based King Abdullah Petroleum Studies and Research Center. We hope and expect that it will rise to the level of an internationally renowned and respected think tank. Also, the King Abdullah University for Science and Technology, near Jeddah, which we anticipate will become a House of Wisdom in the country, region and in global terms. It is already well on the way. This leads me to briefly touch upon renewable forms of energy, the final part of my talk here today. Greenhouse gas emissions and global warming are among humanity's most pressing concerns. Societal expectations on climate change are real, and our industry is expected to take a leadership role. We are doing this in Saudi Arabia. The fact remains that oil will continue to play a major role in the overall energy mix for many decades. It is clear that a petroleum-free transportation system is decades away. And if you look at the vast range of products derived from crude oil, everything from lubricants to asphalt, medicines to plastics, it is clear petroleum is here to stay. I see renewable energy sources as supplementing existing sources, helping to prolong our continued export of crude oil. And this is why we are investing in solar energy, which we also have in abundance. The Kingdom experiences roughly 3,000 hours of sunshine per year, emitting about 7,000 watts of energy per square metre. Saudi Arabia also features empty stretches of desert that can host solar arrays and it is blessed with deposits of quartz that can be used in the manufacture of silicon photovoltaic cells. I know that many European countries are investing in solar technology, but that the economics of it are increasingly difficult to justify in these straightened times. It is an area where I see huge potential for collaboration and partnership between Saudi and European companies - and real potential for job creation. Our investment goes far beyond oil and gas, and beyond exploiting additional energy resources. We are investing in industrial parks and clusters which will create added value products from our natural resources - and opportunities for business. Plus, we have invested heavily in the King Abdullah Financial District in Riyadh which, at twice the area of London's Canary Wharf, is set to become a centre for finance in the region. We know that our ultimate resource is the young people of Saudi Arabia. In this we are no different from any other country, including the UK. We know that pumping oil out of the ground does not create many jobs. It does not foster an entrepreneurial spirit, nor does it sharpen critical faculties. --More
