The Saudi Public Investment Fund (PIF) andAcwa Power have signed a memorandum of understanding (MoU) to exploreopportunities to develop power and water infrastructure for PIF’s local realestate portfolio companies.

Under the MoU signed at the 9th edition ofthe Future Investment Initiative (FII9) in Riyadh, PIF and Acwa Power willcollaborate to advance resilient utilities and sustainable infrastructureprojects further.

The parties, according to a PIF, intend tocooperate across the spectrum of utilities projects to provide the criticalenergy and water infrastructure and services to PIF-owned local real estateprojects.

The cooperation between PIF and Acwa Power will expand the delivery of qualityutilities infrastructure in PIF's local real estate projects. This cooperationwill also help maximize the use of locally produced content and private-sectorinvestment in Saudi infrastructure projects.

The signing took place in the presence of Head of the Local Real EstateDivision at PIF Saad Alkroud and Founder and Chairman of the Board of Directorsat Acwa Power Mohammad Abunayyan.

Head of Investment Strategy Department inLocal Real Estate Investments Division at PIF Sahem Nasser and Head of KSABusiness Development at Acwa Power Khaled Almedbel signed the non-binding MoU.

"PIF continues with its strategicmandate to drive economic impact for Saudi Arabia while securing sustainablereturns. It plays a leading role in supporting Saudi economic diversification,further enabling the creation and development of key sectors and opportunitiesthat help shape the global economy," said the release.

This MoU is part of PIF’s infrastructurestrategy initiative to foster partnerships with local and international privatesector developers and investors across the infrastructure asset class.

It also aligns with the strategy to advanceclean and renewable energy and water infrastructure together among PIF’spriority sectors.

PIF’s local real estate and infrastructurestrategy is advancing Saudi Arabia’s economic transformation anddiversification, driving urban innovation and enhancing quality of life, inline with the ambitious goals of Saudi Vision 2030.

PIFleads the development of transformative giga-projects and landmark real estateinitiatives across Saudi Arabia. 

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