Dubai's Etihad ESCO partners with Vision Invest to set up an Energy Services Company in Saudi Arabia
The move is in line with Etihad ESCO's strategy to bolster its regional presence and to explore business opportunities in the GCC
Etihad ESCO and Vision Invest have 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.
Vision Invest is a leading 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.
The Shareholders Agreement for the new Joint Venture company was signed by His Excellency Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity & Water Authority (DEWA) and Mr. Mohammad Abunayyan, Chairman of Vision Invest (formerly ACWA Holding) at the Ritz Carlton Hotel in Riyadh.
“This agreement supports the vision of the wise leadership in both the Kingdom of Saudi Arabia and the United Arab Emirates and contributes to achieving integration across all vital sectors through joint efforts to support national and regional goals and common interests to enhance sustainable development,” said Al Tayer.
“We are proud to form this alliance with Vision Invest to collaborate in the field of retrofitting integrated energy efficiency solutions. We are committed to fostering cross sector collaboration and collective efforts of stakeholders to create and sustain a vibrant market for energy performance in the Kingdom of Saudi Arabia.”
Al Tayer said that the partnership with Vision Invest was a major milestone for Etihad ESCO and is in line with our strategy to bolster our regional presence and to explore business opportunities with neighboring Gulf Cooperation Council Countries and the World.
“It also marks Etihad ESCO's first Joint Venture outside the United Arab Emirates and we are proud that the first entry is into the Kingdom of Saudi Arabia. We are confident that our joint efforts with Vision Invest will prove to be immensely successful, encouraging more and more Saudi organizations to adopt sustainability measures.”
Mr. Mohammad Abunayyan, Chairman of Vision Invest, said: “We are proud to partner with Etihad ESCO to support the energy efficiency drive in the Kingdom of Saudi Arabia.”
“The partnership with Vision Invest will create and sustain a vibrant market for energy performance in the Kingdom of Saudi Arabia. Etihad ESCO enables the energy performance contracting market in Dubai and has retrofitted over 2,000 facilities achieving average savings of between 25% and 35%, which in turn has saved in excess of 88 Gigawatts of electricity, 246 Million Imperial Gallons of Water and abated more than 407,000 Tons of Carbon Dioxide emissions,” said Mr. Ali Al Jassim, Chief Executive Officer of Etihad ESCO.
Eng. Ibrahim Al Nassar, Chief Executive Officer of the Joint Venture Company said: “We look forward through this Joint Venture Company to capitalise on the effective experience of both of our Shareholders to deliver integrated energy efficiency solutions that provide a demonstrated value proposition to our prospective clients, thus enabling them to achieve the efficiencies required to ensure their continued competitiveness”.