Saudi-based utilities provider, ACWA Power, signed a Memorandum of Understanding (MoU) with Saudi Basic Industries Corporation (SABIC) to encourage localization in Saudi Arabia.
The agreement was signed by Thamer Al Sharhan, Managing Director at ACWA Power and Fuad Mosa, VP of Local Content & Business Development at SABIC, a statement said on Wednesday.
As per the agreement, SABIC will support ACWA Power in developing local content in the Kingdom by identifying potential opportunities, which could provide jobs for Saudi nationals.
In addition, SABIC will provide market research related to the local supply chain and facilitate collaboration between ACWA Power and potential partners, the statement added.
Similarly, ACWA Power will explore the localization potential of relevant international players.
Additionally, it will provide SABIC with latest technology trends, and market insights to support the growth of renewable energy sector.
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