The Kingdom of Saudi Arabia (KSA) is the world's leading exporter of oil and a founding member of OPEC (Organization of the Petroleum Exporting Countries). Now, continuing its role at the forefront of the energy industry, KSA is committed to becoming a pioneering world leader in renewable energy.
Saudi Arabian government organisations, academic institutions and others are leading this drive towards resource and environmental sustainability, which has solar energy at its heart.
King Abdullah City for Atomic and Renewable Energy (KACARE), for example, focuses on alternative, sustainable and reliable resources, partly to help reduce the dependence on hydrocarbon resources.
The Government's Ministry of Commerce & Industry (MOCI) has a major role in developing solar energy, particularly though the Industrial Clusters program (IC).
The program's support to solar energy investors includes:
Industrial Clusters can also advise on accessing finance such as Public Investment Fund (PIF) loans, Saudi Industrial Development Fund (SIDF) loans and private venture capital.
In Saudi Arabia, foreign companies enjoy all the benefits, guarantees and incentives offered to Saudi-owned companies.
Investment incentives and support include the Human Resources Development Fund (HRDF), which provides financial support for training and employment; and innovation grants for joint industrial-academic research at institutions such as King Abdullah University of Science and Technology (KAUST), where energy research is a core activity.
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