Crown Prince Mohammed bin Salman bin Abdulaziz, Vice President of the Council of Ministers and Minister of Defense, has signed a Memorandum of Understanding with SoftBank CEO Masayoshi Son to create the world's biggest solar power project in Saudi Arabia.
The MoU, which is complementary to what was previously signed in the Future Investment Initiative last October, indicates that feasibility studies between the two parties on the project will be completed by May 2018.
According to the MoU, the two parties are dedicated to explore manufacturing and development solar energy storage systems as well as establishing specialized firms for research and development of solar energy panels. This MoU and the projects are forecast to assist the provision of oil in energy production of the kingdom, which would reinforce the role of Saudi Arabia in supplying the world markets with oil.
Crown Prince Mohammed bin Salman has met, Wednesday, with 40 executive officials of several world major companies and reviewed three giant development projects in the kingdom: NEOM, Red Sea and Alqdah. Bin Salman addressed, during the meeting, the importance of these projects and their contribution to the future of the country and the region on the level of economic impact and welfare.
CEO of NEOM Klaus Kleinfeld pointed out that the project's vision seeks to become the best place for work and living, globally. He added that the meeting showcased a number of dialogues about sustainability, new transportation models, advanced manufacturing methods in addition to adopting the first managing and operating systems of the project with 100 percent of renewable energy.
Further, the crown prince met with religious leaders in New York, and the humanitarian common points among religions were asserted.
