The Amr Khashoggi Trading Co. Ltd. (Amkest Group) has entered into a joint venture deal with the US-based Pacific Green Technologies Inc. (PGTK) to start a company in Saudi Arabia for expanding the sales prospects of the tech firm.
Amkest Group, which has been developing its business over four decades, has a successful history in Saudi Arabia. The company has marked its presences in various sectors like construction material production and supply, property development and consulting services and its diverses business portfolio includes Global Gypsum Company (3G), Moghrabi Decor Services (MDS) and the Qaderoon Business Disability Network.
“Saudi Arabia under its Vision 2030 strategic framework, which calls for 9.5 GW of the Kingdom’s energy to be supplied through renewables by 2030, is set to undergo rapid growth. Pacific Green’s technologies, particularly in the solar power, desalination and battery energy storage system sectors, provide the perfect solution to the Kingdom’s growing demand.”
Commenting on the deal the chairman of Amkest Groupb, Mr. Amr Khashoggi, stated that, “we believe the combination of our experience and knowledge of the Saudi market, coupled with Pacific Green’s portfolio of technologies, provides the foundation for an incredible partnership and the opportunity to offer multiple complementary technologies in the market.”
Pacific Green Technologies targets to address the world’s need for cleaner and more sustainable energy. The company’s strategy is to build through organic development and acquisition. PGTK’s entry into the Kingdom through this joint venture deal follows Saudi Arabia’s aim to make 30 percent of its energy from renewable sources by 2030.
The deal comes following an expectation that Saudi Arabia will bring in more than $20 billion in investments in renewables over the next decade, which was predicted by the CEO of Saudi National Grid in October, according to a report by S&P Global.