DUBAI: Saudi Arabia’s Crown Prince Mohammed bin Salman has signed a memorandum of understanding (MoU) with SoftBank to establish the largest solar power plant in the world. It is set to produce 200 gigawatts in Saudi Arabia - enough to power 140 million homes, according to reports.
Construction work on the project will begin immediately and is expected to be completed in 2030.
The crown prince and the chairman of the board of Saudi Arabia’s Public Investment Fund signed the memorandum with the chairman of Softbank to create "Solar Plan 2030," which is the largest in the world in the field of solar energy.
This agreement is a new framework for the development of the solar energy sector in Saudi Arabia, under which a new solar power plant will be established.
Two solar plants with capacities of 3 gigawatts and 4.2 gigawatts respectively will be launched by 2019 while solar panels will be manufactured and developed in Saudi Arabia by 2030 holding capacities of 150 gigawatts and 200 gigawatts.
Saudi crown prince signs MoU with SoftBank to set up world's largest solar project
Saudi crown prince signs MoU with SoftBank to set up world's largest solar project
Al-Falih meets Chilean ministers to explore investment opportunities
RIYADH: Investment opportunities between Saudi Arabia and Chile are set to get a boost as officials from both sides convened for a roundtable meeting in Santiago on Saturday.
Saudi Minister of Investment Khalid Al-Falih engaged in substantive dialogue with various Chilean ministers and government officials to explore and amplify mutual financing possibilities.
The meeting underscored the necessity of cementing economic ties between the Kingdom and Chile in bolstering the private sectors of both countries and fostering partnerships in areas of shared interest.
Al-Falih met with Chilean Foreign Minister Alberto van Klaveran, Minister of Economy, Development and Tourism Nicolas Grau and Minister of Public Works Jessica Lopez Saffie.
The meetings are part of the Saudi Ministry of Investment and its delegation’s intention to promote bilateral trade by introducing the Kingdom’s public and private sectors to Latin American countries to explore investment opportunities.
Al-Falih also signed a memorandum of understanding with Argentina’s Ministry of Foreign Affairs, International Trade and Worship on Saturday.
The agreement aims to boost cooperation between both parties to facilitate direct investments.
Furthermore, Al-Falih discussed several topics with Argentina’s minister around enhancing partnerships and collaborative investments in quality projects.
On Thursday, Al-Falih led a 60-member delegation to an investment forum in Uruguay’s capital Montevideo.
These initiatives are in line with the aim of the Saudi Ministry of Investment to attract quality investments that will empower sector growth, develop policies and improve the overall access to services through partnerships between the public and private sectors.
The ministry also endeavors to bolster collaborative initiatives with the private sector to drive social and economic transformation within the Kingdom under the strategic framework of Vision 2030.
It underscored its role as a facilitator and catalyst by enabling the involvement of both domestic and international private sectors to fuel economic growth.
Additionally, it emphasized its commitment to assisting these sectors in navigating and surmounting any challenges they may encounter in their interactions with pertinent bodies, both locally and globally.
