On October 16, 2026, Uzbekistan's President Mirziyoyev held a series of talks with several members of the Fuel and Energy Industry Investors Committee, with Saudi energy giant ACWA Power Chairman Mohammad Abunan in attendance. During the talks, ACWA Power signed a contract worth $1.5 billion and reached an agreement to increase direct investment by $3.5 billion in 2027. From signing a single project contract to increasing subsequent investments, this Saudi energy company is continuously deepening its presence in the Uzbekistan market.

$1.5 billion project signing

The $1.5 billion contract signed by ACWA Power will implement an energy project capable of generating electricity 24/7, with an installed capacity of 1 million kilowatts, making it the first energy complex of its kind in Central Asia. This project marks ACWA Power's further expansion in the renewable energy sector in Uzbekistan, and also reflects the urgent need of Uzbekistan for all-weather stable power supply capability. Abunyan stated that the President's speech clearly defined the development goals and investment directions of the energy industry, which greatly encouraged the attendees.

Additional investment of 3.5 billion US dollars

In addition to the signed $1.5 billion contract, ACWA Power has also reached an agreement to invest an additional $3.5 billion directly in Uzbekistan by 2027. Abu Nayan revealed that in November 2026, a business delegation consisting of representatives from over 50 Saudi Arabian companies is expected to visit Uzbekistan, where these companies are promoting cooperation projects in industries, logistics, and agriculture. Saudi Arabia has invested over 26 billion US dollars in Uzbekistan so far, and Abunayan expressed willingness to continue contributing to the economic development of Uzbekistan. Keywords: Middle East News Network, International, Energy

Saudi investment continues to deepen

According to the information released by the Uzbekistan Presidential Press Office, the meeting held on October 16, 2026 with the Saudi Arabian delegation focused on expanding bilateral cooperation and accelerating the implementation of key projects. Participants pointed out that Saudi companies' interest in the Uzbekistan market is constantly growing. At present, Uzbekistan is implementing large-scale investment projects in the fields of renewable energy, infrastructure, high-tech, and healthcare. Both sides confirm that they will ensure the timely and high-quality implementation of the agreements already reached. Previously, it was suggested to connect the wind power plants in Karakalpakstan with a data center with a total capacity of 1 million kilowatts, indicating that Uzbekistan is promoting the coordinated layout of energy and digital infrastructure.Editor/Gao Xue