The Alfanar Group, one of Saudi Arabia’s largest industrial conglomerates, has plans to set up a renewable energy office in the United Kingdom, through its subsidiary Alfanar Energy UK.
The new office will oversee Alfanar’s investments in the United Kingdom, including a £1 billion ($1.2 billion) investment into six waste-to-energy projects, which will create hundreds of new jobs.
The waste-to-energy projects will contribute to the United Kingdom’s government's recent commitment to net zero greenhouse gas emissions by 2050. The projects will also divert more than a million tons of waste away from landfill, supporting the government’s industrial strategy grand challenge around clean growth.
“Our investment into the United Kingdom underlines our commitment to the renewable energy sector. We see clear benefits in partnering with United Kingdom–based suppliers, contractors and engineering firms,” said Jamal Wadi, CEO of Alfanar Global Development.
“Alfanar Group is a global player in the electricity sector, with a global renewable development portfolio in PV, CSP, wind and waste-to-energy projects of 1.5 gigawatts. We are a worldwide energy EPC developer with an aggregated value of $2 billion on-going turnkey projects under construction or in final stages in EMEA and South Asia.”
Alfanar is one of the energy transition leaders in the Kingdom of Saudi Arabia. The firm is a provider for various government and business sectors, supporting Saudi Arabia’s Vision 2030 nationalization and manufacturing plans for the power and water sectors, as well as creating jobs and promoting national industrialization.
The United Kingdom remains the number one destination for foreign direct investment in Europe, with $1.89 trillion inward investment stock at the end of 2018. It ranks in the top 10 countries in the World Bank’s Ease of Doing Business report 2019 and will have the lowest corporation tax in the G20 by 2020.
