Saudi Arabia is close to concluding a deal with China.. Here are the details


Saudi Arabia is close to concluding an agreement with a major Chinese company to develop a wind power plant in the kingdom, according to the American Bloomberg Agency.

The agency stated that Saudi Arabia, through concluding the deal with the second largest wind turbine manufacturer in China, is working to support its goal of enhancing renewable energy production.

The kingdom’s sovereign wealth fund and Saudi Vision Industrial Co. will sign an agreement with Envision Energy this week, according to people familiar with the matter.

The deal will involve the Public Investment Fund, which controls nearly $1 trillion in assets, and the other two companies to build a wind turbine manufacturing plant in Saudi Arabia, as part of the kingdom’s efforts to localize supply chains, according to Bloomberg.

“China’s Envision Energy is expected to be the largest investor in the three-way partnership,” the people, who declined to be identified discussing confidential information, told Bloomberg.

Bloomberg explained that the Public Investment Fund and Vision Industrial Company did not immediately respond to requests for comment, while Envision Energy Company declined to comment.

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