The Saudi Chambers Federation announced the formation of the first-ever National Committee for Energy and Petrochemicals under the private sector umbrella, aiming to enhance its involvement in policy-making and the development of sector investments.

Jaber Al-Fahad was elected as Chairman, and Saad Al-Ajlan as Vice Chairman. The committee will collaborate with relevant ministries and agencies to achieve sector goals and empower investors.

Saudi Arabia expects petrochemical sector investments to reach $600 billion by 2030, with plans for renewable energy and the localization of 75% of the sector.