
Pipelines, transmission lines in Haifa damaged in strikes by Iran: Israel's Oil Refineries
Israel's Oil Refineries said its pipelines and transmission lines in Haifa had been damaged by missile strikes by Iran, according to a regulatory filing to the Tel Aviv Stock Exchange.
It said that no injuries or casualties were reported at the sites, with refining facilities continuing to operate despite a shutdown of some downstream operations.
It said it is examining the impact of the damage on its operations and implications on its financial results.
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Arab News
2 hours ago
- Arab News
ACWA Power advances $1.8bn capital increase plan to boost global expansion, says CFO
RIYADH: Saudi utility giant ACWA Power is moving forward with its SR7 billion ($1.8 billion) capital increase as part of a broader strategy to expand its footprint in energy transformation, water desalination, and green hydrogen production, according to its chief financial officer. In an interview with Al-Ekhbariya, Abdulhameed Al-Muhaidib described the capital raise as a critical step to reinforce the company's leadership both domestically and internationally in sustainable infrastructure. ACWA Power's investment portfolio currently stands at around SR400 billion, encompassing over 78 gigawatts of production capacity and more than 9.5 million cubic meters per day in water desalination capacity. In line with long-term objectives, the company's board approved a plan two years ago to triple assets under management to over SR937.5 billion by 2030. The initiative also aligns with Saudi Arabia's national goal of achieving a balanced energy mix by 2030, targeting an equal split between gas and renewable sources for electricity generation. 'The company decided to increase its capital through a rights issue rather than expanding into debt markets, with the aim of strengthening its financial position and enhancing credit flexibility. A large portion of the proceeds will be used to expand its project portfolio both inside and outside the Kingdom,' said Al-Muhaidib. He noted that 60 percent of ACWA Power's current investments are located in the Kingdom, with the remaining 40 percent spread across international markets. Between 75 percent and 85 percent of the new capital will be allocated to greenfield projects, while acquisitions will account for no more than 20 percent. 'ACWA Power's infrastructure projects rely primarily on debt, with shareholders' equity covering 20 percent to 25 percent of the financing structure. The company will continue this financing strategy while maintaining net debt at approximately SR20 billion, despite the significant growth expected through 2030,' he added. Highlighting the company's geographical expansion, Al-Muhaidib said ACWA Power added new projects worth SR34 billion in 2024 across Saudi Arabia, Egypt, Azerbaijan, Uzbekistan, and China. He also pointed out the firm's active presence in China, with more than 90 employees based in its Shanghai office to support growth in that market. ACWA Power successfully achieved nine financial closings in 2024, amounting to SR34.6 billion. The CFO said a dedicated internal team has been established to streamline project execution from inception to operation. He confirmed that the Capital Market Authority has approved the capital increase, with the final offering price set to be announced during the company's general assembly on June 30. 'Seventy-seven percent of shareholders have submitted their subscription pledges,' Al-Muhaidib noted, adding that the high participation rate underscores investor confidence in the company's long-term strategy. ACWA Power reported a net profit of SR1.75 billion in 2024, a 5.74 percent increase year on year, according to a Tadawul filing issued in February. The gain was attributed to higher revenues from operations and maintenance, increased electricity sales, and improved earnings from equity-accounted investees, capital recycling, and net finance income.


Argaam
3 hours ago
- Argaam
ACWA Power to use 85% of capital hike proceeds in new local projects: Exec
Abdulhamid Al-Muhaideb, CFO at ACWA Power Co., said as much as 75-85% of proceeds from the planned capital increase will be allocated to new projects within Saudi Arabia. In an interview with Al Ekhbariya TV today, June 15, the CFO confirmed the Saudi-listed company's plan to maintain net debt at SAR 20 billion, while also executing new projects worth SAR 34 billion during 2025. ACWA Power's project portfolio, according to the top executive, is valued at SAR 400 billion, comprising a power generation capacity of over 78 gigawatts and water desalination capacity of around 9.5 million cubic meters. The company aims to triple its assets under management (AUMs) to above $250 billion by 2030, he further stated. In June 2024, ACWA Power's board recommended increasing capital through a SAR 7.12 billion rights offering, according to Argaam 's data. Last May, the company secured the Capital Market Authority's (CMA) no-objection on its planned capital top-up through a SAR 7.12 billion rights issue. Shareholders are scheduled to vote on this proposal on June 30. Proceeds will be used to finance ongoing and future projects at SAR 5.28-5.98 billion. Further, up to SAR 1.41 billion will be geared towards funding mergers and acquisitions, while another SAR 351 million will be earmarked for other business purposes.


Arab News
3 hours ago
- Arab News
Madinah records 82% satisfaction rate in quality of life, survey says
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