Pakistan, Saudi Arabia became world's largest markets for new solar installations in 2024 — report
In 2024, for the first time, solar power supplied more than 2,000 TWh of electricity, increasing by 474 TWh (+29 percent) from the previous year. This was the largest increase in generation from any power source in 2024. It took 8 years for solar to go from 100 TWh to 1,000 TWh of power — and then just 3 years to pass 2,000 TWh, meaning that solar has now been the largest source of new electricity globally for three years in a row.
Solar is now so cheap that large markets can emerge in the space of a single year – as evidenced in Pakistan in 2024. Amid high electricity prices linked to expensive contracts with privately-owned thermal power stations, rooftop solar installations in Pakistan's homes and businesses soared as a means of accessing lower cost power.
'The country imported 17 GW of solar panels in 2024 to meet this growing consumer demand, double the amount imported the year before,' the Global Electricity Review 2025 said.
'Within just a year, Pakistan became one of the world's largest markets for new solar installations in 2024.'
Pakistan's case shows that the low-cost, fast-to-build nature of solar power can transform electricity systems at an unprecedented rate. Updated system planning and regulatory frameworks are needed alongside this deployment to ensure a sustainable and managed transition.
In the Middle East, Saudi Arabia imported 16 GW in 2024, more than double the amount imported the year before. Oman saw the largest percentage growth in imports in the region, with 2.5 GW of imports in 2024 representing a fivefold increase from the year before.
South Africa imported 3.8 GW of solar panels in 2024, following a record-breaking 2023 when 4.3 GW were imported as consumers turned to the technology amid rising blackouts. Nigeria and Morocco imported 1.3 GW and 1.1 GW respectively, marking the first time that either country has imported more than 1 GW in a single year.
The expansion of solar power is a worldwide phenomenon, with 99 countries doubling the amount of electricity they produce from solar power in the last five years. The majority of solar generation now comes from non-OECD countries (58 percent), with China alone making up 39 percent of the global total.
Increases in generation have been achieved thanks to the pace of capacity additions, the Global Electricity Review said. The world installed a record 585 gigawatts of solar capacity last year – 30% more than in 2023, and more than double the amount installed in 2022. Having surpassed 1 TW of solar power in 2022, it took only two years to install the next 1 TW.
'This is not just unprecedented for solar power – it is a rate of growth that no power source has seen before. In fact, the solar capacity installed in 2024 is more than the annual capacity installations of all fuels combined in any year before 2023,' the Global Electricity Review 2025 report added.
As solar's share of the global electricity mix has risen to 6.9 percent of global generation in 2024, some countries are showing it is possible to incorporate much larger amounts. There are now 21 countries that generate more than 15 percent of their electricity from solar power, up from just three countries five years ago.
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Saudi Gazette
11 hours ago
- Saudi Gazette
Saudi Gazette publishes full text of new foreign property ownership law
Saudi Gazette report RIYADH — Saudi Gazette has obtained an official copy of Saudi Arabia's 'Non-Saudi Real Estate Ownership Law' and is publishing the complete English text of its 15 articles below. The law consists of 15 articles and will come into force 180 days after its publication. The new framework allows non-Saudis — including individuals, companies, and non-profit entities — to own or acquire rights to real estate within geographic areas to be designated by the Council of Ministers. It introduces provisions for foreign companies, investment funds, and special-purpose entities to own property across the Kingdom, including Makkah and Madinah, under strict conditions. While the law grants wider ownership rights, it places restrictions on sensitive locations, limiting property ownership in Makkah and Madinah to Muslim individuals. It also mandates registration with the competent authorities, introduces a fee of up to 5 percent on disposals, and sets penalties of up to SR10 million or forced sale of property in case of violations. The legislation replaces the previous 2000 law and establishes a comprehensive, transparent system to regulate foreign ownership of real estate in the Kingdom. To read the full text of the law, here are the articles in detail: Article 1: Definitions For the purposes of this Law, the following terms shall have the meanings assigned to them: Law: The Non-Saudi Real Estate Ownership Law. Regulations: The implementing regulations of the Law. Authority: The Real Estate General Authority. Non-Saudi: A natural person who does not hold Saudi nationality. A non-Saudi company. A non-Saudi non-profit entity. Any other non-Saudi legal person designated by decision of the Council of Ministers. Article 2: General ownership provisions A non-Saudi may own real estate or acquire other real rights in real estate within geographic areas to be defined under Paragraph (2) of this Article. By decision of the Council of Ministers — based on a proposal from the Authority's Board of Directors and approval of the Council of Economic and Development Affairs — the following shall be determined: a. The geographic zones where non-Saudis may own or acquire real rights. b. The types of real rights non-Saudis may acquire. c. The maximum percentage of ownership permitted to non-Saudis within such zones. d. The maximum duration for usufruct rights for non-Saudis. e. Any controls related to non-Saudi ownership or acquisition of real rights. In addition to the rights set out in Paragraphs (1) and (2), a natural person legally residing in the Kingdom may own one residential property outside the designated zones, except in Makkah and Madinah. The Regulations shall set the provisions of this Paragraph. In Makkah and Madinah, non-Saudi ownership or acquisition of real rights shall be limited to natural persons who are Muslims. Article 3: Non-listed foreign companies A non-listed company incorporated under Saudi law with one or more foreign shareholders may own or acquire real rights in property within the zones defined under Article 2(2), including in Makkah and Madinah. Subject to Paragraph (1) and other applicable laws, such companies may also acquire property or rights needed for their activities or for staff housing inside or outside the designated zones, in accordance with the Regulations. Article 4: Listed companies and funds Listed companies, investment funds, and special-purpose entities licensed under Saudi law may own or acquire real rights in property across the Kingdom — including in Makkah and Madinah — in accordance with the Capital Market Law, its implementing regulations, and controls established by the Capital Market Authority in coordination with the Real Estate General Authority and other relevant bodies. Article 5: Relation with other laws This Law shall not prejudice the application of the Premium Residency Law, the GCC nationals' reciprocal property ownership framework, or any other laws granting more favorable rights to non-Saudis. Article 6: Scope of rights Ownership or acquisition of real rights by a non-Saudi does not confer any privileges beyond those prescribed by law for the holder of such rights. Article 7: Diplomatic and international entities Subject to reciprocity, accredited diplomatic missions in the Kingdom may own official premises and residences for heads of mission and staff. International and regional organizations may own their official premises as permitted under their governing treaties, subject to approval from the Ministry of Foreign Affairs. Article 8: Registration requirements Non-Saudi companies, non-profit entities, or other legal persons designated by the Council of Ministers must register with the competent authority before acquiring property or real rights in the Kingdom, in accordance with the Regulations. Non-Saudi ownership or acquisition of real rights shall only be valid upon registration with the Real Estate Register in accordance with applicable laws. Article 9: Fees Without prejudice to existing taxes or fees, the Authority shall levy a fee not exceeding 5% of the value of any disposal by a non-Saudi of real rights in property in the Kingdom. Article 10: Penalties Without prejudice to harsher penalties under other laws, any violation of this Law or its Regulations shall result in one or more of the following: a. A warning. b. A fine not exceeding 5% of the value of the real right concerned, capped at SR10,000,000. The Regulations shall include a schedule of violations and corresponding penalties, taking into account the seriousness, circumstances, and effects of the violation. Article 11: Committees One or more committees of at least three legal specialists shall be formed by decision of the Authority's Board to examine violations and impose penalties under Article 10. The Authority's Board shall set the rules, procedures, and compensation for committee members. Committee decisions may be appealed before the Administrative Court within 60 days of notification. Article 12: False information Without prejudice to harsher penalties under other laws, a non-Saudi who knowingly provides false or misleading information to acquire property or rights under this Law shall be subject to: a. A fine not exceeding 5% of the value of the real right concerned, capped at SR10,000,000. b. Forced sale of the real right. The Public Prosecution shall investigate and prosecute such violations, with jurisdiction resting in the competent court. Where a court orders the sale of a real right, the violator shall be refunded either the purchase price or the sale proceeds, whichever is less, after deducting fines, taxes, fees, and sale expenses. Any surplus shall be paid to the State Treasury. Article 13: Regulations The Regulations shall be issued by the Council of Ministers within 180 days of publication, based on a proposal by the Authority's Board and approval of the Council of Economic and Development Affairs, and shall take effect upon enforcement of this Law. The Regulations shall determine: a. Procedures for non-Saudis acquiring real rights in property. b. Requirements for enforcing this Law on non-Saudis not residing in the Kingdom. c. The applicable fee under Article 9, based on property type, purpose, and location. d. Transactions subject to a zero percent fee and related conditions. Article 14: Repeal of previous law This Law repeals the 'Non-Saudi Real Estate Ownership and Investment Law' issued by Royal Decree No. (M/15) dated 17/4/1421H, and annuls any conflicting provisions. Article 15: Entry into force This Law shall take effect 180 days after its publication in the official gazette.
