Saudi PIF launches SAR 1.9 bln energy efficiency firm

Saudi Arabia’s Public Investment Fund (PIF) has established the National Energy Efficiency Services Co. with a capital of SAR 1.9 billion, according to a statement on the official Saudi Press Agency (SPA).

The new company aims to increase the energy efficiency of buildings and government facilities in the Kingdom.

The firm will finance and manage the retrofit of state buildings and facilities, which account for about 70 percent of total projects in this field.

The new company, in partnership with the ministries of energy and finance, and the Saudi Energy Efficiency Center, will offer new investment opportunities to the Saudi business sector through public-private partnerships.

The size of the global energy efficiency sector is estimated at SAR 130 billion, of which the US, Europe and China together account for 90 percent, SPA said.

PIF this week announced plans to establish a recycling company, which will cover all kinds of recyclable materials across the Kingdom and value chain stages.