ACWA Power establishes a new business unit, AIICO, dedicated to enhancing local content in Saudi Arabia at the Middle East Solar Trade Mission
KSA, Riyadh, 27 November 2019: ACWA Power has announced the establishment of ACWA Industrial Investment Company (AIICO), a business unit dedicated to enable local content development and industrialization in KSA. The announcement was made during ACWA Power’s participation at the three-day Middle East Solar Trade Mission (MESIA) as a Diamond sponsor in Riyadh, KSA.
Stemming from its commitment to the vision of Saudi 2030, ACWA Power shed light on its leading role in developing and enabling local content and the role of AIICO in establishing an end-to-end Saudi value chain for its projects in the Kingdom.
The AIICO unit focuses on three major streams. First is complying with the increasing levels of mandatory local content targets in new Saudi Arabian RFP’s. Second is enhancing ACWA Power’s capacity to competitively export KSA products abroad to be utilized in our investments and operations. Also using attractive financing methods such as the Saudi Export Fund, thus reinforcing ACWA Power’s strategy of delivering low production costs for power and water. Third is actively working to support the Kingdom’s socio-economic growth through localizing knowledge, spurring innovation and creating job opportunities.
At the heart of ACWA Power’s business is our absolute commitment to helping the countries we serve and the communities we operate in to thrive and progress through providing vital resources – electricity and desalinated water, reliably at the lowest possible cost. The health, wealth and happiness of the countries and societies we serve is extremely critical to our profitability, for as long as these economies grow, the countries prosper, and we will have the chance to get the return on our investments over the decades.
Beyond the business perspective, as ACWA Power, we are deep rooted in the commitment of injecting investments into the socioeconomic welfare of the countries we operate in because luckily, our business model allows us to do so. This ability to direct where the money we spend offers us a significant gateway to create employment opportunities and deliver value, as well as contribute to the industrialization and economic development of those countries.
Through our Sakaka PV project, we are already seeing the benefits of supporting local content for the wider industry through numerous success stories. During the project, we worked with a local subcontractor from the Al Jouf region and a Saudi subcontractor that benefitted immensely from working with ACWA Power and developing the expertise to work in the renewable sphere. A joint venture was also formed between a local and international company – giving the Saudi company international exposure and understanding of global best practices that were then put into practice through subsequent projects.
We are tremendously committed to supporting and elevating local content in the Kingdom, and are the only operator to have hired Saudi operations managers across the board. Our latest project, Sakaka is a testament to our commitment with 100% of our employees being Saudis. It is our job as industry leaders to support the government with building local content, capacity, and capabilities, in order to create more jobs and promote the economy. Not only will this help us compete on an international level and encourage knowledge sharing, but our demand for local content will drive the development of human capital in the Kingdom.
We at ACWA Power are committed to providing power and water to the communities we operate in and aim to continuously help them develop. The Kingdom, our home base, is no different, as we continue to support the local economy; enhance and increase the local content and capacity; as well as support the renewables value chain.
ACWA Power took part in seven panels to date and would have participated in 10 sessions by the end of the three-day event – shedding light on the company’s implementation of its international expertise in its home base, Saudi Arabia.
The Middle East Solar Trade Mission is an event organized by the Middle East Solar Industry Association (MESIA) for the third time in KSA. The event touches on local content and power generation, as well as focuses on knowledge sharing and technical workshops for Saudi talent.