Ambassador of Kazakhstan to Saudi Arabia Madiyar Menilbekov met with Chairman of ACWA Power Mohammad Abunayyan, El.kz cites MFA.
During the meeting, the parties discussed ways to further expand Kazakh-Saudi cooperation, including considering the possibility of implementing joint projects in the field of renewable energy.
Ambassador Menilbekov informed about the energy potential and investment opportunities of Kazakhstan, as well as the measures taken by the Kazakh Government to stimulate and attract foreign capital to the country’s economy.
Abunayan noted that Kazakhstan is an important partner for Saudi Arabia and supported the proposals of the Kazakh side to expand cooperation in the energy and other areas, which in general will positively contribute to the investment interaction between the two countries.
In March 2024, Kazakhstan and Saudi Arabia signed an Intergovernmental Agreement on the ACWA Power project to jointly develop a project for the construction of wind power plants with a combined capacity of 1 GW with an energy storage system. The amount of the initial investment is more than 1.8 billion US dollars.