RIYADH: Saudi Arabia is on track to access green energy at competitive prices thanks to agreements signed by the Kingdom’s National Industrial Development and Logistics Program.
According to Al-Ekhbariya, Minister of Industry and Mineral Resources Bandar Alkhorayef, speaking at the NIDLP annual ceremony, explained that the program acquired five new renewable energy projects to ensure reasonable costs.
This aligns with the Kingdom’s goal of deriving half of its energy mix from renewable sources by 2030.
“NIDLP signed agreements to purchase five new renewable energy projects that will produce energy at competitive prices,” Alkhorayef said.
He added: “NIDLP program built integrated equipment in the ministries capable of implementing projects.”
The minister said the program adopted the first natural gas storage project in the Kingdom.
Additionally, it contributed to the crown prince’s launch of four economic zones and 59 logistical plans to develop infrastructure, Alkhorayef highlighted.
The minister noted that the NIDLP program has significantly contributed about 35 percent of the non-oil gross domestic product, making up to SR345 billion ($92 billion).
Furthermore, NIDLP announced investments worth SR206 billion in non-oil export activities and SR97 billion in nongovernmental funds, Al-Eqtisadiah reported.
Lauding Saudi Arabia’s outstanding industrial achievements, Alkhorayef highlighted the mining sector’s record revenues of over SR1.45 billion for 2023.
He highlighted that the Industrial Development Fund was able to fund 119 projects in 2023, providing finance of SR12.7 billion and investments exceeding SR51 billion, as part of the Kingdom’s ambitious aspirations to build 500,000 electric cars by 2030.
The minister also noted: “The nation’s young men and women are a milestone in the maturity of government systems and are capable of turning dreams into reality.”
He added: “The maturity of the executive bodies is the real guarantee of the sustainability of the sectors and the achievement of the nation’s aspirations.”
Also speaking at the same event, Saudi Arabia’s Minister of Transport and Logistics Sector Saleh Al-Jasser reiterated: “In cooperation with NIDLP, we are continuing to achieve the national transport strategy.”
In addition, the CEO of NIDLP, Suliman Al-Mazroua — who was also present at the event — shed light on the program’s executive performance during 2023.
“The program’s executive performance increased to 87 percent and by more than 17 degrees since the beginning of the year,” Al-Mazroua disclosed.
He also tackled exports, saying: “The Kingdom’s non-oil exports achieved historic numbers that had never been achieved before.”
As for job creation in 2023, the CEO projected it would be the highest standing at more than 200,000 jobs.
The NIDLP’s objective is to transform the Kingdom into a leading industrial powerhouse and a global logistics hub by maximizing the value of its mining and energy sectors while unlocking the full potential of additional local resources.
