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RIYADH: ����ֱ��’s Public Investment Fund and ACWA Power have signed a memorandum of understanding to explore opportunities for developing energy and water infrastructure projects for PIF’s local real estate companies. 

The agreement, signed on the sidelines of the ninth Future Investment Initiative, aims to strengthen collaboration between the PIF and ACWA Power to develop more sustainable and resilient facilities, according to the Saudi Press Agency. 

Both parties intend to cooperate on various utility projects to meet the energy and water needs of the Fund’s local real estate portfolio. 

The MoU will enable the expansion of high-quality infrastructure and utility projects within the PIF’s real estate assets, while contributing to increasing local content and boosting private sector investment in infrastructure projects. 

The non-binding agreement was signed in the presence of Saad Al-Kroud, head of local real estate investments at PIF, and Mohammed Abunayyan, founder and chairman of ACWA Power. The MoU also bears the signatures of Sahm Nasser, general manager of PIF’s local real estate investment strategy, and Khaled Al-Medbel, head of business development –����ֱ��, ACWA Power. 

The PIF continues to achieve its strategic objectives, generate positive local economic impact, and ensure sustainable returns. The sovereign wealth fund plays a key role in enabling new sectors and opportunities that shape the global economy and drive ����ֱ��’s economic transformation. 

The MoU forms part of PIF’s strategic infrastructure initiatives to strengthen partnerships with developers and private investors across its infrastructure assets. It aligns with the PIF’s support for developing clean energy, renewable energy, and water projects — priority sectors for the fund. 

The fund’s strategy in the real estate and infrastructure sectors contributes to diversifying and strengthening the local economy, promoting urban innovation, and improving quality of life, in line with the goals of Saudi Vision 2030. 

PIF is leading the development of major transformative projects and prominent real estate initiatives across the Kingdom. 

RIYADH: ����ֱ��’s state-backed Electric Vehicle Infrastructure Co., known as EVIQ, expects to complete 60 charging stations by the end of 2025 across Riyadh, Jeddah and the Eastern Province. 

The company, a joint venture between the Public Investment Fund and the Saudi Electricity Co., is spearheading efforts to build a national charging network to support the country’s electric mobility transition, CEO Mohammad Gazzaz told Al-Eqtisadiah. 

Gazzaz said the electric vehicle market in ����ֱ�� “is still in its early stages but has achieved significant growth over the past two years,” driven by the entry of global automakers such as Mercedes, BMW, BYD and Tesla. 

He noted that additional charging stations will be installed along major highways including Jeddah–Madinah, Riyadh–Dammam and Riyadh–Qassim to enhance connectivity between cities. 

Speaking at the launch of the second edition of the Electric Vehicles and Energy Storage Exhibition in Jeddah, Gazzaz added that the national target is to reach 5,000 charging stations across the Kingdom, which will be developed in line with the growth of the domestic EV market. 

He emphasized ongoing cooperation with Lucid and Ceer, both of which manufacture electric vehicles in ����ֱ��, to ensure “a smooth and flexible charging experience for EV owners.” 

According to Gazzaz, 2026 will mark a stronger focus on highway coverage to enable easier intercity travel for EV drivers. 

He said seven stations are already operating in Jeddah, with several more set to open by year-end. Riyadh currently hosts 20 operational stations, while Dammam has five, and three more have been completed and will be inaugurated soon alongside additional sites in the Eastern Province.