The Saudi Cabinet, chaired by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al-Saud, approved, Tuesday in Jeddah, a memorandum of understanding between Morocco and Saudi Arabia in the field of renewable energy.
The two countries signed this memorandum of understanding on May 9 in Riyadh. The agreement was signed on the Moroccan side by the Minister of Energy Transition and Sustainable Development, Ms. Laila Benali, and on the Saudi side, by Prince Abdulaziz bin Salman, Minister of Energy.
The MoU on renewable energy aims to develop cooperation and exchange of information and experiences in policies, legislative regulations, preliminary studies, and project proposal mechanisms related to the sector.
It also consolidates efforts to localize value chains and encourages the review and discussion of investment and financing opportunities in both countries to support efforts to localize renewable energy-related industries and develop their projects.
The MoU endorses R&D cooperation and human skills development. It also promotes the review of opportunities to raise the level of renewable energy technologies and their applications between the two countries.
At the end of the signing ceremony, the Saudi Minister of Energy had said that “the signing of the MoU in the field of renewable energy comes in implementation of the directives of the leaders of the two brotherly countries, who are committed to developing close relations between the two countries in all areas, especially in the field of energy, in order to support the development efforts and economic prosperity of the two countries, contribute to strengthening energy security and support the growth of the global economy.
Cooperation between the two countries in the field of renewable energies aims to meet their needs in terms of developing new energy resources and confirms shared concerns about the importance of security of energy supplies for both parties.