The Arab Energy Fund (TAEF) and the Saudi Industrial Investment Company (Dussur) signed a memorandum of understanding; With the aim of accelerating and facilitating financing opportunities for new energy projects in the Kingdom of Saudi Arabia; The value of the agreement is 200 million US dollars.

The signing ceremony of the agreement was attended by Prince Abdulaziz bin Salman, Saudi Minister of Energy, Khalid Al-Falih, Minister of Investment, and Bandar Al-Khoraif, Minister of Industry and Mineral Resources. The presence of senior government officials confirms the importance of this agreement and its support by the government of the Kingdom of Saudi Arabia.

The agreement between TAEF and Dussur is an important step towards achieving the Kingdom of Saudi Arabia’s goals in the field of energy and the economy.

The agreement contributes to supporting new energy projects, enhancing industrialization and diversifying the economy, and also demonstrates the Kingdom of Saudi Arabia’s commitment to achieving sustainability and promoting self-sufficiency.

The agreement aims to provide the necessary financing to implement green energy projects that are in line with the Kingdom of Saudi Arabia’s goals in the field of sustainability and diversification of the economy.

TAEF has announced its plans to invest up to US$1 billion over the next five years to support the region's energy transition, with a focus on decarbonisation and related technologies.

These investments are in line with Saudi Arabia’s Vision 2030, which aims to achieve sustainable economic development.