In a significant step towards advancing the energy sector, His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz, the Minister of Energy of Saudi Arabia, signed a memorandum of understanding (MoU) with NEOM CEO Engineer Nazmi Al-Nasr in Riyadh.
The primary objective of the MoU is to bolster collaboration between the Ministry of Energy and NEOM, focusing on various facets of the energy industry. Both parties express a shared desire to activate cooperative efforts and formulate action plans, aligning with their respective strategic goals.
Key components of the memorandum include joint efforts in the development of modern technologies within the energy sector, adherence to legal frameworks, and the provision of technical and regulatory solutions. The collaboration will particularly emphasize the advancement of renewable energy technologies, hydrogen, sustainability, and innovation. The agreement also outlines the establishment of effective mechanisms to monitor progress, identify areas of improvement, and conduct periodic assessments.
The broader aim of the memorandum is to ensure seamless coordination and integration between the Ministry of Energy, NEOM, and other entities within the energy system. These entities include the Water and Electricity Regulatory Authority, the Nuclear and Radiological Regulatory Authority, the King Abdullah City for Atomic and Renewable Energy, the Saudi Center for Energy Efficiency, the Executive Committee for the Governance of Adjusting the Prices of Energy and Water Products, and the National Committee for the Clean Development Mechanism. The collaborative effort is poised to drive innovation and sustainability in Saudi Arabia’s energy landscape.
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