logo
ACWA Power to boost project share to $2.5bln annually

ACWA Power to boost project share to $2.5bln annually

Zawya13 hours ago
Saudi-listed power and water projects giant ACWA Power is planning to expand its contribution to projects in the next years to up to $2.5 billion annually following its decision to raise capital by 7.1 billion Saudi riyals ($1.9 billion) through rights issue, an executive has said.
The recent Board decision to expand capital is also designed to support a long-term growth strategy which targets tripling its assets under management to nearly $250 billion by 2030, said Abdul Hamid Al-Muhaidib, ACWA Power's CFO.
'That decision also aims to strengthen our financial position to support the expected expansion in our investments, especially in high growth sectors like renewable energy, water desalination and green hydrogen,' he told the Saudi daily Aliqtisadia.
'With these expansions, we expect our contribution to new projects to increase to $2-2.5 billion annually during 2024-2030 compared with $1.3 billion in previous years.'
Al-Muhaidib said key markets include Saudi Arabia besides southeast Asia and China, adding that ACWA Power aims to surpass 175 gigawatts (GW) production in its energy projects.
'As for green hydrogen, we expect our production to reach one million tonnes when the projects under way are completed by 2030…we also expect an additional one million tonnes from new projects during this period,' he said.
In June 2025, Zawya Projects had reported that the company intends to spend 53 to 60 percent of the proceeds from its rights issue on projects in the Middle East and North Africa (MENA) region.
(Writing by Nadim Kawach; Editing by Anoop Menon)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

OPEC+ set to complete big oil output cut unwinding in Sept, sources say
OPEC+ set to complete big oil output cut unwinding in Sept, sources say

Khaleej Times

time18 minutes ago

  • Khaleej Times

OPEC+ set to complete big oil output cut unwinding in Sept, sources say

OPEC+ oil producers are set to approve another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members and the UAE's move to a larger quota, five sources said. The group, which pumps about half of the world's oil, has been curtailing production for several years to support the market. But it has reversed course this year to regain market share and as U.S. President Donald Trump demanded the group pump more to help keep gasoline prices lower. OPEC+ began to unwind cuts of 2.17 million barrels per day (bpd) in April with a boost of 138,000 bpd. Hikes of 411,000 bpd followed in May, June and July, despite falling oil prices. On Saturday, the group approved a 548,000 bpd jump for August. Five sources familiar with the discussions said on Monday the group is likely to approve an increase of around 550,000 bpd for September when it meets on August 3. That will complete the return to the market of 2.17 million bpd from the eight members: Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan and Algeria. It will also complete an additional 300,000 bpd output jump from the UAE as the country moves to a larger production quota, the sources said. The September boost if realised would bring total production increases since April to 2.47 million bpd or just under 2.5% of global demand. The rise would see Saudi Arabia pumping close to 10 million bpd and UAE some 3.375 million bpd. Opec+ has spurred bigger production increases since May, bringing forward the return of its own barrels to the market and effectively allowing the UAE to boost output quicker, returning to the original schedule of September 2025. "As the group has decided to accelerate the unwinding process, the UAE is benefiting from this speeding up of the quota increases," said Richard Bronze from Energy Aspects. OPEC+ still has separate cuts of 3.66 million bpd in place consisting of 1.66 million bpd in voluntary cuts and some 2 million bpd across all members, which expire at the end of 2026.

UAE Golden Visa: New service to help Bangladesh residents apply from Dhaka
UAE Golden Visa: New service to help Bangladesh residents apply from Dhaka

