ACWA Power to triple planned investments on joining ‘Shareek’ program: chairman

Mohammad Abunayyan, chairman of ACWA Power, said that Vision 2030 established a robust partnership with the private sector, and created successful investment ecosystems through which the private sector contributes and works to achieve targets.

The utilities provider will triple its planned investments as a result of joining the ‘Shareek’ program, as it is a catalyst and has major potential, Abunayyan said in a virtual interview organized by Communication and Financial Knowledge Center (CFKC).

He predicted that the figures from the private sector and its contribution to the GDP will be much higher than planned over the next five years across sectors, and expected productivity jumps to promote competition locally and globally.

The pandemic had positives for the private sector, which was supported by the government, in addition to creating new opportunities such as the transformation of local tourism, Abunayyan explained.

He stressed that the success of Saudi Arabia in dealing with the pandemic has created confidence amongst foreign investors and creditors.

Major projects such as NEOM, Qiddiya, the Red Sea, and several others, opened multiple horizons for the private sector and provide many opportunities, as shown by the energy sector, which provides renewable energy to developments like the ambitious Red Sea project.