DUBAI: Saudi Arabia announced last week that it would be investing $100 billion to erect 16 nuclear energy plants across the country in the coming years. Commerce and Industry Minister Abdullah Zainal Alireza made the announcement at a joint US-Saudi business forum in Atlanta. It comes on the heels of Saudi officials discussing the potential of solar and other renewable energy technology in the country in an effort to reduce the country's reliance on oil and gas. “We have allocated $3 billion to produce solar energy panels in Jubail and Yanbu,” he added. Alireza said at the forum that Saudi imports from the US are expected to cross $95 billion or 23 percent of the total US exports to Arab countries by 2012. “This amount is expected to double by 2015,” the minister adding, highlighting the importance of Saudi Arabia in the region. “This goes in line with President Barack Obama's initiative for increasing US exports and creating 2 million new jobs for the Americans,” he added. The minister added that the forum was an opportunity to rekindle business relationships between the two allies. In 2010, the US imported some 95 percent of all Saudi exports to North America, a report published by the ministry of economy and planning said. “Saudi Arabia and the US should complement one another and integrate their strong points to build a value-added relationship,” the minister said. “There are good prospects to expand these relations covering all economic sectors with the support of the two leaderships,” he added. The week also met with some controversy after a few unsubstantiated reports said that Riyadh was looking to develop nuclear weapons. BM ShortURL: http://goo.gl/IPkxN Tags: Energy, Investment, Nuclear Section: Business, Latest News, Saudi Arabia
