Saudi Arabia is targeting 40 gigawatt hours of energy savings this year, according to the head of the country’s newly established National Energy Services Company (National Esco), as part of the country’s economic diversity and environmental sustainability objectives.
The energy efficiency body, officially launched by sovereign wealth fund the Public Investment Fund (PIF) in October, is seeking collaboration with foreign partners to achieve the target, its chief executive Waled Al Ghreri told The National during a panel discussion at the Abu Dhabi Sustainability Week.
“We estimate that taking everything into consideration, the collected savings of this year will be around up to 40 GWh,” he said.
“We started six or seven months ago and we have 10 RFPs [request for proposals] in the pipeline, so and here we’re talking about a combination of buildings very visible buildings. We’re putting together a set of projects that will not only attract escos [energy efficiency companies] but also have the clients - government entities - to adopt these projects.”
Saudi Arabia, the world’s largest exporter of oil consumes three times more energy per capita than the world average, according to the United Nations Development Programme, using up 6.5 tonnes of oil equivalent (toe) per capita in 2011, compared with the global average of 1.9 toe.
National Esco, which was launched with a capitalisation of 1.9 billion riyals (Dh1.86bn), has been given responsibility for energy efficiency measures at schools, mosques, and all public buildings occupying 30,000 square metres or more of floor space. All government entities are obliged to work with the body to implement energy efficiency measures.
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The body is currently paying for most of the energy efficiency projects it is sponsoring, in order to stimulate interest, said Mr Al Ghreri.
“That was the only way to get the market to move quickly,” he said.
The body is working with PIF to open up the nascent energy efficiency sector to investment opportunities by setting up special purpose vehicles for private equity investors.
“The expected returns of these projects is between 10 to 12 per cent and with some leverage becomes very attractive. We’ll be announcing soon in terms of size and capital for these projects,” he said.
Saudi Arabia, a late convert to both renewable energy and energy efficiency measures, has been seeking to make up for lost time, with both areas featuring heavily in the country’s Vision 2030 economic transformation programme.
The kingdom’s Renewable Energy Project Development Office announced last week that it was looking to tender 4GW of wind and solar projects in 2018 as it looks to deploy around 9.5GW of renewable capacity by 2023.
The onset of value added tax and power tariff increases from the start of the year has also put pressure on both public and private sector entities to begin implementing energy efficiency measures, said Mr Al Ghreri.
“We’re getting asked daily on what can we do, how can we save? Who should we talk to? So that puts a lot of pressure on us to really develop the industry here,” he said.
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Price: from Dh94,900
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Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
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Fortuna Dusseldorf v Borussia Dortmund (5.30pm)
Hertha Berlin v Eintracht Frankfurt (5.30pm)
Paderborn v Werder Bremen (5.30pm)
Wolfsburg v Freiburg (5.30pm)
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Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
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Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
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Manchester City 1
Jesus 4'
Brighton 0
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· Set the table the night before. It’s a small job but it will make you feel more organised once done.
· As the host, your mood sets the tone. If people arrive to find you red-faced and harried, they’re not going to relax until you do. Take a deep breath and try to exude calm energy.
· Guests tend to turn up thirsty. Fill a big jug with iced water and lemon or lime slices and encourage people to help themselves.
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The specs
Engine: 3.0-litre six-cylinder turbo
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Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
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Price: From Dh330,000 (estimate)
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The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
