Saudi Arabia-based developer and operator of power generation and water desalination projects, ACWA Power has inked a memorandum of understanding (MoU) with Tadawul-listed Saudi Basic Industries Corporation (SABIC) to boost localisation within the kingdom’s economy and create job opportunities for Saudi nationals.
As part of the MoU, SABIC will support ACWA Power’s efforts to develop local content in the kingdom by assessing and conducting feasibility studies for potential opportunities.
The Saudi Arabian stock market-listed firm will also provide market research related to the local supply chain, in addition to facilitating collaboration between ACWA Power and potential local and international partners in the industry.
The MoU will also support ACWA Power’s efforts through the Da’em and Mua’ahal programs that are powered by SABIC.
Under the agreement, ACWA Power will provide SABIC with latest technology trends, market insights, and will support the growth of research and development in the renewable energy sector.
Speaking on the agreement, managing director of ACWA Power, Thamer Al Sharhan said: “One of the key strategies of ACWA Power is to encourage and develop local content in the markets we operate in.”
“ACWA Power looks towards this next phase of our efforts to enhance localisation with the support of our partner; SABIC.”
“Through our Sakaka Solar PV project, we are seeing the benefits of supporting local content for the wider industry through numerous success stories,” Al Sharhan added.
The agreement was signed by Al Sharhan, and vice president of local content and business development at SABIC, Fuad Mosa.