ACWA Power: We expect China to account for 30-35% of our ‎investments

Raad Al-Saadi, Vice Chairman and Managing Director of ACWA Power, revealed that China may acquire about 30-35% of the company’s investment volume within 7 years.

According to Al-Arabiya, Al-Saadi said that the company has partnerships with China to work in 9 countries in Asia, the Middle East and North Africa, including Egypt.

He added that the partnerships with China to work in those countries include renewable energy and water sectors as well as green hydrogen

He continued: “We are discussing with our partners opportunities to implement many successful projects in China, and investment opportunities for Saudi companies in China are open, especially in renewable energy and water desalination through renewable energies and green hydrogen.”

He explained that cooperation between Saudi Arabia and China comes under the umbrella of joint and comprehensive agreements, and some are ignorant of the efforts and interest of the two countries to encourage the private sector to cooperate.

He indicated that ACWA Power, in cooperation with its partners from China, succeeded in reducing the impact of the Corona pandemic in terms of costs and project delay rates.

He stated that there is strong support from Saudi Arabia and a strong desire from Chinese companies to invest in the Kingdom, as it represents an important starting point to serve the business of those companies in the region as a whole.

Today, Sunday, the tenth session of the Arab-Chinese Businessmen Conference kicked off in Riyadh.