The oil and natural gas sectors are the main engine of the economy of Saudi Arabia and the most important causes of progress and prosperity, as these resources are a major source of national income.
The oil sector is linked to development in the Kingdom because of its large financial returns that are used to cover investment spending and finance various development projects, in addition to being a source of energy.
Saudi exports reached about 7.5 million barrels per day in 2012 (EIA, 2013). Oil supplies the state with more than 85% of the budget’s needs, about 40% of the GDP, more than 90% of the kingdom’s foreign exchange needs, and provides citizens with job opportunities.
It is expected that the level of domestic energy consumption will triple by 2030. Therefore, we aim to add (9.5) gigawatts of renewable energy to local production by the year 2023 as a first stage, and we also aim to localize a large percentage of the renewable energy value chain in our economy, and this chain includes steps for research, development, manufacturing and others.