The National Bank of Kuwait signs $1.6b deal with Saudi Acwa Power at investment conference

Dubai: The National Bank of Kuwait (NBK) signs agreements totalling $1.6 billion (Dh345 billion) at the Future Investment Initiative (FII) conference in Riyadh, as reported by the Kuwaiti state news agency KUNA.

The FII conference in Riyadh is running until October 31.

Among the agreements, NBK partnered with Saudi Arabia’s ACWA Power on a framework agreement valued at approximately $690 million (Dh2.5 billion) to facilitate ACWA Power’s expansion both domestically and internationally, according to KUNA.

Additionally, the Kuwaiti bank entered into credit facilities agreements with several other Saudi companies.

NBK emphasised that these agreements reflect its commitment to supporting Saudi Arabia’s Vision 2030 economic transformation strategy.

Saudi Vision 2030 is a governmental programme launched in 2016 with the aim of diversifying the economy away from oil.

The FII is an annual investment conference organised by Saudi Arabia to promote Crown Prince Mohammed Bin Salman’s economic vision and to showcase the country’s growing influence in the global economy.