Acwa, an energy and water desalination company based in Riyadh, Saudi Arabia, will step up investments in China over the next five years as it seeks to deepen its presence in renewables, water desalination and green hydrogen, a senior executive said.
The company remains confident in China's medium — and long-term economic prospects despite rising global uncertainties, said Saleh Khabti, president of Acwa China, in a recent interview with China Daily.
"We deeply believe in China's long-term prospects," Khabti said at the China Development Forum 2026 in Beijing. "China has demonstrated its ability to navigate challenges while sustaining growth and social development on a large scale, which gives long-term investors strong confidence in the market."
That confidence, he said, is closely linked to the opportunities created by the country's green transition.
China remains one of the most important markets for Acwa's core businesses — renewable power, desalination and green hydrogen — as the country advances green and low-carbon development and continues to improve the policy environment for long-term investment.
"We see China as a very important market for us," he said. "In renewable energy, water desalination and green hydrogen, we continue to see strong long-term potential."
China's importance to Acwa, however, goes well beyond the domestic market itself. Khabti said the company has benefited significantly from Chinese innovation, engineering capabilities and industrial strength, which have supported its expansion across overseas markets.
"More than 99 percent of the equipment we use in the power sector comes from China," he said, underscoring the competitiveness of the country's manufacturing base, engineering expertise and supply chain system.
Furthermore, he said China's carbon goals — peaking carbon emissions before 2030 and achieving carbon neutrality before 2060 — together with continued support for green industries, have given multinational companies a clearer sense of direction.
While more specific support measures are being rolled out gradually, the broader policy framework has made it easier for foreign businesses to plan ahead and identify areas for sustainable growth, he added.
Khabti also welcomed China's continued efforts to expand high-standard opening-up and improve the business environment for foreign investors. He said recent policy support, along with growing attention to green hydrogen, has further strengthened Acwa's willingness to deepen its footprint in the Chinese market.
"We plan to invest at least $30 billion over the next five years," he said.
According to Khabti, Acwa is seeking to broaden cooperation across a wider range of businesses in China.
In the power sector, the company will continue to invest in wind and solar projects, while exploring opportunities in battery energy storage systems, pumped storage, offshore wind and new electricity-trading business models.
Green hydrogen, meanwhile, remains one of Acwa's top priorities in China, Khabti said. "With the support of our partners and the government, we believe we will be able to move forward with at least one or two green hydrogen projects in China," he said.
This is in line with China's plan to intensify efforts to develop industries of the future and foster a full-chain cultivation system for future-oriented sectors, with hydrogen identified as one of the new drivers of economic growth, according to the outline of the 15th Five-Year Plan (2026-30) for national economic and social development.
Bai Wenxi, vice-chairman of the China Enterprise Capital Union, said China's vast market and complete industrial chain give it irreplaceable appeal among foreign investors. As the world's largest energy consumer and a global leader in new energy development, China offers ample room for multinational companies such as Acwa to advance projects.
"Technological innovation and digital empowerment are also fostering new strengths," he added. "China's rapid progress in areas such as smart grids and green hydrogen has created favorable conditions for companies like Acwa to deepen collaborative innovation." - China Daily/ANN
