On February 22, the Saudi Public Investment Fund (PIF) announced the signing of a Memorandum of Understanding (MoU) with the National Energy Administration (NEA) of China on renewable energy cooperation.
The memorandum included the desire of the Public Investment Fund to invest in the renewable energy sector and to settle its operations through the value chain. The MoU will also enable the Public Investment Fund to support and develop manufacturing, power generation and emerging technologies in the Kingdom’s renewable energy sector over the next 10 years.
This agreement reinforces PIF’s efforts to build strategic partnerships to develop local infrastructure and create more jobs vacancies and encourage private sector companies to engage in investment and trade partnerships in the renewable energy sector, thereby accelerating the process of localization of advanced skills and knowledge in the energy sector in the Kingdom
