Gulfbusiness
Khalid Al-Falih said the projects would be awarded in September
Saudi Arabia’s minister of energy, industry and mineral resources Khalid Al-Falih has announced that the country will invite international and domestic firms to bid for renewable energy projects in April.
Saudi Arabia – a nation on the move
Saudi Arabia has long been recognized as a powerhouse of the Middle East. Now’s it’s poised to become one of the world’s top 10 most competitive nations and with that, one of the most lucrative markets for strategic investment.
Saudi Arabia has identified over $400 billion worth of opportunities for foreign investors, as the Kingdom forges ahead with plans foreconomic transformation.
With the halving of oil prices since June last year, the Saudi government is seeking to create a new generation economy by better developing its non-oil sectors and attractingnew foreign investment.
Historically, the oil-rich Gulf Arab state has relied on exports of crude oil and refined petroleum products to support its economy. But as the oil price shows no signs to recover any time soon, with some indications pointing to it never reaching the $100 mark again, not at least in the short-term, Saudi Arabia is becoming ever more cognisant of the need to expand its means of income.
