Saudi Arabia Hosts Middle East's 'Biggest Potential' for Solar and Wind, Supporting Economic and Job Growth: Abdul Latif Jameel Energy and Environmental Services
Riyadh, Kingdom of Saudi Arabia: More than USD 100 billion in Saudi renewable energy projects will help meet its skyrocketing energy demand and diversify its energy sector, industry experts said today in the build-up to the World Future Energy Summit.
The Kingdom's energy demand is expected to grow by 45 percent from 69 gigawatts in 2014 to 100 gigawatts in 2040, an amount that is nearly as much as all of the rest of the GCC combined, according to a recent report by Frost & Sullivan.
In anticipation, the Kingdom plans to spend USD 109 billion to install 54 gigawatts of renewable energy by 2040, added Frost & Sullivan. By 2020, Saudi projects alone will account for 70 percent of the total value of the GCC's renewable energy projects.
"With the Middle East's renewable energy sector rapidly advancing, Saudi Arabia holds the region's biggest potential for both solar and wind power," said Roberto De Diego Arozamena, CEO, Abdul Latif Jameel Energy and Environmental Services, which will be one of the key sponsors of the World Future Energy Summit 2016 in Abu Dhabi, UAE.
"Renewable energy can help Saudi Arabia meet its growing energy demand, and also help diversify its economy, shift government energy subsidies, and provide jobs for the Saudi workforce," added Roberto De Diego Arozamena.
Solar power in particular is seeing the strongest take-up, with the Kingdom planning to install 41 gigawatts of solar power by 2040, according to an Arthur D Little report.
To support solar, Arthur D Little calls for easy financing of solar projects, strategic partnerships, deploying before manufacturing, and proactive energy policy reforms.
"The market has significant innovation support thanks to its world-class universities. Generally, for a successful renewable sector, governments need to implement holistic plans that boost both the innovation and manufacturing capacity to deliver practical, affordable, and competitive energy solutions," said Robert De Diego Arozamena.
Abdul Latif Jameel Energy and Environmental Services covers power infrastructure development, sustainable power generation, alternative resources, and energy efficiency. Through its portfolio company Fotowatio Renewable Ventures (FRV), a leading global developer of large-scale solar power plants the Company holds a 4.3 GWdc pipeline of projects in emerging solar markets including the Middle East, Australia, Africa, and Latin America.
The World Future Energy Summit 2016, including Solar Expo and Sustainable Transport Zone, will be held at the Abu Dhabi National Exhibition Centre on 18-21 January 2016. Co-located events featured are the International Water Summit and EcoWASTE.
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About Abdul Latif Jameel
Abdul Latif Jameel refers broadly to distinct separate and independent legal entities whose interests encompass automotive distribution, auto parts manufacturing, financial services, renewable energy, environmental services, land and real estate development, logistics, electronics retailing and media services. Abdul Latif Jameel positions itself as a preferred business partner primarily for inward investment into the Middle East, North Africa and Turkey (MENAT) region.
About Masdar
Masdar is Abu Dhabi's renewable energy company advancing the development, commercialisation and deployment of clean energy technologies and solutions. The company serves as a link between today's fossil fuel economy and the energy economy of the future. Backed by the Mubadala Development Company PJSC, the strategic investment company of the government of Abu Dhabi, Masdar is dedicated to the Emirate's long-term vision for the future of energy.
For more information about Masdar, please visit: www.masdar.ae
Stay connected: facebook.com/masdar.ae and twitter.com/masdar. For press inquiries, please contact press@masdar.ae
About World Future Energy Summit
The World Future Energy Summit (WFES) is the world's most influential event dedicated to advancing future energy, energy efficiency, and clean technology. Held each year at the Abu Dhabi National Exhibition Centre, WFES is hosted by Masdar Institute. The WFES 2015 exhibition and conference saw 650 companies from 40 countries, and more than 32,000 attendees from 170 countries participate. For more information, please visit www.worldfutureenergysummit.com.
About Abu Dhabi Sustainability Week
Abu Dhabi Sustainability Week (ADSW) is the ground-breaking global forum that unites thought leaders, policy makers and investors to address the challenges of renewable energy and sustainable development. With the global population set to reach nine billion by 2050, ADSW promotes collaborative thinking and development to accelerate the sustainable solutions needed to support rapid economic and population growth. An Abu Dhabi government initiative, ADSW is the largest gathering on sustainability in the Middle East and a significant forum in stimulating the international dialogue and action. For more information, visit www.abudhabisustainabilityweek.com.
© Press Release 2016
