The memorandum of understanding between Saudi Arabia and Morocco in the field of renewable energies had been a reality for several months, but it is only now that Saudi King Salman bin Abdulaziz al-Saud and his Council of Ministers validated it.
This alliance aims to improve cooperation and exchange of policy information and experiencelegislative regulations, preliminary studies and mechanisms for proposing projects related to the sector between the two countries.
It also promotes the consolidation of efforts to localize value chainsto promote research, as well as investment and financing opportunities in both countries.
The memorandum of understanding will also be decisive for the development of cooperation in R&D and improving research and application of technologies in the field of renewable energy in Morocco and Saudi Arabia.
This agreement, which was initially signed by the Minister of Energy Transition and Sustainable Development, Leila Benali, and the Saudi Minister of Energy, Prince Abdulaziz bin Salman, is positioned as a fundamental pillar in the evolution of renewable energies between the two countriesthanks to which they will be able to develop their own industries in this sector and grow in an increasingly important field.