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On July 16, Saudi Arabia's sovereign wealth fund, the Public Investment Fund (hereinafter referred to as the "Saudi Investment Fund"), announced that it had signed agreements with three Chinese companies to establish joint ventures to promote the local production of renewable energy equipment and components in Saudi Arabia.

It is understood that the Renewable Energy Localization Company, a wholly-owned subsidiary of the Saudi Investment Fund, and the Saudi Vision Industries Company have jointly established joint ventures with Envision Technology Group to carry out localized production of wind turbines and key components; the joint venture established with JinkoSolar's wholly-owned subsidiary Jinko Middle East will build and operate high-efficiency photovoltaic cell and module projects in Saudi Arabia; and the joint venture established with TCL Zhonghuan will be committed to the localized production of photovoltaic crystal chips in Saudi Arabia.

Yazid Humid, vice president of the Saudi Investment Fund, said that these new agreements are part of the Saudi Investment Fund's efforts to promote the localization of advanced technologies in the field of renewable energy, and will help Saudi Arabia achieve its goal of localizing 75% of parts for renewable energy projects by 2030. (Securities Daily)