Saudi Arabia’s KACARE signs MoUs to propel energy innovation and empower women

King Abdullah City for Atomic and Renewable Energy has signed a range of agreements. X/@moenergy_saudi
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Updated 18 December 2024
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Saudi Arabia’s KACARE signs MoUs to propel energy innovation and empower women

  • First MoU will focus on developing and localizing innovative technologies in the energy sector
  • Second deal signed with the Saudi Women and Energy Association will further reinforce the Kingdom’s commitment to empowering female workers

RIYADH: Saudi Arabia’s King Abdullah City for Atomic and Renewable Energy has signed new agreements to advance innovation, localize solutions, and empower women. 

The first memorandum of understanding, inked with King Saud University, will focus on developing and localizing innovative technologies in the energy sector, the Saudi Press Agency reported. 

The agreement also emphasizes building human capacity through training programs and the exchange of expertise, with a particular focus on technical and advisory services. 

This partnership supports Saudi Arabia’s Vision 2030, which aims to increase the Kingdom’s use of renewable energy and promote sustainability. 

It also aligns with Saudi Arabia’s goal of 50 percent of its electricity coming from renewable sources by the end of the decade.

In addition to these technological advancements, the MoU includes the development of educational programs and scholarships to help meet the growing demand for skilled professionals in the energy sector. 

The agreement also includes joint research initiatives in renewable energy, atomic energy, hydrogen technologies, and artificial intelligence applications within the energy field. This will provide valuable opportunities for students and researchers to contribute to the Kingdom’s energy transformation, the SPA report added.

KACARE also signed a second MoU with the Saudi Women and Energy Association, further reinforcing the Kingdom’s commitment to empowering female workers in the sector. 

This agreement focuses on launching comprehensive initiatives and programs aimed at supporting women to become leaders and innovators in energy. It includes training and development opportunities, such as the WE Spark program, which is dedicated to training women in renewable energy. 

This program is in partnership with King Abdullah University of Science and Technology and seeks to equip women with the skills necessary to excel in a rapidly evolving industry. 

The MoU also includes conducting studies to assess women’s participation in the energy sector. The research will identify key challenges and propose solutions to enhance women’s roles, ensuring equal opportunities in the workplace and supporting their development into leadership positions. 

In a further effort to empower women in the energy industry, KACARE signed another MoU with Princess Nourah University. This agreement aims to enhance female competencies in renewable energy through tailored training programs for female students pursuing engineering degrees. 

It also seeks to improve the capabilities of faculty members in providing specialized programs in solar energy, as well as upgrading infrastructure to support hydrogen production plants and solar photovoltaic energy projects. 


Saudi Arabia raises $605m in January sukuk issuance: NDMC

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Saudi Arabia raises $605m in January sukuk issuance: NDMC

RIYADH: Saudi Arabia’s National Debt Management Center has raised SR2.26 billion ($605 million) through its latest sukuk issuance.

Sukuk are Shariah-compliant financial instruments akin to bonds, granting investors a share in the issuer’s assets. Unlike conventional bonds, they comply with Islamic finance principles, which forbid interest-based transactions.

According to the NDMC, the January issuance was divided into five tranches. The first tranche was valued at SR410 million and is set to mature in 2031. The second amounted to SR338 million, maturing in 2033, while the third tranche, worth SR101 million, will expire in 2036. 

The fourth portion, valued at SR523,000, is due in 2039, while the last tranche, due in 2041, was valued at SR1.42 billion.

The January figure represents a decrease of 67.64 percent compared to December, when the Kingdom raised SR7.01 billion from sukuk issuances.

In recent years, the Kingdom’s debt market has experienced swift growth, with investors increasingly turning to fixed-income instruments as rising global interest rates reshape the financial landscape.

This comes as the Gulf Cooperation Council sukuk outstanding climbed 12.7 percent to $1.1 trillion by the end of the third quarter of 2025, according to a recent Fitch Ratings report.

The US-based credit rating agency said debt capital market activity in the GCC is expected to remain strong into 2026, supported by a healthy pipeline of anticipated issuances.

The report noted that sukuk issuances increased 22 percent year on year in the first nine months of this year, accounting for 40 percent of total GCC DCM outstanding.

Sukuk also outpaced bond growth, which expanded 7.2 percent year on year. 

Also known as Islamic bonds, these debt products allow investors to gain partial ownership of an issuer’s assets until maturity.