Skip to content Skip to Search
Skip navigation

Saudi Arabia plans zero carbon industrial park

By Sarah Townsend
Saudi net zero KAEC
King Abdullah Economic City is being developed on the Red Sea coast of Saudi Arabia
  • Green zone for King Abdullah Economic City
  • Collaboration with green investor Skytower 
  • Kingdom aims to be net zero by 2060 

Plans for a zero carbon industrial park at King Abdullah Economic City, the megacity being developed on Saudi Arabia’s Red Sea coast, are under way following an agreement with green investment company Skytower.

Saudi Press Agency said that King Abdullah Economic City’s organising body signed the deal with Skytower on Monday.

It reported that the partnership would “harness the expertise and resources of both parties to develop and enhance sustainability in the kingdom, in line with Saudi green initiatives”.

The collaboration is likely to “attract numerous investments”, it added. 

Saudi Arabia has pledged to cut its carbon emissions to net zero by 2060, and to invest more than $180 billion to reach that goal.

Skytower is an investment company created by a Saudi-US-Chinese alliance of companies.

Its chief executive, Eric Fang, is also founder of Atlas Renewables, the US clean energy solutions company, and a former board member of the George Bush Foundation for US-China Relations.   

Saudi net zeroKAEC
Saudi net zeroKAEC
King Abdullah Economic City is being developed with the environment in mind

Fang said Saudi Arabia could be a major force in driving the adoption of renewable energy in the region, according to Asharq Al Awsat newspaper. 

The low-carbon agenda provides opportunities for greater collaboration between the kingdom, the US and China, he added. 

Saudi Arabia will hold its third Saudi Green Initiative forum during the Cop28 summit in Dubai on December 4.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]