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Saudi Arabia to Manufacture Steel Towers for Wind Energy
Saudi Arabia is set to manufacture steel towers for wind energy systems locally, following agreements with Al-Yamamah Steel Industries and Arabian International Co. This initiative supports Vision 2030 by enhancing renewable energy production and creating local job opportunities.
October 29, 2024. By EI News Network
Saudi Arabia is poised to enhance its renewable energy capabilities as it focusses on the local manufacturing of steel towers for wind energy systems.
This initiative follows the recent signing of two pivotal agreements by the Kingdom’s Local Content and Government Procurement Authority (LCGPA) in collaboration with Al-Yamamah Steel Industries Co. and Arabian International Co. for Steel Structures. The contracts, finalised during the Energy Localisation Forum in Riyadh, aim to localise production and facilitate the transfer of essential knowledge within the wind energy sector.
The Energy Localisation Forum witnessed the signing of a total of 107 agreements and memorandums of understanding, collectively valued at SR 104 billion (approximately USD 27.69 billion), underscoring a significant commitment to boosting the local renewable energy landscape. The agreements are part of the broader National Renewable Energy Program, which is integral to Saudi Arabia's Vision 2030 strategy. This ambitious program is designed to harness the Kingdom's substantial renewable energy potential, diversify energy sources, and stimulate economic growth.
Highlighting the impact of these agreements, the Ministry of Energy stated that they would significantly enhance local content development and expand supply chains within the renewable energy sector. This strategic focus not only aims to bolster energy security but also seeks to ensure sustainable financial stability for the Kingdom. The agreements signify a critical step towards creating a self-sufficient and competitive wind energy industry, which aligns with Saudi Arabia's long-term objectives.
Furthermore, according to the LCGPA, these localisation and knowledge transfer initiatives are expected to pave the way for the establishment of new industries within the Kingdom. This will create diverse job opportunities in the energy sector, reinforcing the focus on enhancing local content. By increasing reliance on domestic products and services, Saudi Arabia aims to boost its competitiveness in both regional and global markets.
Moreover, the agreements signed between the LCGPA and the two steel companies mark a significant advancement in Saudi Arabia's efforts to develop a robust wind energy industry. By prioritising local production and knowledge transfer, the Kingdom not only seeks to secure its position as a leader in renewable energy but also strives to drive economic diversification and job creation in line with its Vision 2030 goals.
This initiative follows the recent signing of two pivotal agreements by the Kingdom’s Local Content and Government Procurement Authority (LCGPA) in collaboration with Al-Yamamah Steel Industries Co. and Arabian International Co. for Steel Structures. The contracts, finalised during the Energy Localisation Forum in Riyadh, aim to localise production and facilitate the transfer of essential knowledge within the wind energy sector.
The Energy Localisation Forum witnessed the signing of a total of 107 agreements and memorandums of understanding, collectively valued at SR 104 billion (approximately USD 27.69 billion), underscoring a significant commitment to boosting the local renewable energy landscape. The agreements are part of the broader National Renewable Energy Program, which is integral to Saudi Arabia's Vision 2030 strategy. This ambitious program is designed to harness the Kingdom's substantial renewable energy potential, diversify energy sources, and stimulate economic growth.
Highlighting the impact of these agreements, the Ministry of Energy stated that they would significantly enhance local content development and expand supply chains within the renewable energy sector. This strategic focus not only aims to bolster energy security but also seeks to ensure sustainable financial stability for the Kingdom. The agreements signify a critical step towards creating a self-sufficient and competitive wind energy industry, which aligns with Saudi Arabia's long-term objectives.
Furthermore, according to the LCGPA, these localisation and knowledge transfer initiatives are expected to pave the way for the establishment of new industries within the Kingdom. This will create diverse job opportunities in the energy sector, reinforcing the focus on enhancing local content. By increasing reliance on domestic products and services, Saudi Arabia aims to boost its competitiveness in both regional and global markets.
Moreover, the agreements signed between the LCGPA and the two steel companies mark a significant advancement in Saudi Arabia's efforts to develop a robust wind energy industry. By prioritising local production and knowledge transfer, the Kingdom not only seeks to secure its position as a leader in renewable energy but also strives to drive economic diversification and job creation in line with its Vision 2030 goals.
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