Barbara Beltrami vice president of industry and chair of the Btw Task Force Trade and Investments, “Confindustria,” announced the signing of a Memorandum of Understanding (MoU) with Acwa Power during the Italian-Saudi Investment Forum 2023 held on September 4 in Milan.
Acwa Power, a leading company specializing in energy production, desalinated water, and green hydrogen, operates across the Middle East, Europe, Central Asia, and Africa.
The agreement aims to foster collaboration between Acwa Power and various firms under the Confindustria umbrella in these sectors. Acwa Power has ambitious plans, positioning itself to become one of the top global producers of green hydrogen.
The company is already researching major projects, including Neom, a carbon-free smart city under construction in the Arabian Desert.
In addition to green hydrogen, the MoU outlines strategic collaboration on new water desalination plans. This includes R&D activities for advanced purification technologies, energy production projects (both renewable and traditional), and potential partnerships in the realm of solar tracking systems.
The latter technology allows panels to orient towards maximum sunlight exposure. Further collaboration areas span photovoltaic power transformers, energy storage in batteries, and vehicles powered by photovoltaic cell cleaning mechanisms, as well as substation equipment suppliers.
Beltrami commented on the strengthening ties between Italy and Saudi Arabia, emphasizing the Gulf region’s renewed significance on the global stage.
She highlighted Confindustria’s active participation in the Italian-Saudi Investment Forum in Riyadh in June 2022 and the establishment of the Italian-Saudi Business Council.
“The MoU with Acwa Power marks a significant opportunity for our companies to penetrate the Saudi market in strategic sectors such as energy, water desalination, and green hydrogen. This comes at a time when Saudi Arabia is making exceptional efforts to diversify its economy and bolster its industrial base,” she stated.
Trade relations between Italy and Saudi Arabia are witnessing a pivotal phase, with optimistic projections for 2023, given the symbiotic nature of their economies and mutual ambitions to attract new investments benefiting both nations.
