Saudi Environmental Market Remains Strong Amid Low Oil Price
Since our inception, the Kingdom of Saudi Arabia has been a significant source of revenue emerging from a range of sectors including oil, gas, petrochemical and mining.
A distinguishing feature of many of the projects we have supported is their significant capital value. In 2017, WKC Group completed a Strategic EIA (SEA) for the $30 billion Jazan Economic City, a flagship development regionally that will realise a world scale refinery, 2.4GW syngas power station, a portfolio of heavy and medium industry and a permanent residential area for over 150,000 people.
There has also been a continuance in the national strategy to diversify industry from upstream oil and gas production, taking place within the economic cities of Jubail, Yanbu and Ras al Khair which represent some of the largest infrastructure projects globally. Permitting in these ‘industrial cities’ demands adherence to comprehensive regulatory frameworks which requires tenants to follow stringent environmental standards (through a consolidated Permit Application Package (PAP)) but also the need for new facilities to demonstrate that emission sources reflect Best Available Techniques (BAT) that are commonplace in longer-established regulatory environments such as the EU or USA.
WKC has realised an increase in revenue from the Kingdom. Economic growth in KSA has taken place in parallel with increased interest in international trade relations, evident from the US Secretary of State, German Chancellor and British Prime Minister visiting the Kingdom for productive, collaborative dialogue in 2017.
The Kingdom is in the process of offering privatisation opportunities with a cumulative value approximately $200 billion. Additionally, there are Governmental efforts to significantly simplify the framework for foreign businesses to develop small to medium-sized enterprises (SMEs). This is consistent with the objectives of the ‘Saudi Vision 2030’ aimed at diversifying the economy, job creation, and promoting domestic economic growth.
WKC continues to be fully supportive of the Kingdom’s efforts to environmental protection and green, smart and sustainable development. For more information on how we can support your company’s activities in Saudi Arabia contact us at firstname.lastname@example.org.