Danantara & ACWA Power Partner to Develop Green Hospitality in Saudi Arabia

Saudi Arabia's Danantara, a leading investment firm with a focus on hospitality and tourism, signed a memorandum of understanding (MoU) with ACWA Power to cooperate in the development and operation of sustainable hospitality properties throughout the kingdom. The deal is part of Saudi Arabia's Vision 2030 initiative to diversify the economy and support tourism development.

Under the agreement, Danantara will utilize its experience in tourism development while ACWA Power will utilize its experience in renewable energy and sustainable infrastructure to provide environmentally friendly hospitality developments. The joint venture will seek to create a new standard for environmentally friendly tourism facilities in Saudi Arabia.

Key Highlights-

• Danantara and ACWA Power sign deal to develop sustainable hospitality projects in Saudi Arabia
• Partnership supports Vision 2030 tourism and economic diversification goals
• Projects to feature renewable energy and eco friendly technologies

Mohammed Al Khereiji, Chairman of Danantara, stated, "This MoU is a demonstration of our vision to revolutionize Saudi Arabia's tourism industry through sustainable and world-class experiences."

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Marco Arcelli, CEO at ACWA Power, further commented, "Collaborating with Danantara enables us to spread our sustainability vision into the tourism industry, creating greener, smarter destinations for tourism that serve future generations."

The envisioned projects of this partnership are anticipated to incorporate renewable energy, energy-saving technologies, and water-saving systems in order to reduce their environmental footprint while delivering an optimal visitors' experience.

The collaboration promotes Saudi Arabia's National Tourism Strategy that aims for 150 million visits annually by 2030, along with aligning with its larger aspirations for sustainability and economic diversification. The step is also in line with ACWA Power's commitment to clean energy solutions and with Danantara's objective to be an industry leader in sustainable tourism.