth 260 billion riyals during the next decade.

He indicated that in order to attract these investments and enable their growth, the energy system has established distinct projects to localize supply chains and value chains for the components of the energy.

He stressed that the contribution of this project, and others like it, in providing the main components needed by the energy sector and other sectors, makes these projects a key element in increasing the local content and sustainability of energy supply chains in the Kingdom.

For his part, Engineer Al-Falih indicated that the Ministry of Investment is interested in supporting and developing this category of qualitative investments, which lay the foundations for the establishment of industries of great economic importance, indicating that casting and iron methods are the cornerstone of many industries, such as the machinery and equipment industry, and the manufacture of supplies. energy, the military equipment industry, the automobile industry, and many others, and thus it paves the way for the development of many manufacturing industries, in line with the Kingdom’s Vision 2030, and supports the diversification and development of the national economy.

Al-Falih noted that the Ministry has facilitated the provision of some government incentives in this regard that enabled the launch of this qualitative investment, which will open several strategic value chains, as it is expected that Tuwaiq Casting and Roads Company will contribute to an increase in the gross domestic product by about (21.375) billion riyals, as well as in Localization of supply chains for machinery and equipment, which will lead to the elimination of imports from these needs, in five strategic sectors, including; energy sector; such as oil, gas, and the industrial sector; such as the marine industries, the petrochemical industry, the water desalination sector, and others, adding that the agreement that was signed will support the transfer and localization of industrial knowledge, and create direct and sustainable job opportunities for the sons and daughters of the country.

For his part, Mohammed Abunayyan, Chairman of the Board of Directors of the Saudi Industrial Investments Company “Dusur”, which is the main owner of Tuwaiq Company, said: “This agreement is one of a large group of facilities provided by the Kingdom’s government to investors who aim to construct strategic and qualitative projects that are compatible with The Kingdom’s Vision 2030 seeks to localize promising industries and create quality jobs for the country’s sons and daughters, and contribute to raising the domestic product and achieving the desired economic diversification.‎