Burgan Bank Promotes Eng. Saud Al Hadbah to General Manager of General Services Administration
It serves to note that Burgan Bank, a certified Great Place to Work®, continues to maintain a robust development framework that nurtures talent across all levels of the organization — with a dedicated focus on identifying, equipping, and advancing future leaders.
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Jordan Times
13 hours ago
- Jordan Times
Israel to partially reopen Gaza private goods trade
OCCUPIED JERUSALEM — Israel will partially reopen private sector trade with Gaza to reduce its reliance on humanitarian aid, the defence ministry civil affairs agency for the Palestinian territories said on Tuesday. "As part of formulating the mechanism, a limited number of local merchants were approved by the defence establishment, subject to several criteria and strict security screening," COGAT said. Israel has been fighting Palestinian group Hamas in Gaza for 22 months and imposed a total blockade on March 2, partially lifted in May to allow a US-backed private agency to open food distribution centres. Aid convoys and airdrops by Arab and European militaries resumed last month, as UN-mandated expert reports warned famine was unfolding in the war-torn territory. The COGAT statement said private sector deliveries would be paid for by monitored bank transfers and be subject to inspections by the Israeli military before entering Gaza, "to prevent the involvement of the Hamas terrorist organisation". Permitted goods under the new mechanism will include food staples, fruit, vegetables, baby formula and hygiene products, COGAT said. The agency said more than 300 aid trucks entered Gaza on Monday, a larger number than in previous days, and that hundreds more were "still queued up for UN pickup". In addition, 120 pallets of aid were airdropped in cooperation with Belgium, Canada, Egypt, Germany, Jordan and the United Arab Emirates, it added. Hamas contested the figures, saying that only 95 aid trucks entered Gaza on Monday and that the majority of them were looted amid a "deliberate state of security chaos instigated by [Israel]". The United Nations estimates that between 500 and 600 truckloads of aid a day are needed to meet the needs of Gaza's more than two million inhabitants.
Al Bawaba
14 hours ago
- Al Bawaba
ACWA Power announces the first half financial results for 2025
Saudi-listed ACWA Power, the world's largest private water desalination company, and a leader in energy transition and first mover into green hydrogen, today announced its consolidated financial results for the six months ended 30 June 2025. The Company's adjusted net profit—attributable to equity holders of the parent—has increased by 62% (SAR 449 million) versus the comparable period of 2024 and reached SAR 1,172 million. The Company's reported net profit has on the other hand marginally dropped by 1.9% mainly due to an impairment charge in one of it's affiliated companies. Operating income before impairment losses and other expenses reached SAR 2,207 million, increasing by SAR 818 million mainly on account of higher development business and construction management services along with higher contribution from operations. ACWA Power has marked a remarkable first half of 2025 by signing nine Power Purchase Agreements (PPAs) totaling 20 GW of new power capacity, including 15 GW in July in Saudi Arabia as part of the country's renewable energy program under the framework of Vision 2030. In the water business, ACWA Power also signed two Water Purchase Agreements (WPAs), which will add 700,000 cubic meters per day (m³/day) of new desalination capacity once the projects reach their commercial operation dates. ACWA Power earlier had announced a Share Purchase Agreement (SPA) to acquire several power and water assets in Bahrain and Kuwait, adding 4.6GW power and 1.1 million m³/day water capacity on its advanced development portfolio. Once the transaction is closed, these capacities will account as operational since the acquired assets are fully operational. Marco Arcelli, Chief Executive Officer of ACWA Power, commented: 'What we've achieved so far in 2025 is a testament to our scale, agility, and long-term partnerships. Our growing portfolio, backed by frameworks like our strategic partnership with PIF, our bold entry into new markets, and other long-term strategic agreements for future energy corridors, are all pillars of our commitment to building a cleaner, more sustainable future.' Mr. Arcelli added, 'We have doubled in size over the past three years, and we expect to double again over the next five, as we continue delivering on our mission at greater scale and impact.'Abdulhameed Al Muhaidib, Chief Financial Officer, commented: 'Our strong pipeline conversions, operational performance, disciplined acquisitions, and the overwhelming response to our capital raise reflect robust and resilient steps in our business management. We