Interview with Acwa China Chairman: China Remains the Right Long-Term Investment Choice

Why does AI · Acwa see China as the best destination for global growth?

Saad Al-Harbi, Vice President and China Country Chairman of Acwa (Saudi International Power and Water Company), a Saudi renewable energy giant

Southern Finance 21st Century Economic Reporters Zheng Qingtian and Intern Cao Yi, Beijing Report

“China has made significant contributions to the entire renewable energy industry—whether it’s wind power, photovoltaics, photovoltaic technology, turbines, or blade length. … It is precisely because of China’s long-term investment in this industry that the world can view renewable energy—whether photovoltaic, wind power, or other parts of the supply chain—with a positive attitude. We are highly dependent on China’s capacity and expertise.”

On March 22, during the China Development Forum 2026 Annual Meeting, Saad Al-Harbi, Vice President and China Country Chairman of Acwa, shared these views in an exclusive interview with 21st Century Business Herald. He also said, “No matter what economic cycle we go through, we are confident that China is the right choice for long-term investment, and this will not change.”

In the interview, Saad shared insights on global energy transition, China market strategy, green hydrogen development, and Sino-Saudi energy cooperation under the Belt and Road framework. He stated that the global energy transition is accelerating, and China, with its excellent infrastructure construction capabilities and stable policy support, provides a model for sustainable development worldwide.

Founded in 2008 and headquartered in Riyadh, Saudi Arabia, Acwa is a leading global private developer, investor, and operator of power and seawater desalination projects, focusing on renewable energy, seawater desalination, and green hydrogen projects. It has operations across the Middle East, Africa, Asia, and other regions, committed to promoting energy transition and sustainable development.

Currently, green hydrogen is one of the company’s core development directions. Saad believes that green hydrogen benefits from cost reductions driven by technological advances and has a positive development trajectory. He revealed that the company will build the world’s largest green hydrogen project this year. In his view, China will play a dual role as both a demand side and an innovator in green hydrogen, continuously reducing costs in electrolysis, pipelines, and other segments through ongoing innovation. He pointed out that Chinese enterprises have broad consensus in the green hydrogen field, and China’s policy guidance and market potential will be key to the industry’s success.

Since establishing its Beijing representative office in 2009, China’s assets have rapidly increased in its global asset allocation. Acwa plans to invest a total of $30 billion in China by 2030. By then, its global asset management scale is expected to reach $250 billion, with China’s share rising significantly from the current low level to one-third. Last year, the company also announced the establishment of its first overseas innovation center in Shanghai, focusing on photovoltaics, wind power, energy storage, green hydrogen, and seawater desalination, to promote cooperation, R&D, and sustainable energy development.

Saad stated that the Chinese market is one of the “best growth destinations” in the company’s global expansion. He pointed out that China has a stable and continuously growing economy, with new investment opportunities emerging daily across renewable energy, power transmission, and seawater desalination. He is particularly optimistic about seawater desalination’s potential in China, noting that thanks to Chinese partners, the company has reduced freshwater production energy consumption by over 80% in the past two decades.

China Always a Key Destination for Long-term Investment

“21st Century”: In recent years, the world has faced multiple challenges such as geopolitical tensions, intensified climate change, and surging electricity demand driven by artificial intelligence. Do you think the global energy transition is accelerating or slowing? What are the most fundamental challenges currently faced?"

Saad: I believe it is undoubtedly accelerating. To think otherwise would be unrealistic. We expect this momentum to continue—not only because AI is a major driver of current power industry development but also due to sustained economic growth in regions like China and the Middle East. Of course, the world does face many challenges.

Take the Chinese market as an example: over the past four decades, especially the last ten years, China has demonstrated rapid infrastructure development capabilities, supporting its own sustained growth and providing a good model for global sustainable development—whether in renewable energy utilization or grid construction. At Acwa, we combine this engineering excellence with our top EPC companies and equipment manufacturers operating in 15 countries, delivering large-scale sustainable power, clean energy, clean water (especially in the Middle East), and green hydrogen projects. I believe the core challenges relate to infrastructure, but the ability to develop rapidly and stable policy support are crucial. China has set an example for the world to observe, admire, and learn from.

“21st Century”: Some sectors of China’s new energy industry are considered highly competitive “red oceans.” Where do you see the most promising opportunities for Acwa?"

Saad: Every industry has cyclical fluctuations, just with different durations. Having worked in the oil industry for over twenty years, I know well that there are lows as well as highs. We always see China’s innovation engine continuously improving efficiency, quality, and reducing costs. At Saudi International Power and Water Company, we will keep investing in the right areas for sustainable development. We see good opportunities and have successfully avoided many bad projects. It’s certain that renewable energy cannot be completely immune to economic cycles, but we see long-term vision from Chinese leadership and timely policy support. We are confident China remains the right choice for long-term investment, and this will not change.