Asharq Al-Awsat
2 days ago
- Asharq Al-Awsat
Saudi Arabia: Non-Oil Activities Make up 49.7% of Revenue
Saudi Arabia's non-oil revenues grew 7% in the second quarter of 2025, reaching 149.86 billion riyals ($39.9 billion), up from 140.60 billion riyals ($39.5 billion) a year earlier, government data showed on Thursday. Non-oil income accounted for 49.7% of total revenues during the quarter, highlighting continued efforts to diversify the economy away from hydrocarbons. Overall revenues reached 301.60 billion riyals ($80.4 billion), while expenditures amounted to 336.13 billion riyals ($89.6 billion), resulting in a quarterly budget deficit of 34.53 billion riyals ($9.2 billion). Oil revenues fell sharply by 29% year-on-year to 151.7 billion riyals in Q2. Tax revenues posted broad-based gains. Income, profit, and capital gains taxes rose 7% to 13.73 billion riyals. Taxes on goods and services also climbed 7%, reaching 74.95 billion riyals. Trade and international transaction taxes jumped 16% to 6.32 billion riyals, while other taxes increased 6% to 25.99 billion riyals. Miscellaneous non-tax revenues grew 4% to 28.87 billion riyals. Government spending in the second quarter declined 9% from a year ago, falling to 336.13 billion riyals from 368.93 billion riyals. In the first half of 2025, Saudi Arabia posted revenues of 565.21 billion riyals ($150.7 billion) and expenditures of 658.45 billion riyals ($175.5 billion), leaving a fiscal shortfall of 93.24 billion riyals ($24.8 billion). Non-oil revenues during the six-month period stood at 263.67 billion riyals, while oil revenues totaled 301.54 billion riyals. Spending during the first half declined 2% compared with the same period last year, when it reached 674.75 billion riyals. Meanwhile, the Kingdom's general reserve rose to 396.95 billion riyals by the end of H1 2025, and the current account held 102.59 billion riyals. Saudi Arabia's public debt climbed to nearly 1.39 trillion riyals by mid-2025, including 871.30 billion riyals in domestic debt and 515.14 billion riyals in external borrowing.
Arab News
6 days ago
- Arab News
GCC economy grows 1.5% to $588bn in Q4 2024 on non-oil expansion
RIYADH: The Gulf Cooperation Council's economy grew 1.5 percent year on year in the fourth quarter of 2024, reaching $587.8 billion, driven by a surge in non-oil activity, official data showed. According to the GCC Statistical Center, the increase from $579 billion in the fourth quarter of 2023 highlights the region's ongoing shift toward diversification, with non-oil sectors contributing 77.9 percent of total output, while oil accounted for 22.1 percent. Among non-oil sectors, manufacturing contributed 12.5 percent, wholesale and retail trade 9.9 percent, construction 8.3 percent, and public administration and defense 7.5 percent. Finance and insurance made up 7 percent, real estate 5.7 percent, and other activities a combined 27 percent. The region's economic shift is driven by national reform plans, including Saudi Arabia's Vision 2030, the UAE's Economic Vision 2030, Oman's Vision 2040, and Qatar's National Vision 2030, aimed at reducing reliance on oil by expanding sectors like tourism, logistics, finance, and technology, and boosting private sector and foreign investment. The statistical center said: 'This report on the quarterly GDP estimates in the GCC countries is issued based on the data made available by the member states, with a reference of May 2025.' At the real GDP level, the GCC economy grew 2.4 percent in the fourth quarter of 2024, with non-oil GDP expanding by 3.7 percent, while oil GDP contracted by 0.9 percent, reflecting voluntary OPEC+ production cuts. Among member states, Qatar recorded the highest real GDP growth at 4.5 percent, followed by the UAE at 3.6 percent and Saudi Arabia at 2.8 percent, the report showed. The region also maintained stable price levels, with overall inflation averaging 2.1 percent across the bloc during the quarter. Qatar and Oman registered the lowest inflation rates at 1.1 percent and 1.5 percent, respectively, while Bahrain recorded the highest at 3.3 percent. In its latest update, the Institute of Chartered Accountants in England and Wales, in collaboration with Oxford Economics, raised its 2025 GCC growth forecast to 4.4 percent, up from a prior estimate of 4 percent, citing stronger oil output and resilient non-oil sector activity. The International Monetary Fund projects the GCC economy to expand by 3 percent in 2025, led by Saudi Arabia and the UAE, and supported by sustained infrastructure investment and policy reforms.
