Latest news with #ACWAPowerCo
Zawya
12-03-2025
- Business
- Zawya
Mideast Stocks: Gulf markets end mixed on Ukraine ceasefire hopes, tariff fears
Stock markets in the Gulf ended mixed on Wednesday, buoyed by Ukraine's readiness to support a proposal for a 30-day ceasefire with Russia, but investor optimism was tempered by concerns over the economic fallout of U.S. tariffs. Saudi Arabia's benchmark index eased 0.1%, hit by a 3.3% fall in ACWA Power Co and a 2.5% decrease in Saudi Arabian Mining Company. Elsewhere, oil giant Saudi Aramco was down 0.4%. Fitch Ratings expects Saudi Arabia's deficit to widen as Aramco's dividend normalizes. Dubai's main share index gained 0.7%, with blue-chip developer Emaar Properties rising 2.3% and sharia-compliant lender Dubai Islamic Bank increasing 3.1%. In Abu Dhabi, the index finished 0.4% higher. Investors are waiting for U.S. Consumer Price Index data at 1230 GMT to gauge the Federal Reserve's next move on interest rates. Monetary policy in the six-member Gulf Cooperation Council is usually guided by the Fed's decisions, as most regional currencies are pegged to the dollar. The Qatari index dropped 0.4%, hit by a 5.1% slide in telecom firm Ooredoo, as the stock traded ex-dividend. Outside the Gulf, Egypt's blue-chip index closed 0.4% higher, with GB Auto advancing 8.8%. The International Monetary Fund approved the disbursement of $1.2 billion to Egypt following completion of the fourth review of the country's $8 billion economic reform programme, after allowing Egypt to waive a primary budget surplus target. SAUDI ARABIA fell 0.1% to 11,705 Abu Dhabi rose 0.4% to 9,416 Dubai gained 0.7% to 5,157 QATAR dropped 0.4% to 10,438 EGYPT was up 0.4% to 31,049 BAHRAIN added 0.2% to 1,967 OMAN lost 0.9% to 4,364 KUWAIT was up 0.1% to 8,536 (Reporting by Ateeq Shariff in Bengaluru; Editing by Leroy Leo)
Reuters
12-03-2025
- Business
- Reuters
Gulf markets end mixed on Ukraine ceasefire hopes, tariff fears
March 12 (Reuters) - Stock markets in the Gulf ended mixed on Wednesday, buoyed by Ukraine's readiness to support a proposal for a 30-day ceasefire with Russia, but investor optimism was tempered by concerns over the economic fallout of U.S. tariffs. Saudi Arabia's benchmark index (.TASI), opens new tab eased 0.1%, hit by a 3.3% fall in ACWA Power Co ( opens new tab and a 2.5% decrease in Saudi Arabian Mining Company ( opens new tab. Elsewhere, oil giant Saudi Aramco ( opens new tab was down 0.4%. Fitch Ratings expects Saudi Arabia's deficit to widen as Aramco's dividend normalizes. Dubai's main share index (.DFMGI), opens new tab gained 0.7%, with blue-chip developer Emaar Properties ( opens new tab rising 2.3% and sharia-compliant lender Dubai Islamic Bank ( opens new tab increasing 3.1%. In Abu Dhabi, the index (.FTFADGI), opens new tab finished 0.4% higher. Investors are waiting for U.S. Consumer Price Index data at 1230 GMT to gauge the Federal Reserve's next move on interest rates. Monetary policy in the six-member Gulf Cooperation Council is usually guided by the Fed's decisions, as most regional currencies are pegged to the dollar. The Qatari index (.QSI), opens new tab dropped 0.4%, hit by a 5.1% slide in telecom firm Ooredoo ( opens new tab, as the stock traded ex-dividend. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab closed 0.4% higher, with GB Auto ( opens new tab advancing 8.8%. The International Monetary Fund approved the disbursement of $1.2 billion to Egypt following completion of the fourth review of the country's $8 billion economic reform programme, after allowing Egypt to waive a primary budget surplus target.
Argaam
05-02-2025
- Business
- Argaam
ACWA Power signs SAR 2.5B water purchase agreement with SWPC
ACWA Power Co. 's 45%-owned subsidiary, Ras Mohaisen First Water Desalination Co., signed today, Feb. 5, a water purchase agreement (WPA) with the Saudi Water Partnership Co. (SWPC). The agreement includes the development, construction, operation, and ownership of a water desalination plant, along with related infrastructure and facilities, including water storage tanks with a capacity of 600,000 cubic meters. In a statement to Tadawul, ACWA Power said the contract is valued at SAR 2.5 billion and will run for 25 years from the start of the plant's full commercial operation. The company expects the financial impact to appear upon the commencement of full commercial operations in Q1 2030. The plant will adopt reverse osmosis technology with a production capacity of up to 300,000 cubic meters per day. It will be located in the western region of Saudi Arabia, approximately 300 km south of Makkah, on the Red Sea coast.
