Arab News, Mon, May 27, 2024 | Dhu al-Qadah 19, 1445
Saudi’s ACWA Power signs several MoUs with Japanese companies
Saudi Arabia:
Saudi Arabia’s ACWA Power signed memorandums of understanding with several
Japanese companies on the sidelines of the Saudi-Japan Vision 2030 Business
Forum that took place on May 21.
ACWA Power signed agreements with Sumitomo Mitsui
Banking Corporation, Mizuho Bank, SBI Holdings and Toray Membrane Middle East to
encourage collaboration on sustainable energy and water solutions.
According to ACWA Power, the objectives of the
MoUs are to promote sustainable energy transition and attracting foreign
investment.
The MoUs are important to the Kingdom in terms of
water desalination supplies, reducing carbon emissions and economic
development.
The Saudi Arabia-Japan Vision 2030 Business Forum
took place in Tokyo last week with over 300 industry officials and leaders
discussing ways to boost trade, investment and cultural ties.
Saudi Arabia’s Minister of Investment Khalid
Al-Falih, Minister of Energy Prince Abdulaziz bin Salman Al Saud and Japan’s
Minister of Economy, Trade and Industry SAITO Ken attended the forum, each
giving a speech commemorating the relationship between the two nations.
Saito said the Japanese government will extend its
maximum support to expand business with Saudi Arabia, while Prince Abdulaziz
said the Kingdom “will bring collaborations to the forefront and will make sure
that in all of the forums, we advocate the same aspirations in the national
transition process attending to energy requirements.”
Al-Falih said in his closing remarks that the
Kingdom’s non-oil income has “doubled and is looking for an accumulated
investment of over $3 trillion that offers big chances to Japanese.”
He added that Saudi Arabia has a “bubble of
projects as it will host Expo 2030 in Riyadh.”
Saudi Arabia will also host the Winter Olympics in
NEOM, and the World Cup 2034, that offers investment chances for the Japanese
companies to participate, he explained.
Sessions at the forum included “Forging stronger
manufacturing collaboration between KSA and Japan,” “Collaboration in the new
era of sustainability and circular economy,” “Reinventing entertainment and
gaming industries across borders,” and “Expanding the area of cooperation in
healthcare.”
Additionally, the forum hosted a “Digital
Entertainment Roundtable,” to discuss Saudi Arabia’s efforts to build a local
gaming industry, which includes localizing Japanese games for the Saudi market,
collaborating with esports tournament organizers, and investing in the digital
entertainment sector.