The Saudi Public Investment Fund (PIF) and Acwa Power have signed a memorandum of understanding (MoU) to explore opportunities to develop power and water infrastructure for PIF’s local real estate portfolio companies.

Under the MoU signed at the 9th edition of the Future Investment Initiative (FII9) in Riyadh, PIF and Acwa Power will collaborate to advance resilient utilities and sustainable infrastructure projects further.

The parties, according to a PIF, intend to cooperate across the spectrum of utilities projects to provide the critical energy and water infrastructure and services to PIF-owned local real estate projects.

The cooperation between PIF and Acwa Power will expand the delivery of quality utilities infrastructure in PIF's local real estate projects. This cooperation will also help maximize the use of locally produced content and private-sector investment in Saudi infrastructure projects.

The signing took place in the presence of Head of the Local Real Estate Division at PIF Saad Alkroud and Founder and Chairman of the Board of Directors at Acwa Power Mohammad Abunayyan.

Head of Investment Strategy Department in Local Real Estate Investments Division at PIF Sahem Nasser and Head of KSA Business Development at Acwa Power Khaled Almedbel signed the non-binding MoU.

"PIF continues with its strategic mandate to drive economic impact for Saudi Arabia while securing sustainable returns. It plays a leading role in supporting Saudi economic diversification, further enabling the creation and development of key sectors and opportunities that help shape the global economy," said the release.

This MoU is part of PIF’s infrastructure strategy initiative to foster partnerships with local and international private sector developers and investors across the infrastructure asset class.

It also aligns with the strategy to advance clean and renewable energy and water infrastructure together among PIF’s priority sectors.

PIF’s local real estate and infrastructure strategy is advancing Saudi Arabia’s economic transformation and diversification, driving urban innovation and enhancing quality of life, in line with the ambitious goals of Saudi Vision 2030.

PIF leads the development of transformative giga-projects and landmark real estate initiatives across Saudi Arabia. -TradeArabia News Service