RIYADH: Realizing a significant demand for high-skilled labor in the green energy sector and navigating an imminent economic transition can only be achieved through equipping the youth, as noted by the founder of ACWA Power. As the Kingdom transitions through Vision 2030, Mohammad Abunayyan said the past economic model becomes less relevant. Speaking on a panel at the Global Labor Market Conference in Riyadh, the founder and chairman of ACWA Power outlined the need for a robust foundation of knowledge and talent to navigate this transition successfully. “The old industry and the old economy are not relevant to the new economy. In Saudi Arabia, we have a new economy, thanks to our leader, and we need to be fast to prepare our youth for this economy,” said Abunayyan. He encouraged all the giga-projects, such as NEOM, The Red Sea Project and Qiddiyah, to have technical institutes to prepare the young talent. “The great news is that we have young talent who is very serious and committed. They will be the future and deliver our ambitions 100 percent.” The chairman highlighted that ACWA Power’s technical institute, which admits only 500 seats, received over 150,000 applications, indicating a significant demand and a strong willingness from the nation’s youth to contribute to the energy transition. “Crown Prince Mohammed bin Salman made it very clear how important this energy transition is. Saudi Arabia is going to lead not only in conventional energy as we are today but also in new energy and green energy. ACWA Power is going to be the new Aramco in renewable energy,” Abunayyan added. Qiddiyah Investment Co. Managing Director Abdullah Al-Dawood echoed Abunayyan’s sentiments by emphasizing that while the youth is an integral part and stands at the heart of the vision, emphasizing the importance of honing the skillset within the job market and ensuring the adaptability of these skillsets to the changing market. The future of work is constantly changing, with rapid advancements in technology, Al-Dawood noted, heralding green energy as the sector of the future. “Therefore, we will need to focus, all of us as an ecosystem, on how to equip the future talent with the right mindset and skillset because a lot of jobs and skills we will be evolving past,” he added while emphasizing the need to focus on upscaling our youth. Abunayyan also pointed out that infrastructure development in the Kingdom has led to increasing opportunities in the operations and maintenance of the facility management sector. Therefore, he added, there is a need to focus on the development of technical skill or vocational training.