Saudi Arabia eyes leadership spot in global renewable energy: Al-Falih

Khalid Al-Falih, Minister of Investment

Saudi Arabia aims to be a world leader in the field of renewable energy, Al Arabiya TV Channel reported, citing Minister of Investment Khalid Al-Falih.

The Public Investment Fund (PIF) will act as a key investment driver, Al-Falih added.

The global economy has begun to shift to other energy sources, the minister said, noting that the Kingdom made a strong push towards this transformation through its renewable energy strategy, as Minister of Energy Prince Abdulaziz bin Salman announced ambitious goals to produce 50% of renewable energy in the Kingdom.

Al-Falih also noted that the strategies and policies announced by the Kingdom aim to maintain its leadership in energy sector, as it was during the oil era, amid transitioning to global leadership beyond oil amid the current global transformation.  

According to data compiled by Argaam, the PIF’s board of directors, chaired by Crown Prince, Deputy Prime Minister and Chairman of the Council of Economic and Development Affairs, Mohammed Bin Salman, approved the fund’s strategy for the next five years to 2025.