Riyadh-Mubasher: Five new German companies are planning to enter the Saudi market this year, most of which are specialised in renewable energy, said Nils Schmid, Deputy Prime Minister of the state of Baden-Württemberg.
He added that Saudi Arabia and Germany will establish Al-Ghad City in the kingdom; a strategic joint venture aimed to diversify energy sources, according to Al-Eqtisadiah newspaper.
The project details have not been finalised yet, the official said, adding that the project will help the kingdom rationalise energy and innovate sustainable ideas for establishing homes that produce their own energy.
