Saudi Arabia says energy security hinges on geopolitical stability

Geopolitical stability is “absolutely key” to global energy security, Saudi’s foreign minister told the World Economic Forum’s 2023 annual meeting in Davos.

During a high-level panel titled “Keeping the Lights amid Geopolitical Fracture”, Prince Faisal bin Farhan Al Saud, minister of foreign affairs, emphasised the need for near-term stability, especially in the world’s energy markets.

“The kingdom is investing almost $200 billion in renewable energy at home and abroad. Our companies are active in 21 countries, deploying solar and wind energy and other sorts of renewable energy,” he added.

“In the meantime, we need to maintain a supply of traditional energies that are priced in a way that ensures stability – and we will continue to address this in a responsible way,” Prince Faisal said.

Meanwhile, Bandar Alkhorayef, Minister of Industry and Mineral Resources, highlighted the need for governments to foster innovation and co-investments in the industrial sector.

“You need the right regulatory framework to allow investment flow,” he said at the panel discussion on “The Return of Manufacturing”.

Alkhorayef stated the need for the right infrastructure to enable factories of the future, as well as the importance of governments to proactively develop skilled human capital to drive sustainable growth.