Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman bin Abdulaziz, inaugurated the Energy Localization Forum under the theme “Resilient Energy: Enabling Energy Sector Capability and Sustainability.” The forum, hosted in Riyadh, brought together key figures including government ministers, private sector CEOs, and global energy experts to discuss strategies for enhancing the localization and sustainability of Saudi Arabia’s energy sector.
In his keynote address, Prince Abdulaziz highlighted Saudi Vision 2030’s focus on localizing the energy sector as essential to ensuring both sustainability and security for the nation’s future. He noted that the energy sector plays a critical role in driving Saudi Arabia’s economic growth, representing an estimated 40% of the Kingdom’s GDP. He pointed to major localization programs already underway, such as Aramco’s iktva initiative, SABIC’s Nusaned program, and the Saudi Electricity Company’s Bina program, which collectively aim to strengthen local supply chains and foster domestic innovation.
Prince Abdulaziz emphasized how the COVID-19 pandemic exposed vulnerabilities in global supply chains and underscored the need for local production. In response, Saudi Arabia coordinated with 15 key entities to produce essential goods domestically, demonstrating the urgency of further localization efforts, particularly in energy.
Under Crown Prince and Prime Minister Mohammed bin Salman’s directives, the Energy Sector Localization Committee has outlined short- and long-term goals aimed at achieving 75% localization within the sector by 2030. “Our strategy focuses on comprehensive localization of the supply chain—from raw materials to final products—ensuring maximum local value and fostering technological transfer,” stated Prince Abdulaziz.
During the forum, Prince Abdulaziz witnessed the signing of 107 strategic agreements and memorandums of understanding valued at SAR 104 billion. The agreements, involving 117 public and private sector entities, aim to bolster Saudi Arabia’s position as a global leader in energy. The forum is organized by the Ministry of Energy in collaboration with Saudi Aramco, the Saudi Electricity Company, and SABIC, and will continue for two days.
The event reflects Saudi Arabia’s ongoing commitment to localize its energy sector in line with Vision 2030, creating investment opportunities, driving innovation, and enabling local businesses and entrepreneurs to thrive in a rapidly growing sector.
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