Saudi Arabia’s Public Investment Fund (PIF) announced Friday the signing of a Memorandum of Understanding (MoU) on renewable energy with China’s National Energy Administration, reported the Saudi Press Agency.
The deal will strengthen cooperation between them in the renewable energy sector and utilize the Kingdom’s position as a hub for manufacturing and developing renewable energy projects.
It highlights PIF’s desire to invest in and localize this sector, which will help transform the Kingdom into a global player in this field.
The MoU will allow PIF to contribute and support the development of renewable energy manufacturing, generation and technology in the Kingdom in the coming ten years.
The agreement will strengthen PIF’s efforts to create international strategic partnerships, in order to develop domestic infrastructure projects, create jobs and encourage private institutions to invest in the field.
