Representative image. Credit: Canva
Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman bin Abdulaziz, inaugurated the Energy Localization Forum on the theme “Resilient Energy: Achieving Capability and Sustainability in the Energy Sector” . The forum, held in Riyadh, brought together key figures including government ministers, private sector CEOs and global energy experts to discuss strategies to increase the localization and sustainability of Saudi Arabia’s energy sector.
In his keynote address, Prince Abdulaziz highlighted Saudi Vision 2030’s focus on localization of the energy sector as essential to ensuring both the country’s future sustainability and security. emphasized. He pointed out that the energy sector plays a key role in driving Saudi Arabia’s economic growth, accounting for an estimated 40% of the Kingdom’s GDP. He pointed to major localization programs already underway, such as Aramco’s iktva initiative, SABIC’s Nusaned program and Saudi Power Company’s Bina program, which collectively strengthen local supply chains and foster domestic innovation. It is intended to promote.
Crown Prince Abdulaziz highlighted how the COVID-19 pandemic has exposed the vulnerabilities of global supply chains and stressed the need for local production. In response, Saudi Arabia partnered with 15 key organizations to produce essential goods domestically, demonstrating the urgency for further localization efforts, especially in the energy sector.
Under the direction of Crown Prince and Prime Minister Mohammed bin Salman, the Energy Sector Localization Committee outlined short- and long-term goals aimed at achieving 75% localization within the sector by 2030. . âOur strategy focuses on comprehensive localization of the supply chain, from raw materials to finished products, ensuring maximum local value and facilitating technology transfer,â said Prince Abdulaziz. said.
During the forum, Prince Abdulaziz witnessed the signing of 107 strategic agreements and memorandums of understanding worth R104 billion. The agreement, which involves 117 public and private organizations, aims to strengthen Saudi Arabia’s position as a global energy leader. The two-day forum will be hosted by the Ministry of Energy in collaboration with Saudi Aramco, Saudi Electricity Company and SABIC.
The event reflects Saudi Arabia’s continued efforts to localize the energy sector in line with Vision 2030, creating investment opportunities, driving innovation, and empowering local businesses and entrepreneurs to grow in fast-growing sectors. Make it.
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