Saudi Arabia: Saudi Arabia’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 –Saudi Arabia, 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 Saudi Arabia’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.