- Published: 26 December 2019 26 December 2019
ACWA Power has signed a Memorandum of Understanding with Saudi Basic Industries Corporation (SABIC) for pursuing opportunities to enhance Local Content in the economy of the Kingdom of Saudi Arabia.
Under the terms of the agreement, SABIC will support ACWA Power’s efforts to develop Local Content in the country by assessing and conducting feasibility studies for potential opportunities which could add value to the local economy and generate employment for Saudi nationals.
SABIC will also provide market research related to the local supply chain and facilitate collaboration between ACWA Power and potential local and international partners with expertise in the field. It will additionally support ACWA Power’s efforts through the Da’em and Mua’ahal programs powered by SABIC.
Similarly, ACWA Power will explore the localization potential of relevant international players to support the feasibility studies being undertaken by SABIC. ACWA Power will also provide SABIC with up-to-date technology trends, market insights and will support the growth of research and development in the renewable energy sector in the region.