Power & Energy
As a nation in the midst of a self-driven transformation to a diversified economy, the Kingdom of Saudi Arabia is making significant changes to its economic and industrial sectors. The country plans to undergo advanced economic stimulation and improvement as it reaches toward its goal of becoming an increasingly self-sufficient, productivity-based market with an international reach. These improvements are outlined in the Kingdom's goal-based National Transformation Program 2020 and Vision 2030 initiatives, which lay out ambitious, specific initiatives nationwide to develop various sectors in the next decade and beyond.
As part of its improvement and transformation plan, Saudi Arabia is building industrial capacities alongside its oil sector, expanding its technological capabilities and improving the livability of Saudi cities. A significant aspect of modernizing the nation's infrastructure is a push to adopt alternative power sources including solar which will diversify the energy economy and reduce pollution in the largest Saudi population centers.
If you're a U.S. company involved in power and energy investments in Saudi Arabia, you may wish to expand your reach or improve your business connections to supply the nation with the technology, skills, and resources it needs. Long-term, sustainable business in the Kingdom requires an intimate understanding of the power and energy industry, as well as extensive knowledge of the Saudi Arabian business sphere and how renewable energy fits into its Vision 2030 goals.
Solar Power Renewable Energy Goals
As the world's largest oil exporter, the Saudi economy has historically been directly tied to oil production and export. Saudi Arabia is working toward diversifying its energy production and consumption away from sole reliance on its oil assets toward more sustainable, environmentally-friendly technologies.
By the end of 2018, the Kingdom planned to invest as much as $7 billion in renewable energy plants, including a wind farm and seven solar power plants. With this investment, Saudi Arabia hopes to work toward its goal of deriving 10 percent of its energy from renewable resources by 2023 and increase its energy sustainability into 2030 and beyond.
In addition to renewable fuel, the nation intends to have private electricity sources by 2020 and spend roughly $4 and $5 billion annually on generation and distribution, respectively, while localizing its gas and oil sector.
Saudi Arabia aims to produce its own solar energy, become a predominately renewable energy-reliant nation, and begin exporting renewable energy (though the oil and gas industry will remain an important sector for the Kingdom). Power and energy companies providing infrastructure, technical solutions, assistance in developing internal capability, and training skilled labor are in high demand including:
- Products and services that deal with pollution and systems control services
- Instruments and controls
- Integration and other plant technologies
If your company manufactures products or offers services in the power and energy sector, there may be opportunities for you to expand in Saudi Arabia.
Why Choose The Quincy Group for Business Assistance With Renewable Energy and Power?
When it comes to navigating the business world in Saudi Arabia, you need more than a good sales pitch. Your company needs a strong understanding of the industry and the ability to build a solid foundation of trust in the complex Saudi business sphere, even if you're already in business in the Kingdom.
With over 50 years of experience advancing and advising U.S. companies like yours in Saudi Arabian business ventures, The Quincy Group has the resources, expertise, assets and connections you need to better your power and energy investments in Saudi Arabia. Contact us today online or at 202.461.2245 for more information about becoming involved with the Kingdom's renewable energy goals for Vision 2030.