Saudi Arabia is intensifying its commitment to renewable energy, with the solar energy panel market projected to increase from USD 350 million in 2024 to USD 929.37 million by 2030, driven by a 17.50% compound annual growth rate (CAGR). Central to this growth is the Vision 2030 initiative, which seeks to cut oil dependence and expand renewable energy dependencies. Riyadh leads in solar energy developments, supported by the Renewable Energy Project Development Office’s competitive bidding for utility-scale solar projects like Sakaka and Sudair. Geographic advantages, cost-cutting measures, and substantial government incentives, including financial support and tax breaks, are propelling this robust market, aiming for 50% renewable energy by 2030, with 10% sourced from solar power. Despite challenges such as intermittency and infrastructure readiness, Saudi Arabia’s solar energy initiatives position it as a pivotal player in the global energy transition.

In other trading, Shandong Hi-Speed Holdings Group (SEHK:412) was a standout up 14.7% and ending the day at HK$7.63. Meanwhile, Icahn Enterprises (NasdaqGS:IEP) trailed, down 8.9% to end the day at $8.88.

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Sources:Simply Wall St“Saudi Arabia $929 Mn Solar Energy Panel Market Trends, Competition, Forecast & Opportunities, 2030F” from Research and Markets on GlobeNewswire (published 16 May 2025)

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