A group of Spanish companies have expressed willingness to enter into partnership with their Saudi counterparts to set up plants for production of solar energy to meet local demand and export to foreign countries, a senior diplomat at the Spanish Embassy said.
Spanish Commercial Attache Juan Bordeal, speaking at a meeting organized by the Spanish trade mission in Riyadh, said the Spanish companies targeted the Kingdom for being the biggest world oil consuming country to produce energy, which makes it imperative to find alternatives. The Spanish companies see Saudi climate gives good catalysts to help expand solar energy production and meet foreign and local demand, he added.
He said a delegation representing key Spanish industrial firms has recently explored investments opportunities in clean and renewable energy, briefed on documents to be issued by King Abdullah City for Atomic and Renewable Energy (KACARE) on the volume of the required energy as well as aspects of business cooperation with the Saudi-Spanish Business Council (SSBC).
The Spanish diplomat said there were nine joint investment projects between Saudi and Spanish businessmen worth $ 143 million (SR 536.25 million).
He cited a study recently conducted by the Paris-based International Energy Agency (IEA), which says that Saudi Arabia will, in the coming 20 years, face an increased demand on oil for local consumption. However, its plans to use energy alternatives will positively boost its oil exports and stabilize economy since oil is its major income source.
Chairman of SSBC Abdullah Al-Rashid said Saudi businessmen and their Spanish counterparts in the private sector have worked out a plan aimed at bolstering business and investment cooperation and enhancing trade exchange between the two countries which currently stands at 7.5 billion euros.
The volume of trade between the two countries is expected to witness an outstanding growth in the next three years, he said.
Saudi Arabia is reportedly Spain’s third largest Arab partner and ranked 12th among the exporter countries to Spain from outside the European Union (EU) countries. The scope of trade between the two countries covers chemical and metal products, plastics, fabrics and textiles, medical and surgical supplies, and wooden products.
Spanish firms target Saudi solar energy sector
Spanish firms target Saudi solar energy sector
Saudi Arabia opens 3rd round of Exploration Empowerment Program
RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources, in collaboration with the Ministry of Investment, has opened applications for the third round of the Exploration Empowerment Program, part of ongoing efforts to accelerate mineral exploration in the Kingdom, reduce early-stage investment risks, and attract high-quality investment from local and international mining companies.
The third round of the Exploration Empowerment Program offers a comprehensive support package targeting exploration companies and mineral prospecting license holders.
The initiative aims to lower investment risks for projects and support a faster transition from prospecting to development.
"The program provides coverage of up to 70 percent of the total salaries of Saudi technical staff, such as geologists, during the first two years, increasing to 100 percent thereafter, in line with program requirements.
This support aims to develop talent, build national capabilities in mineral exploration, promote job localization, and facilitate the transfer of geological knowledge.
The application for the third round opened on Jan. 14, allowing participants to benefit from the Kingdom’s attractive investment environment, its stable legal framework, and streamlined regulatory structures, as well as integrated infrastructure that supports the transition from mineral resources to operational mines.
The ministry has set the timeline for the third round, with the application period running from Jan. 14 to March 31.
This will be followed by the evaluation, approval, and signing of agreements from April 1 to May 31, with the eligible projects set to be announced between June 1 and July 31 of the same year.
The program stages include submitting exploration data during the reimbursement and payment phase from Sept. 1 to Nov. 30, followed by technical and financial verification of work programs and approval of the disbursement of support funds in January 2027.
The exploration data will then be published on the National Geological Database in April 2027.
The ministry emphasized that the EEP focuses on supporting the exploration of strategically important minerals with national priority. It also contributes to enhancing geological knowledge by providing up-to-date data that meets international standards, helping investors make informed decisions and supporting the growth of national companies and local supply chains.
The ministry urged companies to apply early to benefit from the program’s third round, which coincided with the fifth edition of the International Mining Conference, which was held from Jan. 13 to 15.
