Saudi Arabia has set up a new company which will spearhead the crusade to make government and public buildings more energy efficient.
The Kingdom’s sovereign wealth fund said a Royal Decree meant all government bodies had to contract Super Esco exclusively for work intended to create energy savings.
Super Esco, established with a capitalisation of £385million (SAR 1.9billion), will fund and manage the retrofit of government and public buildings, which represent more than 70% of overall projects in the energy efficiency sector.
Super Esco will also provide new investment opportunities by creating partnerships with the private sector to deliver projects.
The company was established to stimulate the growth of the Kingdom’s energy efficiency industry as part of a wider drive towards environmental sustainability.
Projects in Saudi Arabia’s energy efficiency sector have an estimated value of £8.5billion, or around £607million annually.