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Germany to fund alternative energy plant in Saudi Arabia

Saudi Arabia is focused on developing alternatives to oil as prices remain low amid the COVID-19 pandemic.

Al-Monitor Staff
Al-Monitor Staff
Dec 17, 2020
A picture taken on March 26, 2020, shows the main King Fahd road empty in the Saudi capital Riyadh, after the Kingdom began implementing an 11-hour nationwide curfew, on the day of an emergency G20 videoconference, to discuss a response to the COVID-19 crisis. - G20 nations pledged a "united front" Thursday in the fight against coronavirus, saying they were injecting $5 trillion into the global economy to counter the pandemic amid forecasts of a deep recession. US President Donald Trump and Russian Presiden
A picture taken on March 26, 2020, shows the main King Fahd Road empty in the Saudi capital Riyadh, after the kingdom began implementing an 11-hour nationwide curfew. — FAYEZ NURELDINE/AFP via Getty Images

The German government will provide funding to an alternative energy plant in Saudi Arabia. The initiative comes as Saudi Arabia looks to diversify its economy and reduce its reluctance on oil.

Berlin will give $1.83 million (1.5 million euros) to German engineering conglomerate Thyssenkrupp’s planned hydrogen electrolysis facility in the kingdom, Reuters reported on Wednesday.

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