are not only delivering value today, but we are also securing our position as a leader in tomorrow's global energy and water markets.'Complementing these achievements, a major milestone during this period was the successful completion of ACWA Power's capital raise through a Rights Issue, generating SAR 7.125 billion in proceeds. The issuance saw a 96% subscription rate and was nearly six times oversubscribed, reflecting strong confidence from both local and international investors in the Company's growth trajectory and long-term value creation. As a result, foreign ownership in ACWA Power has now increased to 4.27%, further broadening the Company's global investor the period, the Company successfully achieved financial close for two projects, with a total investment value of SAR 2.4 billion, supporting ACWA Power's commitment to disciplined and impactful capital deployment.3.3 GW of new power capacity and 600,000 m³/day of desalination capacity achieved commercial operation dates brought online, underscoring the Company's track record for completing the construction and bringing plants online across its global ahead, ACWA Power is laying the foundation for transformative growth in green hydrogen and renewable energy exports. The Company signed strategic agreements with global partners to develop a Green Hydrogen and Renewable Energy Export Corridor between Saudi Arabia and Europe, an initiative that aligns with both Vision 2030 and Europe's decarbonization ACWA Power is expanding its geographic footprint in Southeast Asia. Through recently signed MoUs and Strategic Partnership Agreements in Malaysia, the Company is exploring investment opportunities, with a focus on renewable energy, water, and hydrogen Power continues to accelerate toward its strategic goals, including reaching assets under management of USD 250 billion by 2030, expanding into high-potential markets, and delivering sustainable infrastructure that powers economies and improves lives. ACWA Power's interim financial statements for the six months ended 30 June 2025 issued by KPMG Professional Services (the Company's Certified Public Accountants), along with the Investor Report including a management's discussion and analysis on the financial results, are available on the Company's Investor Relations page at
Jordan News
14 hours ago
- Jordan News
Committee Approves JD 930,000 in Rural Electricity Projects for 215 Sites - Jordan News
Committee Approves JD 930,000 in Rural Electricity Projects for 215 Sites The Higher Steering Committee for the Rural Fils has approved the list of homes and locations that will benefit from electricity connection through conventional power networks. The total number reached 215 homes and sites across various regions of the Kingdom, with a total cost of JD 930,000, according to Minister of Energy and Mineral Resources Saleh Al-Kharabsheh. اضافة اعلان In a press statement issued on Tuesday, Al-Kharabsheh said the projects target residential clusters and economic sites both inside and outside officially zoned areas. The expansion comes after recent revisions to the criteria governing electricity access through the Rural Fils, allowing wider coverage and stronger support for marginalized populations. Hisham Al-Momani, Director of the Electricity and Rural Electrification Directorate at the Ministry, outlined the details: JD150,000 was allocated for a group of five homes outside zoning boundaries, JD155,000 for another group of three, and JD48,000 to connect individual homes using existing grid infrastructure. Additional funding includes JD 3,000 to help electrify homes of low-income families within organized areas, and JD 47,000 to supply power to livestock, poultry, and fish farms located in poverty pockets, part of the government's efforts to support agricultural production and boost self-reliance. A separate JD 20,000 was set aside to install lighting along roads leading to cemeteries, ensuring safe access for citizens during nighttime burials. The Committee also committed JD 300,000 to productive, industrial, and investment projects in unregulated and economically challenged areas, provided these initiatives create jobs for Jordanians and contribute to local development. Support continues with JD 82,000 directed toward farms with artesian wells, JD 12,000 for cooperative and charitable organizations, and JD 20,000 for a range of government and agricultural initiatives. Over the past ten years, the Rural Fils has also invested JD 49,000 to upgrade transformer stations, helping to improve electricity quality and reduce technical losses in the network. In a move toward sustainable energy, the Committee approved the installation of grid-connected solar systems for 44 homes belonging to low-income families and recipients of National Aid. The solar systems aim to reduce monthly electricity bills and enhance the financial well-being of some of the Kingdom's most vulnerable households. (Petra)
