Saudi Arabia's ACWA Power recently signed memorandums of understanding (MoUs) with several prominent Japanese companies during the Saudi-Japan Vision 2030 Business Forum held on May 21.
These agreements were made with Sumitomo Mitsui Banking Corporation, Mizuho Bank, SBI Holdings, and Toray Membrane Middle East, focusing on fostering collaboration in sustainable energy and water solutions.
ACWA Power highlighted that the main objectives of these MoUs are to drive sustainable energy transition and attract foreign investment, which are crucial aspects for the Kingdom. The agreements hold significance in areas such as water desalination supplies, carbon emissions reduction, and overall economic development.
The Saudi Arabia-Japan Vision 2030 Business Forum convened in Tokyo, gathering more than 300 industry officials and leaders to explore avenues for enhancing trade, investment, and cultural relations between the two nations.
Notable attendees included Saudi Arabia’s Minister of Investment Khalid Al-Falih, Minister of Energy Prince Abdulaziz bin Salman Al Saud, and Japan’s Minister of Economy, Trade, and Industry SAITO Ken, each delivering speeches that underscored the strong bilateral ties.
Minister SAITO Ken expressed the Japanese government's commitment to providing maximum support to expand business with Saudi Arabia, while Prince Abdulaziz emphasized the Kingdom’s dedication to fostering collaborations that align with national transition processes, particularly in addressing energy needs.
Minister Al-Falih highlighted during his closing remarks that Saudi Arabia's non-oil income has doubled and is seeking accumulated investments exceeding $3 trillion, presenting significant opportunities for Japanese investors. He also mentioned upcoming major events in Saudi Arabia, such as Expo 2030 in Riyadh, the Winter Olympics in NEOM, and the World Cup 2034, which offer attractive investment prospects for Japanese companies.
Various sessions at the forum delved into topics such as strengthening manufacturing collaboration, advancing sustainability and circular economy initiatives, transforming the entertainment and gaming industries, and expanding cooperation in healthcare. Additionally, a "Digital Entertainment Roundtable" was held, focusing on Saudi Arabia's efforts to develop a local gaming industry, localize Japanese games for the Saudi market, collaborate with esports organizers, and invest in the digital entertainment sector.
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