Saudi Energy Minister discusses clean energy efforts with European delegation

Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz held a meeting with a delegation of the European Parliament Foreign Affairs Committee. (SPA))
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Updated 20 December 2022
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Saudi Energy Minister discusses clean energy efforts with European delegation

RIYADH: Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz held a meeting with a delegation of the European Parliament Foreign Affairs Committee to discuss the Kingdom’s sustainability efforts and the vitality of cooperation.

The conference took place in the minister’s office in Riyadh on Tuesday and was led by its Chair David James McEllister.  

The attendees reviewed the Kingdom’s efforts towards its pursuit of leading the transformation in the field of energy through local and regional initiatives.   

The meeting particularly focused on the Kingdom’s performance in the field of clean energy technologies to control hydrocarbon emissions and promote renewable energy sources.   

Efforts of the Saudi Green initiative and Middle East Green initiative were also evaluated during the get-together in Riyadh.   

In addition, they went over the Saudi efforts in managing emissions through capturing, using, recycling and storing of carbon within the carbon circular economy approach, as well as its plan of action to become the world's largest clean hydrogen exporter.  

The minister further emphasized the importance of collaboration between Middle East exporters and European consumers to boost their efforts and aid in their advancement.    

The Saudi minister also acquainted the delegation with the county’s efforts to support and encourage innovation in the energy sector.   

“Climate action will enhance competitiveness, spark innovation, and create millions of high-quality jobs,” noted prince Mohamed ibn Salman bin Abdelaziz. 

He added: “young people, both in the Kingdom and in the world, are demanding a cleaner, greener and more inclusive future and we owe it to them to deliver on this.” 

Saudi Arabia has been taking a number of initiatives in the area of clean energy, with millions of dollars being pumped into developing green technology to produce sustainable solutions as part of its net-zero goals.  

Saudi Arabia’s Crown Prince and Prime Minister Mohammed bin Salman last year announced the Saudi Green Initiative and since then more than 60 initiatives have been activated to help Kingdom achieve the three targets of reducing emissions, afforestation, and land and sea protection.

During this year's SGI Forum which was held in tandem with COP27 in November, Crown Prince Mohammed bin Salman said: “We are ushering in a new green era for the region; in which we are collectively leading and reaping its fruits, in our joint belief that the effects of climate change are not limited to the natural environment only, but also to the economy and security of our nations.” 


QIA and Goldman Sachs plan to expand partnership with $25bn investment target

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QIA and Goldman Sachs plan to expand partnership with $25bn investment target

DOHA/DUBAI: Qatar Investment Authority and Goldman Sachs have signed a preliminary agreement to expand their strategic partnership, targeting $25 billion in investments by the Gulf wealth fund in Goldman-managed vehicles and co-investment opportunities.

Under the memorandum of understanding, QIA will commit to be an anchor investor in several of the US bank’s flagship and innovative strategies, they said in a joint statement. Goldman Sachs will also look to “meaningfully” increase its headcount in Doha, though it did not provide figures.

In a statement, David Solomon, chairman and CEO of Goldman Sachs, said Qatar is on an “exciting path of economic diversification,” citing the expansion of national champions, the development of capital markets and growth in the talent base.

He added: “This creates substantial opportunity to widen the state’s impact, global connectivity, and attractiveness as a multi-faceted investment partner.”

Qatar, one of the world’s leading exporters of liquefied natural gas, is seeking to diversify its economy away from hydrocarbons and attract more foreign investment.

The expanded partnership “provides QIA with premium deal flow in sectors critical to our investment strategy, including AI, fintech, digital infrastructure and private credit,” QIA CEO Mohammed Saif Al-Sowaidi said.

“This agreement builds on our longstanding relationship with Goldman Sachs and provides QIA with premium deal flow in sectors critical to our investment strategy, including AI, fintech, digital infrastructure and private credit,” he said. 

Al-Sowaidi added: “Importantly, this partnership extends beyond capital deployment. By committing to expand its presence in Doha as a key strategic hub for asset management, Goldman Sachs is reinforcing Doha’s position as a regional financial center.” 

Al-Sowaidi said the partnership would deliver meaningful benefits to the economy through knowledge transfer, job creation and enhanced expertise in alternative investments.

As part of its diversification efforts, Qatar has been expanding its financial sector by drawing in global asset managers and investment banks, many of which have been boosting their presence in Doha to work with entities including QIA.

QIA has about $580 billion in assets under management, according to sovereign-wealth-fund research firm Global SWF.