Etihad ESCO and Vision Invest has announced a new joint venture company that has been established to provide fully integrated energy efficiency solutions for both the private and public sectors in the Kingdom of Saudi Arabia (KSA).
The move is in support of KSA Vision 2030, wherein sustainability, conservation and efficiency are key themes in building a sustainable and efficient economy.
The agreement for the new joint venture company was signed by HE Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity & Water Authority (DEWA) and Mohammad Abunayyan, chairman of Vision Invest (formerly ACWA Holding) at the Ritz Carlton Hotel in Riyadh.
Speaking about the partnership with Vision Invest Al Tayer said that partnership was special as it took Etihad ESCO’s operation beyond the UAE border.
Al Tayer remained confident that the efforts of the two companies would encourage “more and more Saudi organisations to adopt sustainability measures.”
Etihad ESCO’s CEO Ali Al Jassim said that the new venture will create and sustain a vibrant market for energy performance in KSA.
“As a super energy service company, Etihad ESCO enables the energy performance contracting market in Dubai and has retrofitted more than 2,000 facilities achieving average savings of 25% and 35%, which in turn has saved in more than 88 gigawatts of electricity, 246 million IG of water and offset more than 407,000 tonnes of CO2 emissions”.
Vision Invest is a Saudi investment and development holding company established in 2002 and focused on investments in utilities, industrial gases, logistics and social infrastructure, as well as other sectors in the Kingdom of Saudi Arabia.