Saudi Arabia and Uzbekistan: A Model of Mutual Prosperity through Energy Cooperation in their 2030 Plans
Saudi Arabia and Uzbekistan's economic cooperation models reflect a mutual commitment to prosperity through shared goals in their respective 2030 plans, according to Saudi Energy Minister Prince Abdulaziz bin Salman.
He emphasized the strong relations between the two nations during the Tashkent International Investment Forum, where Uzbekistan President Shavkat Mirziyoyev was also present.
The minister highlighted the importance of cooperation in the energy sector and noted that it serves as a model due to the similarities between Uzbekistan's "Uzbekistan 2030" strategy and Saudi Arabia's Vision 2030, which focus on economic growth, diversification, and sustainable development.
In 2022, Crown Prince Mohammed bin Salman of Saudi Arabia and President Mirziyoyev of Uzbekistan met in Riyadh, leading to advancements in their bilateral relations.
The energy sector, specifically renewable energy, has been a significant focus of this growing partnership.
Saudi companies, such as ACWA Power, have made substantial investments in Uzbekistan, totaling over $14 billion.
The goal is to produce over 11 gigawatts of renewable energy electricity.
Uzbekistan's commitment to a fair and equitable energy transition aligns with Saudi Arabia's aspirations.
The energy minister highlighted the shared priorities of Saudi Arabia and Uzbekistan in the areas of energy security, development, and conservation.
He also emphasized their collaboration in addressing climate change.
Recently, ACWA Power signed a $4.85 billion power purchase agreement with Uzbekistan for a wind power project, and secured an $80 million loan from the Bank of China to fund solar and battery energy storage projects in Uzbekistan.
These developments will boost Saudi Arabia's presence in Uzbekistan's renewable energy sector.
ACWA Power, a company, announced that a transaction they were involved in had been completed.
This transaction marked the fulfillment of an initial agreement made during the 3rd Belt and Road Forum summit in October 2023.
ACWA Power's chairman represented the company at this summit.