Apr 17 2012
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US, Saudi Arabia set to sign deals on renewable energy projects
The US official, who is leading a 13-member business delegation to the Kingdom, expressed US support to the Kingdom on its drive to develop clean energy and that they are waiting for bigger cooperation between the two countries to realize goals put forth by the Kingdom.
She said the US administration and companies as well are concerned over the creation of investment opportunities with their Saudi counterparts, particularly on projects depending on renewable energy.
She noted that the Kingdom's announcement of investment of $100 billion in the next 10 years for development of solar and nuclear energy will help the US business delegation explore investment opportunities in the Kingdom and strengthen ties between the two countries.
CSCCI Secretary General Fahad Al-Sultan said Saudi-US relations were built on strategic basis during the last 10 years.
He said their meeting with US delegation explored suitable mechanisms for cooperation between business sectors in both countries.
The meeting centered on three themes: Kingdom's energy needs and its five-year plan, the Kingdom's vision on renewable energy, and the Kingdom's concern over building clean energy system, he noted.
He affirmed that the Kingdom has clearly opted to depend on knowledge-based economy.
The meeting listened to a series of work papers including one prepared by CEO of Saudi Electricity Company (SEC), which touched on Saudi energy sector. The paper focused on the volume of power production in the Kingdom and its future needs.
© Arab News 2012
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