Saudi energy company willing to invest around $4bn in Pakistan


ISLAMABAD: Saudi power producing company ACWA Power has expressed its willingness to invest around $4 billion in Pakistan’s renewable energy sector, PPI said.

The intention to this regard was expressed during a meeting between a Saudi investors’ delegation led by ACWA Power Chairman Mohammad A Abunayyan and the Pakistani side headed by Minister for Finance Asad Umar here on Sunday.

Speaking on the occasion, Mohammad A Abunayyan said the ACWA Power is a developer, investor, and co-owner of portfolio of power generation and desalinated water production plants in countries in the Middle East, North Africa, Southern Africa and South East Asian region.

He said his company is keen to invest in Pakistan’s energy sector, particularly in renewable energy as there is a huge investment opportunity for production of cheap energy to fulfil the growing local demand.

Welcoming the Saudi delegation, Finance Minister Asad Umar lauded the beginning of renewed relationships between Pakistan and Saudi Arabia.

Later, talking to media persons, the Finance Minister said the visit of Saudi Crown Prince would help open new avenues of bilateral trade and investment. He said the existing bilateral economic relations do not reflect the true potential.

However, after the visit, a huge investment is expected from Saudi Arabia which would help further strengthen the trade ties between the two countries.

Taking to Twitter, Asad Umar said, “Just completed meeting with Saudi minister for energy, industries and mineral resources, His Excellency Khalid Al-Falih and his team. Wide range of investment projects worth billions of dollars discussed. MOU signing later today.”