The General Investment Authority (GIA) today entered into a Memorandum of Understanding (MOU) with the King Abdullah City for Atomic and Renewable Energy, aimed at attracting and developing investments in the fields of atomic and renewable energy in the Kingdom.
His Excellency, Governor of the General Investment Authority, Ibrahim bin Abdul Rahman Al Omar, declared that this agreement is part of the efforts coordinated between GIA and all government and private sectors in the Kingdom to implement the "Invest in Saudi Arabia" initiative and achieve its objectives, in line with the national transformation program and the Kingdom’s vision 2030.
His Excellency added that the MOU provides for the development of competitive advantage of the global energy sector within the initiative “Invest in Saudi Arabia”. “It also provides for a framework for the provision of services and data that drive and support the implementation of renewable energy programs, and identifies the most important obstacles and challenges that could hinder investors from entering the sector” he explained .
For his part, His Excellency Chairman of King Abdullah City for Atomic and Renewable Energy, explained that the conclusion of the agreement is part of the bilateral cooperation with the General Investment Authority seeking to support the local content of nuclear and renewable energy and provide data and information on renewable energy in the Kingdom, through networks for measuring renewable energy sources, and by exchanging market and data information, as well as information storage rules.
It is worth mentioning that the energy sector is considered as one of the most important strategic sectors in the Kingdom. This sector is actually witnessing rapid growth and the Kingdom intends to introduce the atomic and renewable energy potential in the national energy mix, which contributes to creating more opportunities for investors in line with the Kingdom’s vision 2030.