SAGIA, KACARE Co-sign Agreement on Developing Renewable Energy

Riyadh, The Saudi Arabian General Investment Authority (SAGIA) and King Abdullah City for Atomic and Renewable Energy (KACARE) co-signed here today, an agreement to attract and enhance investments, in the field of atomic and renewable energy, in the Ki...

Riyadh, The Saudi Arabian General Investment Authority (SAGIA) and King Abdullah City for Atomic and Renewable Energy (KACARE) co-signed here today, an agreement to attract and enhance investments, in the field of atomic and renewable energy, in the Kingdom.

The agreement took the form of memo of understanding (MoU).

Governor of GIA Ibrahim bin Abdulrahman Al-Omar said that this agreement falls within the efforts exerted by SAGIA, in coordination with all government and private sectors, in the Kingdom, to implement "Invest, in Saudi Arabia" initiative and achieve its objectives, in line with the National Transformation Program and the Vision of the Kingdom 2030, adding that the agreement includes developing competitive advantages of the global energy sector, under the umbrella of "Invest, in Saudi Arabia", and setting a framework for providing services and data to support and back up implementation of renewable energy programs, in addition to identifying the most important obstacles and challenges that could hinder investors from entering the sector.

For his part, Chairman of KACARE Dr. Khalid bin Saleh Al-Sultan said that signing of the agreement is part of the bilateral cooperation with SAGIA to support local content of nuclear and renewable energy, as well as provision of data and information on renewable energy, in the Kingdom, exchange of market and data information and information storage rules.

Atomic and renewable energy sector considered among the most important strategic sectors, in the Kingdom, witnessing a rapid growth, as the Kingdom plans to introduce them, into the national energy mix, in order to create more opportunities for investors, in line with the Vision of the Kingdom 2030.

Source: Saudi Press Agency