We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Fri 9 Dec 2011 12:15 PM

Font Size

- Aa +

Saudi Arabia to spend over $100bn on nuclear, solar

Official tells Saudi-US forum that kingdom is keen to develop alternative energy options

Saudi Arabia to spend over $100bn on nuclear, solar
Saudi Arabia and the UAE are investing in nuclear power to help meet rising domestic demand for electricity

Saudi Arabia will spend more than $100bn to build 16 nuclear energy plants over the next few years, a senior official has told a Saudi-US business forum in Atlanta.

Abdullah Zainal Alireza, Commerce and Industry Minister, also said the kingdom was keen to develop solar and other renewable energy technologies to reduce dependence on oil and gas, Saudi daily Arab News reported on Friday.

"We have allocated $3bn to produce solar energy panels in Jubail and Yanbu," he was quoted as saying.

Last month, Saudi Arabia said it will begin the tendering process to construct the first nuclear station by the end of next year. The site of the reactor will be announced by March.

Saudi Arabia and the UAE are investing in nuclear power to help meet rising domestic demand for electricity.

The forum also discussed new investment opportunities worth $385bn in the kingdom in the key sectors of education, energy, electricity and water, transport and logistics, petrochemicals and infrastructure, the paper added.

Alireza said Saudi imports from the US are expected to cross $95bn or 23 percent of the total US exports to Arab countries by 2012.

"This amount is expected to double by 2015," the minister said.

Arabian Business: why we're going behind a paywall

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.
Muhammad Kashif 8 years ago

I am interested to know for which projes USD 100 bn is being spent. Can some one throw sunlight.