Summary

Under the auspices of the Ministry of Energy, Industry, and Mineral Resources in Saudi Arabia, a Memorandum of Understanding (MoU) was signed between the National Grid Saudi Arabia, China Electric Power Equipment and Technology Co., Ltd (CET), and ACWA Power. CET is a wholly-owned subsidiary and the undertaker and executor of international business for State Grid Corporation of China (“SGCC”) – known as one of the largest international companies on a global scale.

The MoU unites efforts of the three parties to study and evaluate the underlying business opportunities in the fields of investment and development of new cross-border interconnections between KSA and the neighboring countries; in addition to future power grid projects within and outside of the Kingdom.

The agreement also entails the study of benefits arising from establishing a new joint venture as a product of the collaboration, to invest in new private interconnections and grid projects.

In the presence of decision makers and executives from the concerned parties, the MoU was signed by Eng. Laith Al-Bassam, Chief Executive Officer of National Grid Saudi Arabia; Mr. Jia Zhiqiang, President of CET; and Mr. Mohammad A. Abunayyan, Chairman of ACWA Power.

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