Etihad ESCO partners with Vision Invest to establish themselves in the KSA
Etihad ESCO and Vision Invest has 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 25 April 2016 His Royal Highness 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 His Excellency Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity & Water Authority (DEWA) and Mr. Mohammad Abunayyan, Chairman of Vision Invest (formerly ACWA Holding) at the Ritz Carlton Hotel in Riyadh.
On this occasion His Excellency 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,” Al Tayer added.
Mr. 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”.
Mr. 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% and 35%, 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 capitalize 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.