The 16th Annual Meeting of the New Champions of the World Economic Forum, commonly known as the Summer Davos Forum, was held in Tianjin from June 24 to 26.

On the first day of the forum, Saleh Al Khabti, President of ACWA Power China, sat down with a reporter with National Business Daily (NBD) to discuss the company's investment in China, the Chinese renewable energy market, desalination, and cooperation models with Chinese companies.

Saleh Al Khabti told NBD that this was his second time attending the Summer Davos Forum. The first time was two years ago when he attended as the Deputy Minister of Investment of Saudi Arabia.

He said that the Chinese market will play a key role in ACWA Power's strategy for sustainable energy development. By 2030, the company expects its asset management scale in the Chinese market to reach between $30 billion and $75 billion.

He also noted that, as the issue of water scarcity intensifies, desalination will continue to play a crucial role globally, and renewable energy is one of the key factors in reducing costs and improving efficiency and the sustainability of water resources. Over the past 20 years, ACWA Power has reduced energy consumption by 85%.

Photo/Zhang Hong (NBD)

China Strategy: Aiming for $30 Billion to $75 Billion in Asset Management by 2030

In the interview with the National Business Daily, Saleh Al Khabti emphasized that China will play a pivotal role in ACWA Power's sustainable energy development strategy. By 2030, the company aims to expand its global asset scale to approximately $250 billion, with China expected to account for one-third of this total. This ambitious plan is part of the "Saudi Vision 2030," a national initiative focused on sustainable development and economic diversification.

Saleh Al Khabti highlighted China's robust track record in renewable energy, water desalination, and green hydrogen as key factors driving ACWA Power's investment strategy.

He noted that China's annual new installed capacity in renewable energy exceeds 240 megawatts, presenting significant opportunities for ACWA Power to expand its presence in solar, wind, and pumped storage power stations. By 2030, the company expects its asset management scale in China to reach between $30 billion and $75 billion, positioning China as its second-largest market globally.

Desalination: Energy Consumption Reduced by 85% Over the Past 20 Years

ACWA Power has been a pioneer in integrating desalination with renewable energy, leveraging its expertise in concentrated solar power (CSP) to enhance efficiency.

Over the past two decades, the company has achieved an 85% reduction in energy consumption for desalination, reaching an industry-leading unit energy consumption level of 2.5 to 2.8 kilowatt-hours per cubic meter. Al Khabti emphasized that ACWA Power aims to further reduce costs and make desalination technology more accessible and sustainable worldwide.

As the largest private desalination company globally, ACWA Power currently operates at a capacity of 9.5 million cubic meters per day, with plans to exceed 12 million cubic meters per day by next year. The company's focus on renewable energy integration and continuous innovation is expected to drive further efficiency gains and sustainability improvements in desalination.

Photo/World Economic Forum

Cooperation with Chinese Companies: Half of Global Projects Involving Chinese Partners

ACWA Power's extensive collaboration with Chinese enterprises is a cornerstone of its global strategy. Of the company's 101 projects worldwide, nearly 50 have been completed with the participation of Chinese partners. Approximately 99% of the main equipment, including wind turbines, energy storage components, and inverters, is sourced from Chinese suppliers.

Saleh Al Khabti highlighted the growing demand for energy and clean energy, particularly in emerging fields such as hyperscale cloud computing and artificial intelligence. ACWA Power is actively exploring opportunities to reduce energy intensity and carbon footprint by locating facilities in cooler climates and leveraging renewable energy resources. The company aims to create more value through strategic partnerships with original equipment manufacturers (OEMs) and other stakeholders, further strengthening its collaboration with Chinese companies.

Personal Connection with China: "I'm No Stranger to Tianjin"

Saleh Al Khabti's personal connection to China adds a unique dimension to ACWA Power's strategic focus.

He studied in China in the 1990s, and has visited Tianjin multiple times over the years. He previously worked in Tianjin while employed by Saudi Aramco, establishing business relationships with local partners such as Sinopec. He also frequently brought his family to Tianjin for vacations, highlighting his deep personal ties to the city.

Saleh Al Khabti expressed high expectations for the Summer Davos Forum, emphasizing its value as a platform for in-depth communication and policy insights. He hopes to deepen existing partnerships and explore new opportunities for collaboration, particularly in the areas of renewable energy and desalination. The forum, he noted, provides a unique opportunity to engage with global leaders and shape the future of sustainable development.

As ACWA Power continues to expand its presence in China and strengthen its global partnerships, its commitment to innovation, sustainability, and collaboration remains unwavering. With China's growing role in renewable energy and desalination, ACWA Power's strategic vision is well-aligned with the broader goals of global sustainable development.