14 Nov 2023 14:10

Kazakhstan to step up collaboration with Saudi investors to advance joint projects

ASTANA. Nov 14 (Interfax) - Kazakhstan will step up collaboration with Saudi investors to advance joint projects.

Kazakh Prime Minister Alikhan Smailov highlighted the urgency of completing necessary official procedures to advance joint investment initiatives with Saudi Arabia, including a 1GW wind power plant in the Zhetysu region, the government press office said.

The government meeting discussed the construction of the large wind farm scheduled to begin in 2025, upon reaching a final agreement. Smailov instructed "central government agencies to complete all necessary official procedures."

The government meeting also covered new projects in agriculture, pharmaceuticals, metallurgy, and other sectors.

"Kazak Prime Minister Alikhan Smailov called for stepping up efforts in working with Saudi Arabian investors at all levels. He asked the Ministry of Foreign Affairs, the Kazakh diplomatic mission in Jeddah, the national company Kazakh Invest, and other relevant government agencies and organizations to adopt a more dynamic approach and identify potential projects," the government said.

Smailov asked for a business forum to be organized to bring together entrepreneurs from Kazakhstan and Saudi Arabia.

Saudi Arabia's Acwa Power, a global leader in renewable energy, is set to construct the Zhetysu region's 1 GW wind power plant near the Dzungar Gate. A memorandum with Acwa Power was signed in July 2022, followed by an agreement in March 2023 on joint project principles. Acwa Power's portfolio spans 12 countries and includes various renewable energy sources like solar, geothermal, and wind power.