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Saudi, UAE Announce Joint Entity to Provide Integrated Energy Efficiency Solutions

Saudi, UAE Announce Joint Entity to Provide Integrated Energy Efficiency Solutions

Thursday, 7 February, 2019 - 07:15
Saudi and UAE officials during the announcement of the joint entity in Riyadh on Wednesday (Asharq Al-Awsat)
Riyadh - Abdulhadi Habtor
A Saudi-UAE strategic partnership in the energy sector was announced on Wednesday in Riyadh, represented by the establishment of a new joint entity that provides integrated energy efficiency solutions in Saudi Arabia.
 
Saudi Arabia’s Roya for Investments and UAE’s Etihad Energy Services revealed the establishment of the entity with a capital of SAR10 million ($2.67 million), equally divided between the two companies.
 
Ibrahim Al-Nassar, the new entity’s CEO, told Asharq Al-Awsat that the partnership was aimed at “using energy efficiently and helping the public and private sectors rationalize energy use in line with Saudi Arabia’s Vision 2030,” which was announced by the Saudi Crown Prince in 2016.
 
“Our goal is to contribute to energy conservation and rationalization by 20 to 25 percent, especially in light of the rising cost of electricity and water and increasing burdens on companies and factories in the Kingdom,” he said.
 
The new entity aims to provide integrated solutions for energy efficiency to serve the public and private sectors in the Kingdom.

The partnership was signed by Mr. Saeed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA), and Mohammed Abunayyan, Chairman of Roya Investment (formerly Acwa Holding), during a ceremony held in Riyadh.
 
Al Tayer emphasized that the partnership supports the vision of the wise leadership of Saudi Arabia and the United Arab Emirates and contributes to achieving the desired integration among all vital sectors through concerted efforts, with the aim of attaining national and regional goals and common interests in the promotion of sustainable development.
 
“We are committed to strengthening cooperation between all concerned sectors and entities in order to create a vibrant and efficient energy efficiency sector in the Kingdom,” he said.
 
Abunayyan noted that the new entity would focus on the upcoming projects in Saudi Arabia, which would meet energy efficiency requirements.

“Our new buildings in the residential, commercial and industrial sectors will be efficiency-based projects in light of the increasing costs of water and electricity,” he affirmed.

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