Latest news with #ACWAPower
Bloomberg
4 days ago
- Business
- Bloomberg
Saudi Arabia's Acwa Nears First Deal in $5 Billion Turkey Push
Saudi Arabia's ACWA Power Co. will build two large-scale solar plants in Turkey under a deal expected within days, the first concrete step in its plan to invest billions of dollars in the country's energy sector. Acwa and Turkish officials are finalizing a contract for two 1-gigawatt plants in the Karaman and Sivas provinces, Turkish Energy Minister Alparslan Bayraktar said in an interview on Tuesday. The two sides are also in talks over an additional 3 gigawatts of renewables capacity, he said.
Zawya
4 days ago
- Business
- Zawya
H.E. Minister of Planning, Economic Development and International Cooperation Holds Bilateral Meetings with the Managing Director of the World Economic Forum and the Chairman of ACWA Power to Discuss Areas of Joint Cooperation
As part of her participation in the World Economic Forum's Annual Meeting of the New Champions, held in Tianjin from 23 to 26 June, focused on agile&innovative economic policies to manage evolving global trends, H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, held two high-level meetings with Ms. Saadia Zahidi, Managing Director at the World Economic Forum (WEF), and Mr. Mohammad Abunayyan, Founder and Chairman of ACWA Power. During her meeting with the WEF Managing Director, the two sides discussed the activation of the Letter of Intent signed in January 2025 during the World Economic Forum in Davos. The agreement aims to develop 'Egypt's Future of Growth Accelerator '. This initiative supports national efforts to advance inclusive economic development and draws on the expertise and insights of the WEF's Centre for the New Economy and Society. Discussions also covered the ongoing collaboration between the World Economic Forum and the technical teams at the Ministry of Planning, Economic Development and International Cooperation to operationalize the Accelerator in the coming period. H.E. Dr. Al-Mashat also reviewed the integration between the proposed Accelerator and Egypt's soon-to-be-launched 'Advancing Economic Development in Egypt: Reforms for Growth, Jobs&Resilience' narrative. This narrative promotes a transition towards a private-sector-led growth model, focused on tradable and export-oriented sectors, enhancing foreign direct investment, and supporting industrial localization across the country. In a separate meeting, H.E. Dr. Al-Mashat met with Mr. Abunayyan, Chairman of ACWA Power, to discuss the latest developments in the company's renewable energy investments in Egypt. The Minister emphasized that ACWA Power is a key partner in the implementation of renewable energy projects under the energy pillar of Egypt's NWFE (Nexus of Water, Food and Energy) platform. She highlighted the central role of international partnerships and blended concessional finance in unlocking greater private sector participation—both domestic and international—in Egypt's green energy transition. H.E. the Minister reiterated the Egyptian government's commitment to creating an enabling environment for the private sector, enhancing its contribution to national development efforts across all sectors. She underscored that regulatory and legislative reforms are underway to strengthen private sector engagement, while simultaneously improving the governance and efficiency of public investments to achieve comprehensive and sustainable economic growth. The Ministry of Planning, Economic Development and International Cooperation recently published the second progress report on the NWFE program. Under its energy pillar, the program aims to add 10 GW of new renewable energy capacity, backed by approximately $10 billion in investments, while phasing out 5 GW of fossil-fuel-based electricity generation by 2028. Over the past two and a half years, Egypt has successfully mobilized $4 billion in concessional financing to support 4.2 GW of renewable energy projects. These efforts involve key global and regional partners, including Saudi Arabia's ACWA Power, Masdar, Infinity Power, Norway's Scatec, UAE-based AMEA Power (a subsidiary of Al Nowais Group), as well as local developers such as Orascom Construction and Hassan Allam Utilities. Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.
Argaam
5 days ago
- Business
- Argaam
ACWA Power Chairman: NEOM Green Hydrogen project 85% complete
Mohammad Abunayyan, Chairman of ACWA Power, said that the completion rate of the NEOM Green Hydrogen project reached 85%. The facilities will be tested and commissioned next year. Export will also start to Germany and Europe — a significant step to reduce carbon emissions, Abunayyan added in a panel discussion during the World Economic Forum. The utility currently has 22 gigawatts under development or construction, and signs contracts every year for an additional 20 gigawatts. He pointed out that renewable energy capacity in Saudi Arabia is expected to reach 130 gigawatts by 2030, making the Kingdom a key exporter of green energy to Europe and neighboring countries, whether in the form of electricity or green hydrogen.
