Saudi Arabia, UAE partner for energy efficiency solutions

07/02/2019 Argaam

 

Riyadh-based Vision Invest and UAE’s Etihad Energy Services Co. (ESCO) announced the establishment of a new joint venture (JV) to provide fully integrated energy efficiency solutions for the Kingdom’s private and public sectors, the Saudi Press Agency reported.

 

No further details were mentioned about the deal value.

 

The Saudi-UAE strategic partnership was signed by Mohammad Abunayyan, chairman of Vision Invest (formerly ACWA Holding) and Saeed Al Tayer, MD and CEO of Dubai Electricity & Water Authority (DEWA) in Riyadh on Wednesday.

 

The new entity aims to deliver integrated energy efficiency solutions to prospective clients, and enable them to achieve the efficiencies required to ensure continued competitiveness.

 

ESCO enables the energy performance contracting market in Dubai and has retrofitted over 2,000 facilities achieving average savings of between 25 percent and 35 percent, and saving over 88 gigawatts of electricity.

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