Energy Localization Forum In Saudi Arabia Witnesses Agreements Worth SAR104 Billion

Saudi Arabia's Minister of Energy, Prince Abdulaziz bin Salman bin Abdulaziz, inaugurated the Energy Localization Forum on Wednesday. The forum, themed "Resilient Energy: Enabling Energy Sector Capability and Sustainability," witnessed the signing of 107 strategic agreements and memorandums of understanding aimed at strengthening Saudi Arabia's global leadership in the energy sector. 

The agreements involved 117 entities from the public and private sectors, with a total estimated value of SAR 104 billion. Notably, the forum is part of the efforts to achieve the sector's goal of reaching a 75% localization rate in alignment with Saudi Vision 2030. The forum will showcase the integrated efforts within the government ecosystem to localize the energy sector and will also explore investment opportunities and support innovation within the energy sector.

During the event, Prince Abdulaziz bin Salman bin Abdulaziz noted that Saudi Vision 2030 has made localization a cornerstone for ensuring the sustainability and security of the future of energy. The minister also stated that the macroeconomic impact of the entire energy sector is estimated to represent 40% of Saudi Arabia's GDP.