To establish an Energy Services Company in the Kingdom of Saudi Arabia
By our business bureau
DUBAI: Etihad ESCO and Vision Invest have announced a new Joint Venture Company that has been established to provide fully integrated energy efficiency solutions for both the private and public sectors in the Kingdom of Saudi Arabia (KSA). The move is in support of KSA Vision 2030, wherein sustainability, conservation and efficiency are key themes in building a sustainable and efficient economy.
Under the direction of the Custodian of the Two Holy Mosques King Salman Bin Abdulaziz, on April 25, 2016 Prince Mohammed Bin Salman Bin Abdulaziz, the Crown Prince, Vice President of the Council of Ministers and Chairman of the Council of Economic and Development Affairs, outlined that the Kingdom of Saudi Arabia’s Vision 2030 charted a roadmap for the Kingdom of Saudi Arabia’s development and economy objectives for the next 15 years.
The Shareholders Agreement for the new Joint Venture company was signed by Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity & Water Authority (Dewa) and Mohammad Abunayyan, Chairman of Vision Invest (formerly ACWA Holding) at a hotel in Riyadh.
On this occasion Saeed Mohammed Al Tayer said: “This agreement supports the vision of the wise leadership in both the Kingdom of Saudi Arabia and the United Arab Emirates and contributes to achieving integration across all vital sectors through joint efforts to support national and regional goals and common interests to enhance sustainable development. We are proud to form this alliance with Vision Invest to collaborate in the field of retrofitting integrated energy efficiency solutions. We are committed to fostering cross sector collaboration and collective efforts of stakeholders to create and sustain a vibrant market for energy performance in the Kingdom of Saudi Arabia”.
“In line with the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the Etihad Energy Services Company (Etihad ESCO), which is owned by Dubai Electricity and Water Authority (Dewa) was established in 2013 to make Dubai a leading example in energy efficiency for the region and the world. The partnership with Vision Invest is a major milestone for Etihad ESCO and is in line with our strategy to bolster our regional presence and to explore business opportunities with neighboring Gulf Cooperation Council Countries and the World. It also marks Etihad ESCO's first Joint Venture outside the United Arab Emirates and we are proud that the first entry is into the Kingdom of Saudi Arabia. We are confident that our joint efforts with Vision Invest will prove to be immensely successful, encouraging more and more Saudi organisations to adopt sustainability measures,” Al Tayer added.
Mohammad Abunayyan, Chairman of Vision Invest, said: “We are proud to partner with Etihad ESCO to support the energy efficiency drive in the Kingdom of Saudi Arabia and to contribute to the achievement of the efficiency and sustainability targets set by Vision 2030 and the National Industrial Development and Logistics Program (NIDLP). Vision Invest through its Joint Venture Company with Etihad ESCO is well-positioned to support these objectives for the greater benefit of the Kingdom of Saudi Arabia”.
Ali Al Jassim, Chief Executive Officer of Etihad ESCO, said: “The partnership with Vision Invest will create and sustain a vibrant market for energy performance in the Kingdom of Saudi Arabia. As a Super Energy Service Company, Etihad ESCO enables the energy performance contracting market in Dubai and has retrofitted over 2,000 facilities achieving average savings of between 25 per cent and 35 per cent, which in turn has saved in excess of 88 Gigawatts of electricity, 246 Million Imperial Gallons of Water and abated more than 407,000 Tons of Carbon Dioxide emissions”.
Eng. Ibrahim Al Nassar, Chief Executive Officer of the Joint Venture Company said: “We look forward through this Joint Venture Company to capitalise on the effective experience of both of our Shareholders to deliver integrated energy efficiency solutions that provide a demonstrated value proposition to our prospective clients, thus enabling them to achieve the efficiencies required to ensure their continued competitiveness”.
Vision Invest is a leading Saudi Investment and Development Holding Company established in 2002 and focused on investments in Utilities, Industrial Gases, Logistics and Social Infrastructure, as well as other sectors in the Kingdom of Saudi Arabia.
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