https://arab.news/nn29k
RIYADH: 海角直播鈥檚 Public Investment Fund and ACWA Power have signed a memorandum of understanding to explore opportunities for developing energy and water infrastructure projects for PIF鈥檚 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鈥檚 local real estate portfolio.
The MoU will enable the expansion of high-quality infrastructure and utility projects within the PIF鈥檚 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鈥檚 local real estate investment strategy, and Khaled Al-Medbel, head of business development 鈥摵＝侵辈�, 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 海角直播鈥檚 economic transformation.
The MoU forms part of PIF鈥檚 strategic infrastructure initiatives to strengthen partnerships with developers and private investors across its infrastructure assets. It aligns with the PIF鈥檚 support for developing clean energy, renewable energy, and water projects 鈥� priority sectors for the fund.
The fund鈥檚 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.