Saudi Arabia’s ACWA Power enters Azerbaijan market

Saudi firm ACWA Power’s 240 MW wind power project is deemed to bolster the government’s efforts in diversifying Azerbaijan’s energy mix.
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Updated 14 January 2020

Saudi Arabia’s ACWA Power enters Azerbaijan market

Saudi power and water plants developer ACWA Power has signed an implementation agreement with the Ministry of Energy of Azerbaijan for developing, building and operating a 240 MW wind power project. The power purchase agreement (PPA) of the project spans over a period of 20 years on a build-own-operate (BOO) basis. The signing ceremony was held in the presence of Ali Asadov, prime minister of Azerbaijan; Parviz Shahbazov, minister of energy; Mohammad Abunayyan, chairman of ACWA Power; and Rajit Nanda, chief investment officer of ACWA Power.

The 240 MW project is deemed to bolster the government’s efforts in diversifying Azerbaijan’s energy mix by leveraging the country’s rich renewable energy resources and strengthening energy security, as Azerbaijan is undertaking major reforms to divert its dependence from oil and gas. It is one of the first two independent power projects in Azerbaijan.

Paddy Padmanathan, chief executive of ACWA Power, said: “We are pleased to sign this implementation agreement with the government of Azerbaijan, which expands our geographic footprint of operations into this culturally rich and economically vibrant country straddling Europe and Asia. As a Saudi Arabian company, the trust that is being placed in us by the government of Azerbaijan and the welcome we have received, are a testament to the growing economic relationship between the Kingdom of Saudi Arabia and the Republic of Azerbaijan.”

“The investment we will be making in this renewable energy project reinforces the pivotal role that ACWA Power is committed to playing in deploying Saudi foreign investment to promote the decarbonization of the electricity generation sector by supporting the ambitious sustainability plans and programs being pursued by an increasing number of countries,” he added.

Nanda, chief investment officer of ACWA Power, said: “We continue our legacy and commitment to offering energy at a competitive cost to enable our partners to diversify the energy mix, maximize the deployment of renewable energy and reduce the carbon footprint to achieve the desired socioeconomic development goals.”

“ACWA Power’s entry into the Azerbaijani market through this ambitious project to produce 240 MW of wind energy is also testament to the impressive track record we have established in delivering the lowest possible tariffs time and time again to deliver reliable energy to fuel economic growth and social prosperity. It also confirms our strong belief in the development of public-private partnerships in the country’s power sector,” Nanda added.

An MoU for the wind project was signed in March 2019, which determined the basic principles of cooperation in the field of investments in renewable energy sources in Azerbaijan, assessment of existing potential for investments and creation of necessary conditions.


AbbVie spotlights pharma sector at KAU workshop

Updated 20 January 2020

AbbVie spotlights pharma sector at KAU workshop

In partnership with AbbVie, a global biopharmaceutical company, King Abdul Aziz University (KAU) hosted an educational workshop to encourage more of its students to enter pharmaceutical careers after graduation. The workshop offered unique insights into the scientific role of a pharmacist to more than 100 male and female students from the university. 

Dr. Hani Asfour, dean of the College of Pharmacy at KAU, said: “It was a rewarding experience to see our students participate in this workshop for the first time. With the support of AbbVie, our students were able to learn more about the promising careers which await them in the pharmaceutical sector. They are now extremely eager and excited about their future prospects. I look forward to seeing what the future holds for them.” 

Ashraf Daoud, general manager of AbbVie in Saudi Arabia, said: “At AbbVie, we are proud to continue investing in the Saudi national pharmacists of tomorrow. Through our many partnerships with local universities, such as KAU, we are highly dedicated to supporting the Kingdom’s goals, as expressed in Vision 2030, and helping our aspiring Saudi pharmacists in reaching their full potential.” 

The workshop covered topics such as an overview of the pharmaceutical industry landscape, the importance of the medical representative role, key marketing concepts in pharma, as well as tips and advice on how to write a CV and prepare for interviews. Students also had the opportunity to speak to the AbbVie in-field team of pharmacists who answered their career questions and queries.

Khaled Fageha, HR director of AbbVie in Saudi Arabia, said: “As a global pharmaceutical company, there is an ever-growing need to attract the brightest Saudi talent and increase the talent pool of pharmacists. There is so much potential in the Kingdom, which we are always striving to unlock at AbbVie. Through initiatives like this, we are able to equip students across Saudi Arabia with the tools and knowledge to help them thrive in the health care industry, as well as ignite their passion for a career in pharmacy.”

Students said they found the workshop informative. “I’ve always been passionate about a role in pharmacy, but I was a bit unsure about what awaits after graduation. Thanks to this workshop, I was able to hear about the exciting prospects of working at a pharmaceutical company, such as AbbVie. I was able to ask all my questions, and now I am excited to continue working hard so I can begin my journey as a pharmacist,” said Sondos Alkhthlan, a student.

Another student, Nawaf Alharthi said: “This was an engaging workshop which has cemented my interest in becoming a pharmacist after graduating from KAU.”