The Public Investment Fund (PIF) and ACWA Power have signed a memorandum of understanding (MoU) to explore collaborations in developing power and water infrastructure for PIF-owned local real estate portfolio companies. The agreement was formalized during the 9th Future Investment Initiative (FII9) in Riyadh.
According to a statement from PIF, the partnership aims to enhance resilient utility services and sustainable infrastructure across PIF’s real estate projects. The cooperation will cover a wide range of utilities, including critical energy and water infrastructure, to support the growing needs of Saudi Arabia’s real estate developments.
The MoU also emphasizes the use of locally produced materials and increased participation of the private sector in Saudi infrastructure projects.
The signing ceremony was attended by Saad Alkroud, Head of the Local Real Estate Division at PIF, and Mohammad Abunayyan, Founder and Chairman of ACWA Power. The MoU was signed by Sahem Nasser, Head of Investment Strategy at PIF’s Local Real Estate Investments Division, and Khaled Almedbel, Head of KSA Business Development at ACWA Power. The agreement is non-binding.
“PIF continues to fulfil its mandate to drive economic impact for Saudi Arabia while delivering sustainable returns. It supports economic diversification and the development of key sectors that shape the global economy,” the statement noted.
This agreement aligns with PIF’s infrastructure strategy to strengthen partnerships with local and international developers and investors. It also supports national goals to expand clean energy and water infrastructure as part of Saudi Vision 2030.
Through its real estate and infrastructure initiatives, PIF is advancing urban innovation, improving quality of life, and leading the development of giga-projects and landmark developments across the Kingdom.
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