Saudi Arabia will run out of oil in a near future and knows it. For the time being, the Kingdom remains disproportionately dependent on the price of the barrel. The solution ? The diversification of the economy, and at the same time, the transformation of its energy mix. On the menu: renewable and nuclear energy.
Engaged in a deep reform movement that affects all sectors of the economy and society, Saudi Arabia has finally engaged seriously in the energy transition and the French are in pole position to support this radical change of the world first oil exporter.
As part of the Vision 2030 plan, presented in April 2016, the Kingdom announced the capital opening of a small portion of the oil giant Aramco, and the creation of a non-hydrocarbon investment fund of $ 2 trillion, meaning the richest in the world.
Renewable Energies & a Nuclear Energy Program
Beyond the announcement effects, two major tenders have already been launched in autumn 2017, one concerning solar (300 megawatts), the other wind. The goal: to produce 9.5 gigawatts of renewable energy by 2023. The French giant EDF has already been shortlisted and intends to take a fair share of this market. The group has already won a tender in Dubai in the field of solar energy last year.
Next step for the Kingdom, the launch of a nuclear energy development program, of which preparatory consultations have already been launched.