France’s Engie investments in Saudi hit $8B: Vice President

Turki Alshehri, Regional Vice President of France’s Engie in Saudi Arabia and the GCC countries, said that the company’s investments in the Kingdom have exceeded $8 billion, distributed across projects in the energy and water desalination sectors.
 

In an interview with Argaam on the sidelines of the Future Investment Initiative (FII) conference, Alshehri stated that Engie’s total production capacity in the Gulf region exceeds 30 gigawatts, along with 5 million cubic meters per day of desalinated water.
 

He also clarified that Saudi Arabia’s share of those projects amounts to about 7.6 GW of energy and 1.2 million cubic meters per day of desalinated water, representing an investment value of around $8 billion.
 

The French energy firm has been operating in Saudi Arabia for over 20 years and in the Gulf region for more than 30 years, said the top executive.
 

While most of Engie’s current projects are based on conventional (gas) energy, the company’s future focus will shift toward renewable energy projects, including wind and solar power, as well as battery storage systems, in addition to increasing its desalination capacity to 1.3 million cubic meters per day, he added.
 

Alshehri further stated that Engie cooperates mainly with the principal buyer of electricity and the principal buyer of water in Saudi Arabia. “Energy projects are overseen by the Ministry of Energy, while the Ministry of Environment, Water, and Agriculture supervises desalination projects,” he said.
 

According to Alshehri, the Saudi market stands out for its smooth dealings with government entities, clear development goals, and a strong commitment to supporting investments and advancing sustainable technologies.
 

Regarding market demand, he noted that Saudi Arabia is one of the world’s largest markets for water desalination projects, adding that the clarity and transparency in tendering projects and setting objectives help attract foreign investors, especially under the government’s long-term public-private partnership (PPP) model.
 

Additionally, project agreements typically extend for 20 to 25 years, which supports investment sustainability and growth in the energy and water sectors, said the top executive, adding that Engie continues to see annual improvements in the investment climate and expanding opportunities in the Kingdom.
 

He emphasized the company’s strong commitment to localization, highlighting that Saudi Arabia has the highest national employment rate among all Gulf markets, as the company currently employs around 2,000 people in the Kingdom, 60% of whom are Saudis.