Live: The Federation of Saudi Chambers announced the formation of the first national committee of its kind for energy and petrochemicals and the election of Jaber bin Ayed Al-Fahhad as Chairman, and Saad bin Ajlan Al-Ajlan as Vice Chairman for the session (1444-1447).

For the first time, a committee concerned with the energy and petrochemicals sector has been formed under the umbrella of the private sector, represented by the Federation of Chambers, in the context of efforts to enhance its participation in making policies for this vital sector and developing its investments, according to the Saudi Press Agency (SPA), today, Saturday.

The committee will work in integration with relevant ministries, agencies, and major companies to achieve the sector’s targets and enable Saudi and foreign investors to benefit from available opportunities, in light of expectations that investments in the petrochemical sector will reach $600 billion by 2030, and plans to reach 50% of renewable energy and its mega projects, in addition to investment opportunities in energy content localization programs that aim to localize 75% of the sector.

The Saudi energy sector represents the primary source of energy globally, and its economic impact is estimated at 40% of the gross domestic product. It is also a major driver of vital sectors such as industry, transportation, logistics, mining, and others, and a key factor in supporting economic growth in the Kingdom.

The formation of the committee is consistent with the new directions of the Federation of Chambers aimed at keeping pace with the priority economic sectors in the Kingdom’s Vision 2030, including the energy sector, to open new investment horizons in the sector.