Saudi Arabia’s Public Investment Fund (PIF) is working with Softbank Vision Fund and other entities on a number of large-scale multi-billion dollar solar energy projects and denied a Wall Street Journal report that plans for a $200 billion solar project were stalled.
PIF, with assets in excess of $250 billion (Dh918.1bn), will announce those projects "in due course", it said in a statement on Monday, and called the Wall Street Journal report "inaccurate".
"Plans to develop a leading champion for the industry remain on-track and in-line with the timeline that would be anticipated for projects of this scale and ambition," PIF said.
In March, Saudi Arabia and Softbank signed a memorandum of understanding to develop the world's largest solar power project. The announcement was one of several projects that signalled the world's biggest oil exporter is increasingly focused on renewable energy.
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Read more:
Saudi Arabia expected to break ground on first wind project this year, Acwa CEO says
Middle East renewable energy targets require as much as $40bn capital investment, says GE
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The $200bn solar project is set to create thousands of jobs and develop a manufacturing industry in line with the kingdom's economic diversification plans laid out in its Vision 2030. The project is expected to have the capacity to produce up to 200 gigawatts by 2030, according to SoftBank chief executive Masayoshi Son.
On September 30, the Wall Street Journal reported the plan was stalled as "no one was actively working" on the project, it said, citing unidentified Saudi officials and a government adviser. The sources said the government is working on a "broader, more practical" strategy for renewables that will be announced in late October during a Riyadh conference.
The kingdom is ripe for investing in solar energy because of plentiful sunshine and growing cashflow as oil prices rebound to more than $80 a barrel.
"The kingdom is moving forward with the overall renewable energy strategy, through which Saudi Arabia aims to be a leading and reliable diversified supplier of renewable energy," the fund said.
Investing in solar power allows Saudi Arabia to decrease the amount of crude it currently uses to generate power and boost its overseas shipments.
The cost of the first stage of the solar project will be $5bn and the remaining portion of the project will be through project debt financing.
Most recently, Saudi Arabia has invested in electric carmaker Lucid in line with its strategy to back renewable energy projects.
COMPANY%20PROFILE
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Result:
1. Cecilie Hatteland (NOR) atop Alex - 31.46 seconds
2. Anna Gorbacheva (RUS) atop Curt 13 - 31.82 seconds
3. Georgia Tame (GBR) atop Cash Up - 32.81 seconds
4. Sheikha Latifa bint Ahmed Al Maktoum (UAE) atop Peanuts de Beaufour - 35.85 seconds
5. Miriam Schneider (GER) atop Benur du Romet - 37.53 seconds
6. Annika Sande (NOR) atop For Cash 2 - 31.42 seconds (4 penalties)
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
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MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
All about the Sevens
Cape Town Sevens on Saturday and Sunday: Pools A – South Africa, Kenya, France, Russia; B – New Zealand, Australia, Spain, United States; C – England, Scotland, Argentina, Uganda; D – Fiji, Samoa, Canada, Wales
HSBC World Sevens Series standing after first leg in Dubai 1 South Africa; 2 New Zealand; 3 England; 4 Fiji; 5 Australia; 6 Samoa; 7 Kenya; 8 Scotland; 9 France; 10 Spain; 11 Argentina; 12 Canada; 13 Wales; 14 Uganda; 15 United States; 16 Russia
Bio:
Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
Favourite Hobby: Serving poor people
Favourite Book: The Alchemist by Paulo Coelho
Favourite food: Fish and vegetables
Favourite place to visit: London
FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place playoff
The%20Emperor%20and%20the%20Elephant
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.8-litre%204-cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C200rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%20from%201%2C800-5%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%206.7L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh111%2C195%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
The Transfiguration
Director: Michael O’Shea
Starring: Eric Ruffin, Chloe Levine
Three stars
