Saudi Arabia's 2024 investments in Uzbekistan look set to hit $2.5bn by end of year

By the end of this year, Saudi Arabian companies are expected to have generated 2024 investments in Uzbekistan worth around $2.5bn.

That's the estimate released by the Central Asian country's presidential press service, which also said the Saudi investment focus in Uzbekistan ranges across sectors such as green energy, healthcare, transport infrastructure and agriculture.

On November 11, during the Arab-Islamic Summit in Riyadh, Uzbekistan’s President Shavkat Mirziyoyev met with Saudi Arabia’s Minister of Investments, Khalid al-Falih, to discuss mutual interests in trade, energy and infrastructure development.

Bilateral relations between Uzbekistan and Saudi Arabia have strengthened in recent years, with both countries expanding trade, broadening cooperation and increasing flight connections.

Following his meeting with al-Falih, Mirziyoyev also held talks with Saudi Arabia’s Crown Prince and Prime Minister, Muhammad bin Salman Al Saud. 

The discussions centred on Uzbekistan’s energy sector, where Saudi company ACWA Power has already delivered substantial investments. 

Mirziyoyev highlighted the "effective cooperation" with ACWA Power, which has been pivotal in advancing Uzbekistan’s energy infrastructure through direct investments and cutting-edge technology.

The Uzbek-Saudi partnership focuses on sustainable energy, with both nations prioritising the acceleration of wind and solar power projects in Uzbekistan and green hydrogen production initiatives.

Uzbekistan has become ACWA Power's second-largest market, with 15 projects and $15bn in investments aimed at supporting the country’s energy transition and sustainability goals. 

Recently, ACWA Power began construction on the $260mn Beruniy Wind Independent Power Plant (IPP) in Uzbekistan, which will include a 200-MW wind power facility and a 100-MW battery energy storage system (BESS) in the Beruniy region of Karakalpakstan. 

Since 2020, Saudi Arabia has ranked as the largest investor in Uzbekistan's energy sector.