https://arab.news/cfm6b
RIYADH: Saudi Arabia has established its first-ever national committee for energy and petrochemicals under the Federation of Saudi Chambers, aimed at enhancing private sector participation in these key industries.
With investments in the petrochemical sector expected to reach $600 billion by 2030, the committee will work closely with government ministries, regulatory authorities, and major companies to unlock new opportunities for both local and international investors.
This initiative represents a significant step toward strengthening collaboration between the private sector and the government, facilitating policy development and accelerating investment in energy and petrochemicals.
Jaber bin Ayed Al-Fahad has been appointed as chairman, with Saad bin Ajlan Al-Ajlan serving as vice chairman.
The committee will focus on several strategic areas, including renewable energy projects, with a goal to achieve 50 percent renewable energy capacity, as well as localization programs aimed at achieving 75 percent local content in the energy sector.
Energy remains a cornerstone of Saudi Arabia’s economy, accounting for 40 percent of the country’s GDP and driving growth across key industries such as manufacturing, logistics, and mining. The formation of the new committee aligns with Saudi Arabia’s Vision 2030, which seeks to diversify the economy and open up new investment opportunities in strategic sectors, including energy and petrochemicals.
On Nov. 18, hundreds of business leaders from Saudi Arabia and Poland gathered in Warsaw for the largest-ever Saudi-Polish Business Forum.
The event underscored the growing economic ties between Saudi Arabia and Central and Eastern Europe, beyond the traditional focus on the energy sector. The forum was organized by the FSC and the Polish Chamber of Commerce, with support from the Polish Ministry of Economic Development and Technology.
Saudi Arabia’s push for economic diversification is driving substantial investments in the petrochemical industry, including the construction of new facilities, the expansion of existing ones, and the integration of advanced technologies to improve efficiency and sustainability.
As part of its Vision 2030 goals, the Kingdom aims to become a global industrial hub, attracting foreign investments and fostering innovation in high-value industries.
The petrochemical sector, with its considerable potential for value creation, plays a central role in this strategy. Saudi Arabia’s petrochemical industry has grown significantly, with annual production capacity now exceeding 118 million tonnes. This growth is supported by sustained investments in infrastructure, technology, and capacity enhancement.
The Kingdom is also placing a strong emphasis on high-value products, such as performance polymers, engineering plastics, and specialty chemicals, as it seeks to move up the value chain and capture a larger share of the global market.