Khaleej Times

time18 minutes ago

  • Khaleej Times

UAE Golden Visa: New service to help Bangladesh residents apply from Dhaka

Bangladeshi residents can now apply for UAE Golden Visa in a more convenient, informed way as VFS Global, a visa outsourcing and technology services company, offers expert advisory services for applicants. Visa aspirants in Bangladesh can apply online for this service, or by calling the dedicated helpline +880 1739 861116. Located in Dhaka, this specialised service will be the maiden roll out from the Centre of Excellence jointly set up by VFS ETM, a unit of VFS Global group, in partnership with Rayad Group recently. This opportunity allows eligible individuals including business owners, professionals, scientists, entrepreneurs, creatives and influencers to apply for a 10-year UAE residency, following the approved criteria. Visa holders can sponsor their spouse, children (including adult children), parents, and household staff to live in the UAE. The Dhaka centre will assist individuals with migration processes and compliance with immigration regulations, utilising advancements in Generative AI technology alongside legal expertise. "We believe there is strong demand for immigration advisory services, particularly for the UAE Golden Visa. In line with our customer-first policy we are delighted to roll out this solution that empowers applicants to get sound understanding of the immigration process and take informed decisions,' said Yummi Talwar, COO of South Asia division in VFS Global. 'The UAE's unique combination of economic stability, favorable tax policies, and luxurious living standards positions it as a premier destination for high net worth individuals seeking new opportunities and an elevated quality of life,' Rayad Kamal Ayub, MD of Rayad Group, said.

Radisson targets 150 hotels in Middle East by 2030, majority in Saudi Arabia
Radisson targets 150 hotels in Middle East by 2030, majority in Saudi Arabia

Zawya

time22 minutes ago

  • Zawya

Radisson targets 150 hotels in Middle East by 2030, majority in Saudi Arabia

Radisson Hotel Group is advancing toward its 2030 goal of reaching 150 properties in the Middle East, with approximately two-thirds of that growth concentrated in Saudi Arabia, according to Basel Talal, Managing Director for Saudi Arabia, Kuwait, and the Levant. Talal said the group's growth strategy involves aligning brand offerings with local market dynamics while strengthening relationships with both existing and prospective property owners. 'While we grow our portfolio we ensure to remain focused on our growth strategies that includes offering the right brand for given locations and market dynamics, along with exploring new opportunities with existing and new owners,' he told Zawya Projects. 'Operationally, we ensure to align the returns expectations and delivery with owners' investments by implementing efficient operational business modules that will align quality delivery with costs and profits,' he added. Localisation plans As part of the company's localisation efforts in the Kingdom, Radisson aims to have 35 percent of leadership roles filled by Saudi nationals by 2028. 'Our Saudisation roadmap commits us to 35 per cent Saudi nationals in leadership roles by 2028, supported by tailored programmes in revenue management, engineering and F&B,' Talal said He underlined that 'growth targets are hard numbers, the experience behind them is non-negotiable.' Vision 2030 The group's expansion aligns with Saudi Arabia's Vision 2030 strategy. 'Saudi Arabia's tourism blueprint calls for brands that can scale quickly without losing sight of authenticity and sustainability. We view that as a partnership, not just a pipeline,' Talal said. Radisson recently signed a Radisson RED hotel in Riyadh's Diriyah area, one of the Kingdom's flagship giga-projects. 'Our Radisson RED Riyadh Diriyah signing anchors us inside one of the Kingdom's flagship cultural giga-projects and brings a design-led, lifestyle brand to the birthplace of the Saudi,' Talal explained. In Madinah, Radisson partnered with Knowledge Economic City to develop a mixed-use Islamic World District anchored by a Park Inn by Radisson. The group signed an MoU with the Saudi Tourism Authority to collaborate on initiatives that includes amplifying the visibility of the 'Visit Saudi' brand across Radisson's global marketing platforms and developing co-branded campaigns that spotlight Saudi Arabia's diverse attractions. 'Each collaboration is structured around Vision 2030 pillars—local job creation, cultural preservation and environmental stewardship. The value we add is measured far beyond room counts,' Talal said. To meet the expectations of Saudi travellers, Radisson has adjusted service offerings across its properties. 'While we also remain flexible to increasing guest expectations, our hotels operational teams ensure to adopt new required services for all guest segments as in religious travellers and local families,' said Talal. 'Most of our hotels have added service offering to better serve families with children. Our hotels in Makkah and Madinah also offers transportation to the holy mosques. In some hotels we do offer meeting space for religious groups while staying at the hotels.' Talal said guest feedback plays a central role in enhancing services. 'We do use our guests' feedback to always remain ahead of market needs and expectations. Our teams are trained to swiftly respond and act proactively, which will improve the overall guests' satisfaction and increase loyalty to the hotels and to the brand.' (Reporting by Rajiv Pillai; Editing by Anoop Menon)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store