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.

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.