US/local firms to advise on landmark alternative energy project
Saudi Arabia has appointed legal advisers for the King Abdullah City of Atomic and Renewable Energy, a scientific centre for nuclear and renewable power.
US-based firms Vinson & Elkins and Morgan Lewis have been selected along with local law firm Motasem Khashoggi.
The facility will investigate the application of nuclear power together with renewable energy to be used in the kingdom to meet rising electricity demand.
The new entity is to draft a national policy on nuclear energy development and will be responsible for supervising the commercial use of nuclear power and the handling of radioactive waste.
The King Abdullah City of Atomic and Renewable Energy will be an independent legal entity and will be linked to the prime minister in terms of administration.
Its headquarters will be in Riyadh and it has been authorised to establish branches, offices or research centres within the kingdom.
In June, Finland’s Poyry was appointed as adviser to the city, while US-based McKinsey was selected as financial adviser.
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