Saudi Arabia will launch a renewable energy program within coming weeks that is anticipated to include investments worth USD 30-50 bn as 2023 approaches, Minister of Energy Khaled Al-Falih announced on Monday, Reuters reported.

In an event held by the energy sector in Abu Dhabi, Emirates, Al-Falih said that in the coming weeks, Riyadh will run its first round of tenders for projects under the 10 GW program.

These efforts are part of the economical reform agreed upon as a bail out of the financial crisis GCC state members are facing due to the current low oil price environment.