Latest news with #RiyadhRegion
Zawya
14-07-2025
- Business
- Zawya
ACWA Power consortium signs $8.3bln Saudi renewable energy project deals
Saudi Principal Buyer has announced that it has signed power purchase agreements with a consortium led by Saudi utility major Acwa Power for seven new renewable energy projects worth a total of SAR31 billion ($8.3 billion). These deals fall within the National Renewable Energy Program, supervised by the Saudi Ministry of Energy. On completion, the projects will boast a total capacity of 15,000MW. Saudi Principal Buyer said the consortium will have Acwa Power as the main developer, with partners - Water and Electricity Holding Company (Badeel), owned by the Saudi sovereign fund PIF, and Aramco Power, owned by global oil giant Saudi Aramco. The signing ceremony was attended by Minister of Energy and the Board of Directors of the Principal Buyer Prince Abdulaziz bin Salman bin Abdulaziz Al Saud. Saudi Principal Buyer said of these seven renewable energy projects, five are photovoltaic (PV) solar projects: *Bisha Project in Aseer Region, with a capacity of 3,000MW and a levelized cost of energy (LCOE) of 4.83708 halalas/kWh (1.28989 US cents). *Humaij Project in Madinah Region, with a capacity of 3,000MW and an LCOE of 4.90682 halalas/kWh (1.30848 US cents). *Khulis Project in Makkah Region, with a capacity of 2,000MW and an LCOE of 5.10439 halalas/kWh (1.36117 US cents). *Afif 1 Project in Riyadh Region, with a capacity of 2,000MW and an LCOE of 4.74736 halalas/kWh (1.26596 US cents). *Afif 2 Project in Riyadh Region, with a capacity of 2,000MW and an LCOE of 4.72346 halalas/kWh (1.25959 US cents). The two wind energy projects are: *Starah Project in Riyadh Region, with a capacity of 2,000MW and an LCOE of 7.71422 halalas/kWh (2.05712 US cents). *Shaqra Project in Riyadh Region, with a capacity of 1,000MW and an LCOE of 6.99750 halalas/kWh (1.86600 US cents). Saudi Principal Buyer said the signing of these agreements represents the largest capacity globally signed for renewable energy projects in a single phase. It confirms the kingdom's continued leadership in developing renewable energy infrastructure and achieving globally competitive costs of electricity production per kilowatt-hour, due to efficient financing and development models, as well as growing investor confidence in the Saudi investment environment. Saudi Principal Buyer has a major role in these projects as the key entity responsible for preparing feasibility studies, tendering electricity generation projects, and signing power purchase agreements with developer consortia. To date, the company has launched renewable electricity generation projects with a total capacity of 43,213 MW. Of these, power purchase agreements have been signed for projects with a total capacity of 38,713 MW, while 10,213 MW have already been connected to the grid. By the year end, the total capacity of grid connection is set to hit 12,713 MW and further soar to 20,013MW by 2026-end. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Arabian Business
19-06-2025
- Business
- Arabian Business
PIF launches Expo 2030 Riyadh Company to build landmark giant World Expo site
Saudi Arabia's Public Investment Fund (PIF) has announced the establishment of Expo 2030 Riyadh Company (ERC), a wholly owned entity tasked with developing, operating, and sustaining Saudi Arabia's first World Expo — Expo 2030 Riyadh. The Expo, set to run from October 1, 2030 to March 31, 2031, will take place on a vast 6 million square metre site north of Riyadh, near the upcoming King Salman International Airport. Strategically connected to the city's major landmarks, the Expo site is positioned to become a future-facing, multicultural destination aligned with Saudi Vision 2030. PIF launches Expo 2030 Riyadh Company Key highlights from the Expo 2030 Riyadh project: More than 40m visits expected during the Expo event Estimated $64bn contribution to Saudi Arabia's GDP during construction phases Around 171,000 direct and indirect jobs projected to be created Post-event GDP contribution expected to be $5.6bn annually Participating countries can construct permanent pavilions, ensuring long-term investment potential Plans to transform the Expo site into a global village, integrating retail, F&B, sustainable tourism, and a world-class residential community Saad Alkroud, Head of the Local Real Estate Investment Division at PIF said: 'ERC benefits from PIF's diverse local and global ecosystem and the establishment of the company aligns with PIF's local real estate strategy, which drives economic transformation and diversification, advancing urban innovation and enhancing quality of life, driven by the ambitious goals of Saudi Vision 2030.' Following Riyadh's successful bid to host the World Expo — secured in the first round of voting in November 2024 — ERC is already fast-tracking operations. The company will collaborate with both local and international private sector partners to deliver on construction, cultural programming, and operational readiness. The legacy-focused approach of Expo 2030 Riyadh reflects PIF's broader mandate: to catalyse Saudi Arabia's economic diversification, generate sustainable returns, and establish transformative giga-projects that shape the future of the global economy. As one of the largest World Expo sites in history, Expo 2030 Riyadh is set to cement the Saudi capital's position as a leading global business, culture, and innovation hub.
Argaam
19-06-2025
- Business
- Argaam
PIF launches company to build, operate Expo 2030 Riyadh site
The Public Investment Fund (PIF) announced today, June 19, the launch of Expo 2030 Riyadh Co., a wholly owned subsidiary tasked with developing and operating the Expo 2030 Riyadh site—the first of its kind to be hosted in the Kingdom. According to a statement from PIF, the company will oversee the construction and long-term investment of the Expo's facilities. The project's master plan spans six million square meters in northern Riyadh, adjacent to the upcoming King Salman International Airport, making it one of the largest Expo sites across the event's history. The venue will be directly connected to several major landmarks in the capital, moreover. Expo 2030 Riyadh is expected to attract more than 40 million visits during its six-month run, scheduled from October 1, 2030 to March 31, 2031. Following the event, the company will transform the site into a global village—a multicultural hub featuring retail and dining destinations, surrounded by a world-class residential community designed as a model for sustainable tourism, the statement noted. The new company will accelerate its operations to meet project milestones and plans to form partnerships with local and international private sector players in construction, cultural programming, and event management. It would benefit from the fund's diverse local and global portfolio. The initiative aligns with PIF's broader real estate strategy, Saad Alkharoud, Head of Local Real Estate Investments at PIF, said. The total contribution of Expo 2030 Riyadh and its infrastructure to Saudi Arabia's GDP during the construction phase is projected to reach approximately SAR 241 billion, while the event is expected to create around 171,000 direct and indirect jobs. The operational phase is forecast to contribute nearly SAR 21 billion to the Kingdom's GDP, the statement added, pointing out that the participating countries will also have the opportunity to build permanent national pavilions as part of the hub's sustainable infrastructure.
Zawya
17-06-2025
- Business
- Zawya
Riyadh residents to receive alerts on nearby infrastructure work
RIYADH — The Riyadh Infrastructure Projects Center has launched a new automated service that notifies residents and business owners via SMS when infrastructure work is set to begin on nearby internal roads. The new 'Work Commencement Alerts' service aims to provide timely and transparent updates on projects that may impact traffic flow or essential services such as water, electricity, and telecommunications. By receiving advance notice, residents can plan ahead and consider alternative routes when necessary. Each message includes the name and location of the affected site, the type of work being carried out — such as roadworks, utility upgrades, or communications infrastructure — and the expected duration of the project. The initiative is part of the center's broader push to leverage digital solutions to improve quality of life, enhance public satisfaction, and proactively reduce complaints and inquiries related to infrastructure projects. The alerts aim to foster greater transparency and provide reliable, real-time information to citizens, residents, and visitors across the Riyadh Region. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
