Saudi Arabia signs $27b worth of energy deals
The agreements were launched by minister of energy Abdul Aziz Bin Salman
Dubai: Saudi Arabia signs 107 strategic agreements and memorandums of understanding to enhance its global leadership in the energy sector, involving 117 public and private entities, according to the Saudi Press Agency.
These agreements, valued at $27.69 billion (Dh101 billion), were officially launched by minister of energy Abdul Aziz Bin Salman at the Energy Localisation Forum, titled ‘Resilient Energy: Enabling Energy Sector Capability and Sustainability’.
In his speech, Abdul Aziz welcomed the participants and highlighted that Saudi Vision 2030 has made localisation a cornerstone of future energy sustainability and security.
He emphasised that energy in Saudi Arabia is not just an industry but a critical driver of economic development, contributing approximately 40 per cent to the country’s gross domestic product (GDP).
He pointed out that the Covid-19 pandemic revealed vulnerabilities in supply chains, impacting essential goods and heightening the risks of dependence on external sources. This prompted Saudi Arabia to take immediate action to coordinate the local production of crucial supplies in collaboration with 15 key entities, reinforcing the necessity of localisation in all sectors, especially energy.