Saudi-French Partnership to Invest SR 200 Million in Manfacuting Advanced Solar Panels

Saudi-French Partnership to Invest SR 200 Million in Manfacuting Advanced Solar Panels

The Saudi Arabian General Investment Authority (SAGIA) witnessed today the signing of a joint venture agreement in the field of energy between the French international company “Optimum Tracker” specialized in manufacturing solar energy tracking devices with providing them for solar energy stations and Al-Rasheed Petroleum Investment Company, a Saudi company specialized in the fields of oil, gas, petrochemicals, mining, energy, and industry.

The Saudi-French partnership will invest 200 million Saudi riyals in the project of designing and manufacturing the said advanced solar panels.

This came during a ceremony held today by SAGIA in its headquarters here today, in the presence of its Governor Eng. Ibrahim Al-Omar.

It is worth mentioning that the number of foreign investment licenses reached 809 licenses until the end of the third quarter of this year, the percentage of joint ventures with more than 33% of local investors, and the energy sector is one of the most important strategic sectors that provide exceptional opportunities for investors, especially in light of major economic reforms the Kingdom is witnessing, and which has made it an attractive environment to attract investments from all over the world.