Saudi Arabia has a growing population with a steadily rising demand for energy as consumption increases by 7-10 percent each year, according to experts attending the high-profile event in Riyadh on “Empowering Saudi Arabia’s emerging renewable sector”.
They said 80 percent of the Kingdom’s GDP is dependent on oil revenues.
Although rich in oil, the Kingdom faces a real problem of supplies for exports running out as it continues to cater to high internal demands.
The event brought together experts from both local and global energy experts, including Michelle T. Davies, head of clean energy practice, Eversheds LLP, and Maher Alodan, director of research, development and innovation at the King Abdullah City for Atomic and Renewable Energy (KACARE)
In order to cope with the demands, KACARE has been tasked with developing plans to deploy nuclear power and renewable energy in the Kingdom.
KACARE recently drew up plans to develop 54 GW of renewable energy by 2032, potentially the biggest solar program of its kind.
The event was hosted by Global law firm, Eversheds, with the cooperation of various local and global firms, during which they discussed renewable energy projects in the Middle East in general and in Saudi Arabia in particular.
“The Middle East is currently an attractive market for global renewable energy funders and developers. The recent program outlined by Saudi Arabia, for example, is a 54GW renewable energy opportunity, one of the largest the world has ever seen,” said Davies.
The immense opportunity that the ME presents also throws up a whole host of challenges for the development of projects in the region, securing of capital and the development of renewable energy projects in Europe.
Jordan, on the other hand, is lacking in sufficient domestic fossil resources needed to secure its own energy independence — it is currently heavily reliant on imports through the Arab Gas Pipeline. Jordan’s renewable energy strategy will, therefore, not only help to reduce reliance on alternative sources of energy but also enable it to develop its own domestic renewable energy industry with demand for domestic workforce and expertise which will ensue.
Despite holding the seventh largest oil and gas reserve in the world, the UAE relies on imported gas for the production of its electricity and has a rising energy consumption of up to 10 percent each year.
This mix of drivers still provides the motivation to change the domestic energy mix. The two main emirates of Abu Dhabi and Dubai have their own energy strategy and their own renewable energy schemes.
Saudi renewable energy projects in global spotlight
Saudi renewable energy projects in global spotlight
Arab food and beverage sector draws $22bn in foreign investment over 2 decades: Dhaman
JEDDAH: Foreign investors committed about $22 billion to the Arab region’s food and beverage sector over the past two decades, backing 516 projects that generated roughly 93,000 jobs, according to a new sectoral report.
In its third food and beverage industry study for 2025, the Arab Investment and Export Credit Guarantee Corp., known as Dhaman, said the bulk of investment flowed to a handful of markets. Egypt, Saudi Arabia, the UAE, Morocco and Qatar attracted 421 projects — about 82 percent of the total — with capital expenditure exceeding $17 billion, or nearly four-fifths of overall investment.
Projects in those five countries accounted for around 71,000 jobs, representing 76 percent of total employment created by foreign direct investment in the sector over the 2003–2024 period, the report said, according to figures carried by the Kuwait News Agency.
“The US has been the region's top food and beverage investor over the past 22 years with 74 projects or 14 projects of the total, and Capex of approximately $4 billion or 18 percent of the total, creating more than 14,000 jobs,” KUNA reported.
Investment was also concentrated among a small group of multinational players. The sector’s top 10 foreign investors accounted for roughly 15 percent of projects, 32 percent of capital expenditure and 29 percent of newly created jobs.
Swiss food group Nestlé led in project count with 14 initiatives, while Ukrainian agribusiness firm NIBULON topped capital spending and job creation, investing $2 billion and generating around 6,000 jobs.
At the inter-Arab investment level, the report noted that 12 Arab countries invested in 108 projects, accounting for about 21 percent of total FDI projects in the sector over the past 22 years. These initiatives, carried out by 65 companies, involved $6.5 billion in capital expenditure, representing 30 percent of total FDI, and generated nearly 28,000 jobs.
The UAE led inter-Arab investments, accounting for 45 percent of total projects and 58 percent of total capital expenditure, the report added, according to KUNA.
The report also noted that the UAE, Saudi Arabia, Egypt, and Qatar topped the Arab ranking as the most attractive countries for investment in the sector in 2024, followed by Oman, Bahrain, Algeria, Morocco, and Kuwait.
Looking ahead, Dhaman expects consumer demand to continue rising. Food and non-alcoholic beverage sales across 16 Arab countries are projected to increase 8.6 percent to more than $430 billion by the end of 2025, equivalent to 4.2 percent of global sales, before exceeding $560 billion by 2029.
Sales are expected to remain highly concentrated geographically, with Egypt, Saudi Arabia, Algeria, the UAE and Iraq accounting for about 77 percent of the regional total. By product category, meat and poultry are forecast to lead with sales of about $106 billion, followed by cereals, pasta and baked goods at roughly $63 billion.
Average annual per capita spending on food and non-alcoholic beverages in the region is projected to rise 7.2 percent to more than $1,845 by the end of 2025, approaching the global average, and to reach about $2,255 by 2029. Household spending on these products is expected to represent 25.8 percent of total expenditure in 13 Arab countries, above the global average of 24.2 percent.
Arab external trade in food and beverages grew more than 15 percent in 2024 to $195 billion, with exports rising 18 percent to $56 billion and imports increasing 14 percent to $139 billion. Brazil was the largest foreign supplier to the region, exporting $16.5 billion worth of products, while Saudi Arabia ranked as the top Arab exporter at $6.6 billion.
