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FINANCIAL NEWS
Saudi Arabia plans to invest USD100b on nuclear, renewable energy
10 Dec 2011
(MENAFN) Saudi Commerce and Industry Minister Abdullah Zainal Alireza unveiled plans to invest over USD100 billion to build 16 nuclear energy plants over the next few years, Arabian Business reported.
Alireza added that the kingdom is also considering solar and other renewable energy technologies developments to cut dependence on the traditional fossil energy.
Last month, Saudi Arabia said it will begin the tendering process to construct the first nuclear station by the end of next year.
Saudi Arabia and the UAE are investing in nuclear power to help meet rising domestic demand for electricity.
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