Projects Under ‘Saudi Vision 2030’ Set to Enter Implementation Phase

Saudi Vision 2030 continues with implementation steps for targeted economic transformation (Asharq Al-Awsat)
Saudi Vision 2030 continues with implementation steps for targeted economic transformation (Asharq Al-Awsat)
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Projects Under ‘Saudi Vision 2030’ Set to Enter Implementation Phase

Saudi Vision 2030 continues with implementation steps for targeted economic transformation (Asharq Al-Awsat)
Saudi Vision 2030 continues with implementation steps for targeted economic transformation (Asharq Al-Awsat)

National development projects launched under “Vision 2030” in Saudi Arabia are witnessing remarkable and steady progress as they move forward from planning to implementation across the Kingdom.

Considered bold, yet achievable, these projects will raise the international bar in terms of quality, environmental friendliness, sustainability, and the use of renewable and alternative energy.

Largescale developments like “The Line”, “Red Sea”, “AlUla”, “AlSouda”, renewable energy programs like The National Renewable Energy Program (NREP), and initiatives like the “Riyadh Strategy” are steadily moving Saudi Arabia towards achieving the goals envisioned by its national transformation plan for the decade.

The Line, for example, offers a never-before-seen approach to urbanization – a 170km-belt of re-imagined urban development with multiple, hyper-connected communities, with natural and walkable spaces.

It is a model of urban design and livability that puts people and the planet in harmony for the 21st century and beyond. Built around nature, rather than over it, large areas of land will be preserved for conservation, supporting NEOM’s environment and rich heritage.

Construction of the smart city will start in the first quarter of 2021 and is set to be a home for more than 1 million people from all over the world and will create a platform for innovation and prosperous businesses.

It will also help in addressing some of the world’s most pressing challenges, like climate change, urban sprawl, traffic congestion, and social disconnection.

Meanwhile, the Riyadh Strategy is on track to generate mega projects, create job opportunities, and expand the Saudi capital’s economic horizons.

It aims to make Riyadh among the top 10 economic cities in the world to drive forward the country’s economic, industrial, and tourism growth in upcoming years.

Moreover, the scheme targets increasing the capital’s population from 7.5 million to around 15 to 20 million in 2030.



ACWA Power Signs Sale Deal with Chinese Company on Renewable Energy Project

The  transaction represents the first co-investment transaction between ACWA Power and China Southern Power Grid for a large-scale renewable energy project in Central Asia.  - SPA
The  transaction represents the first co-investment transaction between ACWA Power and China Southern Power Grid for a large-scale renewable energy project in Central Asia. - SPA
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ACWA Power Signs Sale Deal with Chinese Company on Renewable Energy Project

The  transaction represents the first co-investment transaction between ACWA Power and China Southern Power Grid for a large-scale renewable energy project in Central Asia.  - SPA
The  transaction represents the first co-investment transaction between ACWA Power and China Southern Power Grid for a large-scale renewable energy project in Central Asia. - SPA

Saudi-listed ACWA Power, the world's largest private water desalination company, announced in a press release on Wednesday the completion of a Sale and Purchase Agreement to sell 35% of its shareholding in ACWA Power Bash Wind Project Holding Company Limited and ACWA Power Uzbekistan Wind Project Holding Company Limited to China Southern Power Grid International (HK) Co. Ltd (CSGIHK), the global investment and development arm of China Southern Power Grid (CSG).
Following the successful completion of the conditions precedent, a closing ceremony was held in Tashkent to mark the transaction's completion, SPA reported.
The transaction represents the first co-investment transaction between ACWA Power and China Southern Power Grid for a large-scale renewable energy project in Central Asia. This milestone follows framework agreements signed in December 2022 between ACWA Power and Chinese companies that lay the ground for financing, investment, and construction of ACWA Power's global clean and renewable energy projects in Saudi Arabia and Belt and Road Initiative countries.
ACWA Power's CEO expressed enthusiasm about the collaboration, emphasizing the importance of international cooperation in delivering sustainable solutions.

"Through strategic collaboration with China Southern Power Grid International, we are proud to announce a significant milestone in our journey towards sustainable energy solutions. The agreement in relation to our Bash and Dzhankeldy wind projects in Uzbekistan not only enhances ACWA Power's global presence but also strengthens ties between two industry leaders from different regions. This historic partnership underlines our commitment to driving innovation and progress in the renewable energy sector," he said.
The ACWA Power Bash Wind Project Holding Company Limited and ACWA Power Uzbekistan Wind Project Holding Company Limited hold 100% stakes in ACWA Power Bash Wind LLC ("Bash") and ACWA Power Dzhankeldy LLC ("Dzhankeldy"), respectively, representing a combined 1GW of capacity with an investment cost of over USD 1.3 billion.
Upon completion, the Bash and Dzhankeldy wind power plants are set to become some of Central Asia's largest renewable energy projects. Uzbekistan is ACWA Power's second-largest market in terms of investment cost, underscoring the company's long-standing commitment to the country, the release said.