Desert Technologies Investments signs two solar MOCs with MYTILINEOS and Raycap

As part of the framework of the official visit of Prince Mohammed Salman Abdulaziz, Crown Prince and Deputy Prime Minister of the Kingdom of Saudi Arabia to the Hellenic Republic (Greece), Desert Technologies Investments signed two memoranda of joint cooperation with the leading Greek company MYTILINEOS In industry and renewable energy, and the leading Greek company in energy and communications solutions Raycap, to examine prospects of collaboration on creating and commercializing innovative solutions for the renewable energy sector with special reference to solar PV and energy storage systems.

July 28, 2022

The two memoranda of cooperation establish a framework for cooperation between the Saudi and Greek private sectors in the fields of renewable energy, renewable energy efficiency, and solar energy storage solutions. They also work to develop qualitative partnerships between the parties to localize materials, products and services related to the manufacture of solar panels and the associated supply chains, in addition to exchanging experiences and information related to the fields of renewable energy.

The memoranda of cooperation were signed in the presence of a number of members from both the Saudi and Greek delegations which included the Saudi Minister of Investment, Eng. Khalid Abdulaziz Al-Falih; the Saudi Minister of Commerce and Acting Minister of Media Dr. Majid Abdullah Al-Qasabi; and the Saudi Minister of Communications and Information Technology, Eng. Abdullah Amer Al-Sawaha, as well as the Minister of Development and Investments at Government of the Hellenic Republic Adonis Georgiadis. They were signed by Mr. Khaled Ahmed Sharbatly, CEO of Desert Technologies Investments, Mr. Kostas Apostolidis, Founder and Chairman at Raycap Corporation, and Mr. Evangelos Kamaris, International Business Development Director at MYTILINEOS.

These memoranda reflect Desert Technologies’ strategy to increase its production capacity for solar panels to meet the growing local needs and the increase in the volume of Saudi exports. It also aims to expand its investments in the sectors of investment, contracting and development, in order to enhance the level of its operations inside Saudi Arabia and open new markets regionally and internationally, especially in the Greek and European markets, after the company succeeded in contracting Strategic partnerships with many European, American and African governments and companies, exporting the Saudi product of solar panels to global markets, establishing and developing many solar energy projects, and opening new horizons for Saudi foreign investments.

On this occasion, Mr. Khaled Sharbatly, CEO of Desert Technologies Investments, said: “These partnerships confirm the commitment of the Desert Technologies Group to achieve the objectives of the Kingdom’s 2030 Vision through active participation in increasing the volume of Saudi non-oil exports and Saudi investments at the international level. The company has great confidence in the promising Greek market, especially in the field of solar energy,” adding, “We will work together within the framework of the two memoranda of cooperation to benefit from our joint experiences and our growing investment capabilities to increase the volume of investments and projects in the field of solar energy, to support the Greek state’s efforts to reduce climate change and rely on renewable energy sources. We in Desert Technologies, based on our pioneering role in the field of energy, and thanks to the support that the renewable energy sector receives from the wise leadership, are continuing to achieve our ambitious strategy to enable the transition towards renewable energy, and our partnership today with the Greek side embodies our commitment to this strategy and our aspiration to contribute to achieving the objectives of the Kingdom’s Vision 2030 to diversify energy sources, and enhance their efforts to preserve the environment, dealing with climate change and achieving zero neutrality.”

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