UAE, Dubai: ACWA Power, a leading international developer and operator of power generation and water desalination projects, signed a Memorandum of Understanding with Saudi Basic Industries Corporation (SABIC) for pursuing opportunities to enhance Local Content in the economy of the Kingdom of Saudi Arabia.
The agreement was signed by Thamer Al Sharhan, Managing Director at ACWA Power and Fuad Mosa, VP of Local Content & Business Development at SABIC. The partnership is in complete alignment with ACWA Power’s commitment to play a leading role in developing and promoting Local Content and establishing end-to-end Saudi value chain for all its activities and projects in the Kingdom.
“ACWA Power looks towards this next phase of our efforts to enhance localization with the support of our partner; SABIC. Partnering with the like-minded entity we hope to create synergies in our Local Content endeavours and are confident this partnership shall prove to be a giant step in the right direction.”, Al Sharan explained.
“Through our Sakaka Solar PV project, already we are seeing the benefits of supporting local content for the wider industry through numerous success stories. In addition to developing local businesses expertise in the renewable sphere, our efforts have also helped inject additional investment in the Saudi economy.” Al Sharhan added.
Under the terms of the agreement, SABIC will support ACWA Power’s efforts to develop Local Content in the country by assessing and conducting feasibility studies for potential opportunities which could add value to the local economy and generate employment for Saudi nationals.
SABIC will also provide market research related to the local supply chain and facilitate collaboration between ACWA Power and potential local and international partners with expertise in the field. It will additionally support ACWA Power’s efforts through the Da’em and Mua’ahal programs powered by SABIC.
Similarly, ACWA Power will explore the localization potential of relevant international players to support the feasibility studies being undertaken by SABIC. ACWA Power will also provide SABIC with up-to-date technology trends, market insights and will support the growth of research and development in the renewable energy sector in the region.
At the heart of ACWA Power’s business is an absolute commitment to helping the Saudi economy to thrive and progress through providing vital resources – electricity and desalinated water, reliably at the lowest possible cost. Being an industry leader, ACWA Power is committed to supporting the Saudi government with building local content, capacity, and capabilities, in order to create more jobs and promote the economy.
In November 2019, ACWA Power has established ACWA Industrial Investment Company (AIICO), a business unit dedicated to enable Local Content development and industrialization in the Kingdom. AIICO will focus on complying with mandatory Local Content targets for new projects, enhancing ACWA Power’s capacity to competitively increase Saudi exports abroad, promoting innovation, transferring knowledge, and creating job opportunities.
About ACWA Power:
ACWA Power is a developer, investor and operator of a portfolio of power generation and desalinated water production plants currently with presence in 12 countries including in the Middle East and North Africa, Southern Africa and South East Asia regions. ACWA Power employs over 3,500 people with about 60% local employment. ACWA Power’s portfolio, with an investment value in excess of USD 45 billion, can generate 31.3 GW of power and produce 5.3 million m3 /day of desalinated water to be mostly delivered on a bulk basis to state utilities and industrial majors on long term off-take contracts under Public-Private-Partnership, Concession and Utility Services Outsourcing models. ACWA Power, registered and head-quartered in the Kingdom of Saudi Arabia, is owned by eight Saudi conglomerates, Sanabil Direct Investment Company (owned by the Public Investment Fund of Saudi Arabia), the Saudi Public Pensions Agency and the International Finance Corporation (a member of the World Bank Group). ACWA Power pursues a mission to reliably deliver electricity and desalinated water at a low cost, thereby contributing to the social and economic development of the communities and countries it invests in and serves. ACWA Power strives to achieve success by adhering to the values of Safety, People and Performance in operating its business. For more info, please visit www.acwapower.com
Media contact details:
Mohamed Yousef Ibrahim
Manager – Marketing & Communications
Tags: #ACWAPower #Saudi Arabia #local content#KSA
© Press Release 2019