Uzbekistan and Saudi Arabia signed 10 accords following the meetings of the intergovernmental commission and the Business Council on October 14, the press service of the Ministry of Investment, Industry, and Trade said.

President Shavkat Mirziyoyev, during the meeting with Saudi Arabian Investment Minister Khalid al-Falih, announced that new projects in energy and renewable energy, tourism, transport and logistics, IT, infrastructure construction, housing and utilities, and water management worth total of $4 billion.

In an interview with the Uzbekistan 24 television channel, Minister of Investment, Industry, and Trade Laziz Kudratov stated that the total project portfolio between the two countries had reached $30 billion.

"It should be emphasized that this is not sovereign financing. These are not funds guaranteed by the state. This is all foreign direct investment (FDI). This can be considered a sign of Saudi Arabia's trust in Uzbekistan," he said.

According to Muhammad Abunayan, Chairman of the Board of Directors of ACWA Power, the final agreement for the InterHealth project is scheduled to be signed in Samarkand on November 18.

In July 2024, the Ministry of Health discussed with InterHealth Medical Company the implementation of a new treatment management system in Uzbekistan, which will reduce the length of hospital stays from 15 to 7 days, thereby increasing the number of patients admitted. Furthermore, an agreement was reached with the company to implement a modern management system at the branches of the Republican Specialized Scientific and Practical Medical Center for Oncology and Radiology in Fergana and Kokand. The project will be implemented under public-private partnership terms.

The Energy Minister Jurabek Mirzamakhmudov noted that the first large thermal power plant, as well as a solar power plant in the Tashkent province, two large wind farms in Bukhara, and the first 100 MW wind farm in Karakalpakstan were commissioned jointly with ACWA Power.

According to him, work commenced on new wind and solar energy projects, and plans are underway to launch the country's largest battery energy storage system in Parkent district.

"Particular attention in our collaboration with ACWA Power is being paid to training specialists and personnel. Specifically, the company has taken full control of the Shirin College of Energy in the Syrdarya province. And now, having implemented a completely new training system, teaching foreign languages ​​and modern technologies, they have commenced not only to provide young specialists for projects implemented in Uzbekistan but also to attract these specialists to ACWA Power projects around the world," he said.

He added that during the Uzbek president's visit to the United States, an agreement had been reached to launch a project to produce sustainable aviation fuel (SAF) in collaboration with Vision Invest (Saudi Arabia) and Air Products (USA). The fuel will be supplied to the new Tashkent International Airport.

In addition, an agreement was signed with the Saudi company Pemco to build a 200 MW gas piston power plant in the Samarkand province. Project implementation will begin before the end of the year.

A $36.6 million power and thermal energy purchase agreement was signed with Saudi Tabreed.

Mirziyod Yunusov, Chairman of Uzeltekhsanoat, announced plans to localize the production of 500 kV ultra-high voltage cables in partnership with Riyadh Cables.

"Riyadh Cables proposed localizing the joints and accessories required by the company in Uzbekistan. This will primarily allow us to optimize imports and produce in-demand products in Uzbekistan," he noted.

Sulaiman Al-Muhaidib is the Chairman of the Al-Muhaidib Group added that he plans to invest in various projects, from copper production to coating and the production of low- and high-voltage cables, which is handled by a local company.

According to the Ministry of Industry and Trade, the two-way trade between the two countries topped $142.4 million in 2024, and $111.5 million for January-August 2025. There are 27 Saudi-invested enterprises in Uzbekistan, and $27.2 billion worth of 56 projects being implemented, and $900 million of which already disbursed YTD.