Organized by the Ministry of Investment of the Kingdom of Saudi Arabia in cooperation with the U.S.-Saudi Business Council, the Saudi Net-Zero Petrochemicals & Conversion Industries Investment Forum 2023 has held its activities in Houston, Texas, USA.
The Forum witnessed the presence of a number of US personalities, led by Texas Governor and former Secretary of Energy Rick Perry, representatives of more than 150 US companies and representatives of 12 different Saudi ministries, government agencies and major companies, namely: the Ministry of Investment, the Ministry of Energy, the Ministry of Industry and Mineral Resources, NEOM, National Industry Development and Logistics Program, Saudi Industrial Development Fund, Royal Commission for Jubail and Yanbu, King Abdullah University of Science and Technology (KAUST), King Abdulaziz City for Science and Technology (KACST), Saudi Export-Import Bank, Saudi Authority for Industrial Cities and Technology Zones "MODON", and the National Center for Industrial Development.
The Forum started with an opening speech delivered by Texas Governor and former Energy Secretary Rick Perry, in which he highlighted the importance of investment trends being led by the Kingdom of Saudi Arabia, praising the efforts made in this regard.
The welcoming speech was also delivered by the Managing Director of the Petrochemicals and Transformational Industries Sector at the Ministry of Investment, Eng. Waleed S Al-Rubaie.
This was followed by a number of presentations that shed light on some of the goals of national strategies, ambitions and investment opportunities in the petrochemical sector and transformation industries by 2030, and linking these industries with clean energy opportunities to form zero-scale petrochemical and transformational industrial complexes to achieve raising production capacities and ensure the integration of supply chains for petrochemicals and transformation industries and their applications to maximize the economic and social impact in the Kingdom.
Among those presentations was "Invest in Saudi Arabia" paper presented by the Director of Specialized Petrochemicals at the Ministry of Investment, Eng. Naif Al-Khaldi, in which he referred to the objectives of Saudi Vision 2030 and all mega projects, and the importance of the Kingdom of Saudi Arabia's location for investment, in addition to the ease access of obtaining the necessary licenses in a brief period, citing the extent of economic reforms that sought to support attracting various investments to the Kingdom.
For his part, the Director General of Specialized Petrochemicals at the Ministry of Industry, Eng. Saad Al-Sharif touched upon the national industrial strategy during another working paper, as well as some ambitious investment goals in the transformation industries, which include investments exceeding SAR900 billion.
A third working paper was presented by the CEO of investment in NEOM, Dr. Manar Al-Munif under the theme "NEOM, Land of Future", which included the existing projects in NEOM, The Line and others, and their importance in a carbon-free society.
Then, the Forum witnessed 3 panel discussions, which dealt with clean investments and the path to net emissions, industrial transformation and demand drivers, and how man can do business in the Kingdom with the participation of a number of CEOs from a number of government agencies and foreign companies in the fields of petrochemical and transformational industries.
At the conclusion of the Forum, dialogue sessions and bilateral meetings were held with representatives of more than 150 US companies to support those companies in facilitating attracting investments to the Kingdom, enabling advanced and complex industries, benefiting from the Saudi industrial transformation to reach a broader global market, and providing the necessary support for these industries, whether from financing, incentives or raw feedstock for a carbon-neutral industrial future in the Kingdom, with innovative solutions for a modern urban concept.
--SPA
Source: Saudi Press Agency