PIF And ACWA Power Sign MoU At FII9 To Develop Power And Water Infrastructure For PIF’s Local Real Estate Projects In Saudi Arabia

The Public Investment Fund (PIF) and ACWA Power have signed a Memorandum of Understanding (MoU) to explore opportunities for developing power and water infrastructure for PIF’s local real estate portfolio companies. The MoU was signed during the 9th edition of the Future Investment Initiative (FII9) in Riyadh and sets the stage for collaboration on resilient utilities and sustainable infrastructure projects. Through this partnership, PIF and ACWA Power aim to cooperate across a wide range of utilities projects to deliver the critical energy and water infrastructure required for PIF-owned local real estate developments.

The collaboration is expected to enhance the delivery of high-quality utilities infrastructure in PIF’s real estate projects while promoting the use of locally produced content and encouraging private sector investment in Saudi Arabia’s infrastructure sector. 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 itself was signed by Sahem Nasser, Head of Investment Strategy Department in the Local Real Estate Investments Division at PIF, and Khaled Almedbel, Head of KSA Business Development at ACWA Power.

PIF continues to fulfill its strategic mandate of generating economic impact for Saudi Arabia while securing sustainable returns. The fund plays a leading role in supporting economic diversification, fostering the creation and growth of key sectors, and shaping opportunities that contribute to the global economy. This MoU aligns with PIF’s broader infrastructure strategy, which emphasizes partnerships with local and international private sector developers and investors across the infrastructure asset class.

It also supports the advancement of clean and renewable energy, as well as water infrastructure, within PIF’s priority sectors. Through its local real estate and infrastructure strategy, PIF is driving Saudi Arabia’s economic transformation and diversification, promoting urban innovation, and enhancing quality of life. These efforts are guided by the ambitious objectives of Saudi Vision 2030, with PIF leading the development of transformative giga-projects and landmark real estate initiatives across the Kingdom.