PIF And ACWA Power Sign MoU To Develop Power And Water Infrastructure For Local Projects

The Public Investment Fund (PIF) and ACWA Power have entered into a memorandum of understanding (MoU) to explore developing power and water infrastructure for PIF's local real estate portfolio. This agreement was signed during the 9th Future Investment Initiative (FII9) in Riyadh. The collaboration aims to enhance sustainable infrastructure projects and resilient utilities.

The MoU, signed by Sahem Nasser from PIF and Khaled Almedbel from ACWA Power, is non-binding. It seeks to boost the delivery of quality utilities infrastructure in PIF's local real estate projects. This partnership will also encourage the use of locally produced content and private-sector investment in Saudi infrastructure projects.

PIF's strategic mandate focuses on driving economic impact for Saudi Arabia while ensuring sustainable returns. The fund plays a crucial role in supporting economic diversification, enabling the creation and development of key sectors that contribute to shaping the global economy. This aligns with Saudi Vision 2030's ambitious goals.

The cooperation between PIF and ACWA Power will cover a wide range of utility projects. These projects aim to provide essential energy and water infrastructure services to PIF-owned local real estate developments. This initiative is part of PIF’s broader strategy to foster partnerships with both local and international private sector developers across various infrastructure asset classes.

This MoU is integral to PIF’s infrastructure strategy initiative, which seeks partnerships with developers and investors in clean and renewable energy sectors. The strategy aims to advance water infrastructure among PIF’s priority areas, contributing significantly to Saudi Arabia’s economic transformation.

PIF leads transformative giga-projects and landmark real estate initiatives throughout Saudi Arabia. These efforts are designed to drive urban innovation, enhance quality of life, and support the country's economic diversification goals under Vision 2030.

Present at the signing were Saad Alkroud, Head of the Local Real Estate Division at PIF, and Mohammad Abunayyan, Founder and Chairman of ACWA Power's Board of Directors. Their presence underscored the importance of this collaboration in advancing Saudi Arabia's infrastructure landscape.

With inputs from SPA