Al Rumayyan: Saudi Arabia Seeks 100 Years of Economic Sustainability

Al Rumayyan: Saudi Arabia Seeks 100 Years of Economic Sustainability

Governor of the Saudi Public Investment Fund Yasir al-Rumayyan said the Kingdom seeks to develop a sustainable economy that can thrive 100 years from now.

He underscored Saudi Arabia’s commitment to global climate action and efforts to develop renewable energies.

Rumayyan made the remarks during the opening session of the second day of the second edition of the Saudi Green Initiative Forum, which kicked off its activities on Friday in the Red Sea resort of Sharm El-Sheikh.

He affirmed that the Kingdom is turning national ambitions into real actions, including reaching net zero emissions by 2026.

The official pointed to launching the Voluntary Carbon Market initiative, which is considered the first of its kind in the Middle East and North Africa region.

Regarding PIF’s role in this transformation, Rumayyan said it is responsible for developing 70% of the renewable energy, noting that about 1.4 million tons of carbon credits have been sold so far.

Rumayyan said that last week, Crown Prince Mohammed bin Salman launched “Ceer,” the first Saudi electric car brand.

“PIF is also a major investor in Lucid, who are building their first factory outside the United States in Saudi Arabia.”

“With these electric vehicles investments, we plan to build 328,000 electric cars per year,” he