Business · Companies · 1 hr ago
ACWA chairman says AI offers opportunity despite challenges
At the World Petroleum Congress in Riyadh, ACWA chairman Mohammad Abunayyan said AI offers the company an opportunity despite the challenges it brings.
He said rapid advances in technology make innovation and increasing value key challenges for the Saudi company.
Abunayyan predicted that solar technology efficiency will exceed 30% within two and a half years, while wind and battery storage technologies are also advancing.
He said a competitive energy system needs renewable energy alongside efficient use of gas.
Saudi Arabia aims to generate half its electricity from renewable sources by 2030, while also expanding traditional energy sources and investing in storage.
ACWA is expanding renewable energy and storage projects at home and abroad, and Abunayyan described building the company’s presence in China as a major challenge.
The company entered China in December 2024 with local partners on renewable energy projects exceeding one gigawatt, and it continues to expand projects in several countries.
ACWA Chairman Mohammad Abu Nyan said artificial intelligence presents a major opportunity for the Saudi company despite the challenges it brings.
He said innovation and increasing value are among the challenges as technology advances rapidly around the world.
Speaking at the World Petroleum Congress in Riyadh, Abu Nyan predicted Saudi Arabia would become the world’s most competitive country in the energy sector.
He forecast that solar technology efficiency would exceed 30% within two and a half years.
Abu Nyan said ACWA’s work in China is a major challenge, and that success there is important to establishing the company’s presence.
- Who
- Mohammad Abu Nyan, chairman of ACWA.
- What
- He said AI offers the company a major opportunity despite challenges, and discussed energy technology and the company’s international work.
- When
- He spoke at a World Petroleum Congress; the article was published on 13 October 2026.
- Where
- Riyadh, Saudi Arabia.
- Why
- Rapid technological change creates challenges involving innovation, value, cost and efficiency, while also opening opportunities.
This story does not have two clearly opposing sides.
ACWA entered the Chinese market through renewable energy projects with local partners, with capacity exceeding one gigawatt.
ACWA announced agreements to acquire wind projects, including an operating site with 250 megawatts of capacity and four assets under construction with a combined capacity of 1,000 megawatts.
Saudi Arabia granted ACWA exclusive rights to export domestically produced green hydrogen and its derivatives to global markets.
- Solar technology efficiency forecast
- More than 30% within two and a half years
- Saudi electricity target
- Half of electricity needs from renewable sources by 2030
- ACWA’s Chinese projects
- More than one gigawatt of capacity
- Chinese wind acquisition agreements
- One operating 250-megawatt site and four projects under construction totalling 1,000 megawatts
What people are saying
Artificial intelligence represents a major opportunity for ACWA despite the challenges it imposes
I expect Saudi Arabia to become the most competitive in the world in energy
Sources
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