Saudi must invest USD88b in energy: Govt

15 May 2011

(MENAFN) Saudi water and electricity minister, Abdullah Al Husayen, said that the country must invest a total of USD88 billion to meet the increasing demand of seven to eight percent every year, reported Reuters.

Al Husayen said that the Kingdom needs to invest that these investments must be conducted over the course of the coming ten years or else the country would fall short on its demand.

The minister added that the private sector would probably invest USD27 billion in the coming decade, thus accounting for 30 percent of total investments.

The minister said that solar power is not expected to be utilized on the short term; however, nuclear alternatives are being studied.

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