Saudi Royals strike major deal with Huawei

Monday 25th Feb 2019

The Saudi Crown Prince Mohammed bin Salman struck two major agreements with China today, which involved agreements with the Silk Road Fund and mobile giant Huawei, which it said would pave the way for collaboration in further investments and in the tech sector.

ACWA Power Chairman Mohammed Abdullah Abunayyan stated “As a leading developer of power and water assets in the region committed to reducing cost and investing in several countries within the Belt and Road initiative corridor, ACWA Power has the unique position of being able to support the economic transformation envisioned by both the ambitious and collaborative Belt and Road initiative as well as Saudi Arabia’s forward-looking and iconic Vision 2030.”

Under the agreement between the Saudi Royal Family and the Chinese firms, the Silk Road Fund will partner with ACWA to invest in ACWA Power Renewable Energy Holding in Belt and Road countries including South Africa, UAE, Jordan and Egypt.

The Arab Royals also entered into an agreement with Chinese tech giant Huawei, to collaborate in utilising ICT to optimize efficiency and improve performance of solar photovoltaic (PV) energy projects owned by the Saudi company ACWA — including the Sakaka PV IPP, the first utility scale solar plant in Saudi Arabia.

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