Saudi Arabia's Public Investment Fund (PIF) has created an energy service company (esco) that will increase energy efficiency for government and public buildings, the sovereign wealth fund said on Wednesday.
Super Esco was established to “stimulate the growth of the kingdom’s energy efficiency industry, in line with the objectives of Vision 2030 to diversify the economy and drive environmental sustainability”.
All government bodies are mandated to contract the new entity on an exclusive basis as per a royal decree.
PIF said that the company, with a capitalisation of 1.9 billion riyals (Dh1.86bn), will fund and manage the retrofit of the buildings. These projects represent more than 70 per cent of the overall projects in the country's energy efficiency sector.
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While this is a collaboration among the energy and finance ministries, the main body overseeing the new company will be the Saudi Energy Efficiency Centre (SEEC).
SEEC was established in 2010 to be the regulatory body over the sector, granting licences to approved escos.
However, since its inception, only two companies – Shaker Company and Energy Efficiency Era – have received esco licences.
While PIF said that Super Esco will create partnerships with the private sector offering new investment opportunities, it is unclear if companies will still need to register under the SEEC to partner with Super Esco.
PIF could not be reached for comment.
The kingdom wants to cut domestic oil usage, a big part of which is used in power generation.
PIF said that the energy efficiency industry had an estimated value of 42bn riyals, which translates to 3bn riyals a year until 2030.
King Abdullah Petroleum Studies and Research Centre (Kapsarc) released a report last year that said energy efficiency programmes could reduce electricity consumption by 30 per cent.
These types of measures would displace the need for new power generation capacity, saving around US$28bn over a decade.
The report said that the implementation of retrofit programmes will require both innovative financing mechanisms and a push for institutional capacity building in energy auditing and management.
“If such support programmes are successful, we estimate that implementing the measures outlined in this paper has the potential to deliver up to an extra 247,000 skilled jobs per year over a 10-year period,” Kapsarc said.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
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The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
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Torque: 560Nm @ 3,600rpm
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UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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The language of diplomacy in 1853
Treaty of Peace in Perpetuity Agreed Upon by the Chiefs of the Arabian Coast on Behalf of Themselves, Their Heirs and Successors Under the Mediation of the Resident of the Persian Gulf, 1853
(This treaty gave the region the name “Trucial States”.)
We, whose seals are hereunto affixed, Sheikh Sultan bin Suggar, Chief of Rassool-Kheimah, Sheikh Saeed bin Tahnoon, Chief of Aboo Dhebbee, Sheikh Saeed bin Buyte, Chief of Debay, Sheikh Hamid bin Rashed, Chief of Ejman, Sheikh Abdoola bin Rashed, Chief of Umm-ool-Keiweyn, having experienced for a series of years the benefits and advantages resulting from a maritime truce contracted amongst ourselves under the mediation of the Resident in the Persian Gulf and renewed from time to time up to the present period, and being fully impressed, therefore, with a sense of evil consequence formerly arising, from the prosecution of our feuds at sea, whereby our subjects and dependants were prevented from carrying on the pearl fishery in security, and were exposed to interruption and molestation when passing on their lawful occasions, accordingly, we, as aforesaid have determined, for ourselves, our heirs and successors, to conclude together a lasting and inviolable peace from this time forth in perpetuity.
Taken from Britain and Saudi Arabia, 1925-1939: the Imperial Oasis, by Clive Leatherdale
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
UAE currency: the story behind the money in your pockets
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Company%20profile
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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- Disruption Lab and Research Centre for developing entrepreneurial skills