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

Architecture, Building, Cityscape

Ajman sees 7% rise in hotel revenues amid tourism surge

The number of tourist arrivals in Ajman rose 9 percent year on year during the first quarter of 2024, leading to a 3 percent increase in hotel occupancy levels, according to the Ajman Department of Tourism Development. Revenue rose 7 percent year on year in the first quarter, as the average length of stay increased 5 percent, […]

Dubai The World Villas

Demand for beach plots sells 80% of The World villas in days

An ultra-luxe villa community planned for Dubai’s The World Islands is more than 80 percent sold only days after first being announced, thanks to the dearth of available beachfront plots in the city. The boutique developer Amali Properties, co-founded by siblings Ali and Amira Sajwani of Damac Properties, said last week that the community will […]

Path, Road, City BHB06R Wall Street Bull in Downtown Manhattan, NYC

Saudi stock trading slumps as interest jumps in US stocks

Saudi trading in US stocks trebled in the fourth quarter of 2023 compared with the previous year to SAR58.7 billion ($15.6 billion), as the kingdom’s interest in US equities revived following the Covid pandemic. Total trading in foreign and domestic markets remains historically low.  The transactions in the US market accounted for more than 97 […]

Investor Tim Draper told AGBI the US must 'swing back to freedom' to avoid losing innovation to countries such as the UAE

Tim Draper: UAE benefits from US crypto ‘overregulation’

Billionaire venture capitalist Tim Draper has criticised the US for its restrictive stance on cryptocurrency, claiming it is driving innovators towards more encouraging and friendlier markets such as the UAE. The Gulf state is actively developing regulatory frameworks to lure new forms of business, amid intense regional economic competition. Dubai and Abu Dhabi have set […]