Investors from Saudi Arabia are being invited to invest in solar energy projects in Germany, while efforts are made to also expand their cooperation in wind energy.
A business delegation from Germany visited the Kingdom this week in a drive to bolster bilateral trade and investment.
International paper Asharq Al Awsat quoted Herbert Jacobi, from North Rhine-Westphalia’s energy and industry ministry, as saying that Germany is inviting Saudi investors, citing a 15% return rate on capital invested in solar capacity thanks to 20-year government contracts.
Saudi investor Haitham Khalid Buzu told Asharq Al-Awsat that the two countries have already joined hands on solar projects in Saudi Arabia and are working to boost collaboration both on solar and wind.
The total bilateral trade between Germany and Saudi Arabia hit SAR 46.5 billion (USD 12.4bn/EUR 10.5bn) in 2013, according to Andreas Hergenrother, German commissioner for manufacturing and trade for Saudi Arabia, Bahrain and Yemen. Of the total, 95% comes from German exports to the Kingdom, he added, as cited by the paper.