#Saudi group to expand UK operations via $1.24bln investment into renewable energy | ZAWYA MENA Edition

Saudi group to expand UK operations via $1.24bln investment into renewable energy | ZAWYA MENA Edition:

The Alfanar Group, one of Saudi Arabia’s largest industrial conglomerates, will set up a renewable energy office in the UK to oversee Alfanar’s investments, including a £1 billion ($1.24 billion) investment into six waste-to-energy projects that are expected to create hundreds of new jobs.

These projects are part of the UK government’s recent commitment to “net zero” greenhouse gas emissions by 2050. They will also divert more than a million tons of waste away from landfill, supporting the UK government’s Industrial Strategy Grand Challenge for clean growth.

“[Alfanar’s] investment will create new jobs and help support the government’s ambition to hit ‘net zero’ greenhouse gas emissions by 2050,” said Graham Stuart, the UK’s Minister for Investment, during his visit to Riyadh on July 16.