Planning to Invest $30 Billion in China by 2030

“21st Century”: Acwa plans to expand its global asset portfolio to about $250 billion by 2030, with China expected to contribute one-third. How does the Chinese market fit into Acwa’s strategic priorities? What does deepening China-Saudi cooperation mean for Saudi Arabia’s ‘Vision 2030’?"

Saad: The $250 billion is our overall goal, and how we achieve it is something we discuss daily. Our China team has set a target of $30 billion, but it must be realized through quality projects—those that provide reasonable returns to shareholders and support sustainable portfolio growth.

Looking at the new markets we enter each year, China is undoubtedly one of the most promising countries for growth. Its economy is stable and capable of sustained top-tier growth, bringing us new investment opportunities daily across various renewable energy sectors—photovoltaics, wind power, offshore wind, pumped storage, as well as power transmission and seawater desalination.

Seawater desalination will be a new frontier in China. Water security is critical, and thanks to our Chinese partners, we have reduced the energy consumption per cubic meter of desalinated water by over 80% in the past twenty years, providing high-quality water at highly competitive prices and creating employment and GDP value in northeastern Chinese cities.

Regarding green hydrogen, China’s “dual carbon” policies and other ongoing policies are vital. We believe more targeted policies will be introduced in the future. These policies will help refine industry directions and support our continued expansion in China.

We are very optimistic about China’s role in the growth story of Saudi International Power and Water Company. Our teams in Shanghai and Beijing are actively exploring opportunities. We have visited almost all major cities, maintaining close contact with local governments to strengthen existing cooperation and develop new partnerships.

We believe the market will continue to grow. China is not only a key source of equipment and EPC for our global projects but also an important investment destination. We began planning at the end of 2024, and investment and negotiations are ongoing. We expect more good news from China in the coming years.

China’s Pivotal Role in the Global Renewable Energy Industry

“21st Century”: The Acwa Shanghai Global Innovation Center officially launched in March 2025. What are your expectations for this center?"

Saad: It’s our first innovation center outside Saudi Arabia, and we have high hopes. The team started well last year and already has nine partners. This is just the beginning of a “snowball effect.” Earlier this year, we held an Innovation Day event and signed new MOUs. The center aims to deepen our work in seawater desalination and further improve cost-effectiveness through continuous innovation. With these partnerships, we are laying a solid foundation, but we have bigger ambitions for the center.

“21st Century”: Acwa’s CTO has publicly stated that all of Acwa’s photovoltaic projects use Chinese suppliers. How do you evaluate China’s competitiveness in low-carbon technology globally? Which technological fields impress you most?"

Saad: This is not only the assessment of Saudi International Power and Water Company but also the industry-wide recognition. China’s contributions to the entire renewable energy sector—wind, photovoltaics, PV technology, turbines, blade length—are immense. It is China’s long-term investment in this industry that allows the world to view renewable energy positively—whether PV, wind, or other supply chain segments. We rely heavily on China’s manufacturing capacity and expertise.

Green Hydrogen: The New Frontier for China-Saudi Energy Cooperation

“21st Century”: You have repeatedly mentioned that green hydrogen is the ultimate solution for hard-to-decarbonize industries. When do you think the ‘dawn’ of the global green hydrogen market will arrive? What role can China play in this process?"

Saad: Green hydrogen, like renewable energy, benefits from technological innovation and breakthroughs that lower costs. Although it’s not fully realized yet, the development trend is very positive. As for the ‘dawn’ moment, it’s hard to predict exactly. What is certain is that at Saudi International Power and Water Company, we firmly believe in green hydrogen as a long-term fuel, from top management to grassroots. We will continue investing with partners to innovate and reduce costs. Challenges remain, such as biomass, off-takers, and clear long-term procurement commitments—these are essential for investors.

Regarding China’s role, I believe China will continue innovating in hydrogen production, lowering costs in electrolysis, pipelines, and other segments. This year, we will build the world’s largest green hydrogen project and continue advancing related work. We see China as both a key demand side and a market driver, as well as an innovator in this field. Many Chinese companies in our industry share this view. Therefore, I believe both Saudi and Chinese companies recognize China’s critical importance for the success of this industry.

Deep Integration of the Belt and Road Initiative and ‘Vision 2030’

“21st Century”: Could you share specific examples of Acwa’s cooperation with Chinese partners under the Belt and Road framework, such as project scale and cooperation models? How do you view the business opportunities brought by this initiative?"

Saad: The Belt and Road Initiative aligns closely with Saudi Arabia’s Vision 2030. I see Saudi International Power and Water Company as a prime example of this intersection. We have successfully cooperated with Chinese EPC firms, equipment manufacturers, and banks in the Gulf region, Egypt, Uzbekistan, and other countries. Chinese financial institutions have provided us with over $12 billion in loans under the BRI framework.

As we expand into Southeast Asia, Africa, and Central Asia, we will continue working hand-in-hand with Chinese partners. China’s trust in us is strong; they believe we can deliver high-value, sustainable projects with over 30 years of lifespan at competitive prices. This collaboration exemplifies the synergy between the Belt and Road and Vision 2030. Saudi International Power and Water Company is actively practicing this partnership.