UAE and Saudi Arabia will invest billions in green energy

Two of the world's largest exporters of oil have announced plans for a massive expansion of renewable energy in their respective countries. Saudi Arabia is launching its first wind and solar auction in the coming weeks.

In just six years, Saudi Arabia will have built up its capacity of renewable energy from approximately 25 MW to 9.5 GW. Therefore the oil country is ready to invest between USD 30-50 billion in primarily wind and solar projects. This was the promising message from Saudi Arabia's energy minister, Khalid Al-Falih, at the World Future Energy Summit currently taking place in Abu Dhabi.

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