ACWA Power has signed a memorandum of understanding with Saudi Basic Industries Corporation (SABIC) to enhance local content and establish an end-to-end value chain for all its activities and projects in Saudi Arabia
The agreement was signed by Thamer Al Sharhan, managing director at ACWA Power and Fuad Mosa, VP of local content and business development at SABIC.
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.
?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,? explained Thamer Al Sharhan, managing director of ACWA Power.
?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.
In November 2019, ACWA Power has established ACWA Industrial Investment Company (AIICO), a business unit dedicated to enable local content development and industrialisation 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.
