Saudi Arabia grants 6 investment licenses to international firms worth SAR 900 mln

The Saudi Arabian General Investment Authority (SAGIA) has issued six investment licenses worth over SAR 900 million to several international companies on the sidelines of the World Energy Congress held in Abu Dhabi.

France’s ENGIE was granted an investment license to develop a solar power project, in addition to a license to carry out service activities in support to its business in the region.

The Swedish electric cable manufacturer Roxtec obtained an investment license to nationalize the industry, while the Saudi-Egyptian solar power firm ORBITS was also granted an investment license.

Cyprus’ EGG and US-based Lime Energy – both specialized in energy efficiency services – were given investment licenses.

Saudi Arabia seeks to sustain global leadership in solar power production, in order to form the largest solar power market in the region, said Mohammed Al-Hajjaj, SAGIA’s general manager of energy and water sector.

The Kingdom also aims to maximize knowledge transfer and the nationalization of the renewable energy industry, he added.

Over 25 public and private Saudi entities are participating in Abu Dhabi’s World Energy Congress.