RIYADH – Companies from across the globe have gathered at the Riyadh International Conventions and Exhibitions Center (RICEC) for the 2014 Saudi Energy Expo, promoting international business relations, foreign investment and SME exposure, affecting positively on the Kingdom's energy sector. As the Kingdom's energy sector diversifies to accommodate for the rapid innovation in the market, Saudi Energy Expo 2014 promises to help in accomplishing the goals of Saudi Arabia's diversified economy vision. One of key changes in the Kingdom's energy sector is the rapid adoption of renewable energy, of which solar is estimated to generate 41 GW by 2032. Fahad Al Athel, Deputy General Manager, Riyadh Exhibitions Company (REC), said: “The Kingdom of Saudi Arabia is witnessing a major development in the area of alternative energy, with strategic plans being implemented and key projects being undertaken to meet the increasing demand for energy. “Saudi Energy 2014 will make a definite contribution towards this transformation by offering a gateway for international experts to network with local players to discuss the latest industry trends, explore business prospects and opportunities of mutual cooperation.” The expo has attracted major players in the energy industries of China, Germany, India, the United States, Korea, and many others, sharing their expertise with hundreds of Saudi companies ranging from small businesses to large-scale production and manufacturing corporations. “The exhibition promises to be fruitful for both exhibitors and visitors comprising government officials, contractors and consultants, developers and investors, and engineers and technicians, to name a few,” Al Athel added. Though contributions in solar and alternative energy hope to account for a large key of electricity generation in the future, the Kingdom's electricity demands are facing huge rises due to population growth, rapid industrial expansion, air conditioning, water desalination and heavy subsidies on electricity rates. REC expects the Kingdom's capacity to grow from 55 GW to 120 GW by 2032. Zeyad Al Rukban, Deputy General Manager, Riyadh Exhibitions Company, said: “With investment in the energy sector at an all-time high, specialized companies are currently vying to establish their market leadership, while newer players are looking for the right platform to introduce their products and services to the Saudi market.” Saudi Energy Expo attracts hundreds of international and local organizations, exposing them to 7,000 visitors from around the world, in what it hopes will drive the global energy economy forward. “The event will offer the visitors a chance to learn about path-breaking technologies from international experts as they interact with local service providers and explore cooperative opportunities,” Al Athel added.
