Riyadh: The Public Investment Fund (PIF) and ACWA Power have signed a memorandum of understanding (MoU) to explore opportunities to develop power and water infrastructure for PIF's local real estate portfolio companies.

According to Saudi Press Agency, the MoU was signed at the 9th edition of the Future Investment Initiative (FII9) in Riyadh. PIF and ACWA Power will collaborate to advance utilities and sustainable infrastructure projects. The parties aim to cooperate across various utilities projects to provide essential energy and water infrastructure to PIF-owned local real estate projects.

The collaboration between PIF and ACWA Power seeks to expand the delivery of utilities infrastructure in PIF's local real estate projects. This partnership will also enhance the use of locally produced content and encourage private-sector investment in Saudi infrastructure projects.

The signing took place in the presence of Head of the Local Real Estate Division at PIF Saad Alkroud and Founder and Chairman of the Board of Directors at ACWA Power Mohammad Abunayyan. The non-binding MoU was signed by Head of Investment Strategy Department in Local Real Estate Investments Division at PIF Sahem Nasser and Head of KSA Business Development at ACWA Power Khaled Almedbel.

"PIF continues with its strategic mandate to drive economic impact for Saudi Arabia while securing sustainable returns. It plays a leading role in supporting Saudi economic diversification," stated the release.

This MoU is part of PIF's infrastructure strategy to foster partnerships with local and international private sector developers and investors. It aligns with the strategy to advance clean and renewable energy and water infrastructure.

PIF's local real estate and infrastructure strategy is pivotal in advancing Saudi Arabia's economic transformation and diversification, in line with the goals of Saudi Vision 2030. PIF leads the development of transformative projects and real estate initiatives across Saudi Arabia.