Saudi Arabia’s ACWA Power signed memorandums of understanding with several Japanese companies on the sidelines of the Saudi-Japan Vision 2030 Business Forum that took place on May 21.
ACWA Power signed agreements with Sumitomo Mitsui Banking Corporation, Mizuho Bank, SBI Holdings and Toray Membrane Middle East to encourage collaboration on sustainable energy and water solutions.
According to ACWA Power, the objectives of the MoUs are to promote sustainable energy transition and attracting foreign investment.
The MoUs are important to the Kingdom in terms of water desalination supplies, reducing carbon emissions and economic development.
The Saudi Arabia-Japan Vision 2030 Business Forum took place in Tokyo last week with over 300 industry officials and leaders discussing ways to boost trade, investment and cultural ties.
Saudi Arabia’s Minister of Investment Khalid Al-Falih, Minister of Energy Prince Abdulaziz bin Salman Al Saud and Japan’s Minister of Economy, Trade and Industry SAITO Ken attended the forum, each giving a speech commemorating the relationship between the two nations.
Saito said the Japanese government will extend its maximum support to expand business with Saudi Arabia, while Prince Abdulaziz said the Kingdom “will bring collaborations to the forefront and will make sure that in all of the forums, we advocate the same aspirations in the national transition process attending to energy requirements.”
Al-Falih said in his closing remarks that the Kingdom’s non-oil income has “doubled and is looking for an accumulated investment of over $3 trillion that offers big chances to Japanese.”
He added that Saudi Arabia has a “bubble of projects as it will host Expo 2030 in Riyadh.”
Saudi Arabia will also host the Winter Olympics in NEOM, and the World Cup 2034, that offers investment chances for the Japanese companies to participate, he explained.
Sessions at the forum included “Forging stronger manufacturing collaboration between KSA and Japan,” “Collaboration in the new era of sustainability and circular economy,” “Reinventing entertainment and gaming industries across borders,” and “Expanding the area of cooperation in healthcare.”
Additionally, the forum hosted a “Digital Entertainment Roundtable,” to discuss Saudi Arabia’s efforts to build a local gaming industry, which includes localizing Japanese games for the Saudi market, collaborating with esports tournament organizers, and investing in the digital entertainment sector.