Arabian Post
19-06-2025
- Business
- Arabian Post
Flynas IPO Falters Amid Regional Tensions
Saudi Arabia's budget carrier Flynas debuted on the Tadawul at SAR 80, raising SAR 4.1 billion, but shares closed at SAR 77.30—down over 3 %—despite an opening high of SAR 84.10 and a low of SAR 69.90. Investors responded nervously to heightened regional instability following military activity between Iran and Israel. Across Gulf markets, risk aversion sharply impacted airline stocks: Flynas dropped roughly 3.4 % on debut, ACWA Power slipped 3.3 %, and Saudi Aramco eased by 0.3 %. Regional airspace closures disrupted operations, forcing Gulf carriers to reroute flights and ramping up costs. Earlier trading saw Flynas plunge nearly 13 % to SAR 69.90 before recovering amid volatile swings capped by Tadawul's three-day fluctuation limit. Flynas marks the region's largest initial offering so far this year and the first by a Gulf airline in nearly two decades. The institutional tranche drew orders nearly 100 times publication, with the retail portion oversubscribed by 350 %, drawing 666,069 individual investors. ADVERTISEMENT Despite initial jitters, analysts stress Flynas's underlying strength. Its IPO pricing at the SAR 80 range reflects strong demand, and the airline's Saudi domestic base offers cost insulation from international fuel swings. SICO Bank remarked that while valuations were premium, the carrier's growth narrative remains compelling, even amid geopolitical uncertainty. The IPO's success adds momentum to the kingdom's capital markets, with six main‑market offerings this year raising over $2.8 billion and four others awaiting approval. Legal advisors note that despite market turbulence, appetite for public listings in the region remains robust. Operationally, Gulf airlines continue facing disruption. Several regional countries have closed airspace in response to conflict escalation, forcing airlines to reroute flights via longer corridors over Egypt and the Red Sea—pressuring operational efficiency. Fuel costs have jumped in tandem with the conflict, further squeezing airline margins. Gibson Dunn LLP acted as lead counsel, coordinating across global and local underwriting teams that included Goldman Sachs Saudi Arabia and Morgan Stanley Saudi Arabia. The combined institutional and retail interest helped the offering exceed $100 billion in orders. Flynas's Istanbul IPO arrives at a pivotal moment. The airline's strategic plan, backed by Kingdom Holding and the Public Investment Fund, aligns with Saudi Vision 2030's aim to transform the kingdom into a travel destination. Having ordered 160 aircraft from Airbus—including narrow-body A320s and its first wide-body A330s—the carrier is expanding fleet and network rapidly. Industry analysts caution that policy and geopolitical risks will continue to shape investor sentiment. While some entrants have postponed their floatings, many are proceeding quickly—optimising pricing and timing to counter valuation headwinds. The flight path for new listings in the Gulf may be turbulent, but Flynas's performance suggests that well-structured IPOs with strong fundamentals can still attract robust interest.
Zawya
18-06-2025
- Business
- Zawya
Mideast Stocks: Most Gulf markets in red as Israel-Iran conflict escalates
Most stock markets in the Gulf ended lower on Wednesday with investors exercising restraint due to fighting between Iran and Israel that entered a sixth day, sparking fears of potential regional instability. Iran's Supreme Leader Ayatollah Ali Khamenei rejected U.S. President Donald Trump's demand for unconditional surrender on Wednesday, as Iranians jammed the highways out of Tehran fleeing from intensified Israeli airstrikes. Saudi Arabia's benchmark index declined 1.2%, weighed down by a 3.3% slide in ACWA Power Company and a 2% drop in Saudi Arabian Mining Company. Among other losers, Prince Waleed bin Talal-backed airline Flynas Company closed 3.4% lower in debut trade. Elsewhere, oil giant Saudi Aramco eased 0.3%. Additionally, investor uncertainty surrounding today's U.S. Federal Reserve meeting is contributing to the cautious mood, with most market participants expecting the central bank to hold interest rates steady, said Joseph Dahrieh, managing principal at Tickmill. Dubai's main share index finished 1.2% lower, with blue-chip developer Emaar Properties losing 1.2%. In Abu Dhabi, the index was down 0.4%. Oil prices steadied, after a gain of 4% in the previous session, as markets weighed up the chance of supply disruptions from the Iran-Israel conflict and as they ponder a direct U.S. involvement. The Qatari index lost 0.6%, with Qatar Gas Transport Nakilat falling 3.8%. Outside the Gulf, Egypt's blue-chip index added 0.4%, helped by a 4.1% jump in Fawry for Banking Technology and Electronic Payment. SAUDI ARABIA lost 1.2% to 10,591 Abu Dhabi down 0.4% to 9,496 Dubai dropped 1.2% to 5,306 QATAR fell 0.6% to 10,348 EGYPT rose 0.4% to 30,839 BAHRAIN declined 1.1% to 1,889 OMAN was flat at 4,520 KUWAIT retreated 1.6% to 8,544 (Reporting by Ateeq Shariff in Bengaluru; Editing by Vijay Kishore)
