Saudi Arabia’s Alfanar Group, has plans to set up a renewable energy office in the UK, through its subsidiary Alfanar Energy UK. The new subsidiary will be headquartered in London and is expected to create up to 30 jobs.
Courtesy of Alfanar
The office will oversee Alfanar’s investments in the UK, including a £1 billion investment into six waste-to-energy projects expected to create hundreds of new jobs. The waste-to-energy projects will contribute to the UK 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 UK Government’s Industrial Strategy Grand Challenge around Clean Growth.
During his visit to Riyadh, Minister for Investment Graham Stuart, said, “I am very pleased that Alfanar has decided to extend their investment in the UK into the renewable energy sector.
“Their investment will create new jobs and help support the government’s ambition to hit ‘net zero’ greenhouse gas emissions by 2050. ”
Speaking about the investment, Jamal Wadi, CEO of Alfanar Global Development, said, “Our investment into the UK underlines our commitment to the renewable energy sector.”
The UK remains the number one destination for foreign direct investment in Europe, with $1.89 trillion inward investment stock at the end of 2018. The UK 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.