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Saudi Arabia Will Invest $270Bn To Boost Clean Energy Sector

Saudi Arabia’s Minister of Energy, Abdulaziz bin Salman Al Saud, says the country wants to be the leading exporter of hydrogen.

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2 years ago

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saudi arabia will invest $270 billion to boost clean energy sector

Although being well-known as one of the world’s largest oil producers and exporters, Saudi Arabia is making a huge commitment to developing a low-carbon energy sector, planning to boost its renewable energy percentage to 50%, and swapping any remaining oil use for natural gas. As part of the plan, the Saudi energy minister recently announced that the country will inject $270 billion into various low-carbon projects before 2030 to boost the clean energy sector.

“We are determined to be the leading exporter of hydrogen, as well as to provide clean hydrogen for local uses in heavy industries to produce green products such as green steel, green aluminum, fertilizers, and others at competitive prices,” says Saudi Arabia’s Minister of Energy, Abdulaziz bin Salman Al Saud.

Also Read: Dubai Unveils Plans For Climate-Controlled Cycling Highway

Bin Salman’s comments came while attending the in-Kingdom Total Value Add Forum and Exhibition. The announcement reinforces the kingdom’s commitments at COP27, with Saudi Arabia aiming to be an electricity exporter and expanding its transmission and distribution network.

As part of the greater Saudi Green Initiative, emissions across the region will drop by more than 270 million tons of carbon dioxide while employing a circular carbon economy approach.

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UAE Prepares To Launch Two Satellites: Thuraya-2 And MBZ-SAT

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum chaired the first meeting of the Supreme Space Council yesterday.

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5 days ago

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December 17, 2024

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uae prepares to launch two satellites thuraya-2 and mbz-sat

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister of the UAE, chaired the first meeting of the Supreme Space Council in Dubai on December 16, 2024. The session highlighted the UAE’s ambitious space plans and took stock of the sector’s economic progress.

The council emphasized the growing role of private companies in advancing space technologies, noting that their contributions are now equal to that of the public sector. Members also praised initiatives like the Space Economic Zones Programme, which are designed to fuel innovation and investment in the space industry.

Discussing the UAE’s space journey, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum remarked, “The national space sector continues to grow and advance, and we take immense pride in the remarkable achievements we have accomplished over the years”.

Sheikh Hamdan also received updates on two upcoming satellite projects: Thuraya-2 and MBZ-SAT. Thuraya-2, developed by Space42, is slated for launch this December. Meanwhile, the MBZ-SAT, created by the Mohammed Bin Rashid Space Centre (MBRSC), will soon follow. MBRSC, a major driver of the UAE National Space Programme, continues to lead the nation’s space-related developments.

Space42 took the opportunity to showcase its advancements, including ongoing collaborations between public and private entities. The company also outlined strategies to promote innovation, boost revenue streams, and create new opportunities for growth in the sector.

Also Read: IBM Opens New Doha Office To Support Qatar’s Digital Growth

The UAE’s current projects build on a growing legacy of space exploration. Back in 2020, the nation made headlines with its Mars mission, successfully sending a probe into the planet’s orbit in 2021. This mission, which is now in its second phase as of June 2024, has been collecting critical data to develop a comprehensive diurnal image of Mars.

The UAE also ventured into lunar exploration with an unmanned mission aimed at studying untouched regions of the Moon’s surface. While the probe ultimately crashed during its landing attempt after communication was lost seconds before touchdown, the effort represented a significant step in the country’s exploration ambitions.

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