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Etihad ESCO, Vision Invest to set up energy services company in Saudi Arabia

The move is in support of Saudi Arabia’s Vision 2030, says company’s representative

| | Feb 10, 2019 | 11:42 am
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Dubai, UAE, 10 February 2019: Etihad ESCO and Vision Invest have formed a new Joint Venture Company, to provide fully integrated energy-efficiency solutions for both the private and public sectors, in Saudi Arabia, the companies announced in a Press communiqué. The move is in support of Saudi Arabia’s Vision 2030, wherein sustainability, conservation and efficiency are key themes in building a sustainable and efficient economy, the communiqué said.

H.E. Saeed Mohammed Al Tayer, MD and CEO, DEWA and Mohammad Abunayyan, Chairman, Vision Invest

The Shareholders Agreement for the new Joint Venture company was signed by H.E. Saeed Mohammed Al Tayer, MD and CEO, Dubai Electricity and Water Authority (DEWA) and Mohammad Abunayyan, Chairman, Vision Invest, (formerly ACWA Holding), at the Ritz Carlton Hotel, in Riyadh.

On this occasion, H.E. 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. 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 neighbouring Gulf Cooperation Council countries and the world.”

Commenting on the partnership, Abunayyan, said: “We are proud to partner with Etihad ESCO to support the energy-efficiency drive in 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. Vision Invest, through its Joint Venture Company with Etihad ESCO, is well-positioned to support these objectives for the greater benefit of Saudi Arabia.”

Ali Al Jassim, Chief Executive Officer, Etihad ESCO, said, “The partnership with Vision Invest will create and sustain a vibrant market for energy performance in Saudi Arabia.”

 


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