Latest news with #ACWAPowerCompany
Observer
18-05-2025
- Business
- Observer
7 bidders qualified for RO 880m Misfah and Duqm IPPs
Muscat: Nama Power and Water Procurement (PWP), the exclusive procurer of power and water in the Sultanate of Oman, has named seven qualified applicants to participate in a tender for the development of two major Independent Power Projects (IPPs) – Misfah IPP and Duqm IPP – which represent a significant step in securing the Sultanate of Oman's future energy needs. Total investment in the IPPs, with a combined generation capacity of 2400 MW, is estimated at RO 880 million. A total of 12 Statements of Qualification were received from international companies. Following a thorough evaluation process, 7 applicants have been successfully qualified to participate in the upcoming tender. They are: ACWA Power Company, Korea Western Power Co Ltd, Marubeni Corporation, Nebras Power, Sembcorp, Utilities Pte, Shenzhen Energy Group, and Sumitomo Corporation. These qualified bidders come from a variety of countries, notablyKSA, Kuwait, UAE, Qatar, India, South Korea, Japan, Qatar, Singapore and China. Ahmed bin Salim bin Mohammed al Abri, CEO of Nama Power and Water Procurement, stated:'The announcement of Misfah and Duqm Independent Power Projects marks a key milestone in advancing the Sultanate of Oman's energy infrastructure. These strategic projects will significantly enhance the reliability and security of electricity supply in Muscat and Al Wusta Governorates, supporting the growing demand for power and contributing to economic development in Sultanate of Oman. The strong interest from globally recognized developers reflects international confidence in Sultanate of Oman's energy sector and Nama PWP's transparent and competitive procurement framework. These projects also reaffirm our commitment to delivering sustainable and efficient power solutions,' Al Abri added.
Business Recorder
12-05-2025
- Business
- Business Recorder
Most Gulf bourses gain on US-China trade talks
DUBAI: Most stock markets in the Gulf edged higher on Sunday as US-China resumed talks in Geneva aimed at cooling the trade war that threatens to seriously damage the global economy. Senior US and Chinese officials met again on Sunday in Geneva, Reuters reported citing two sources familiar with the situation. On Friday, comments by President Donald Trump that an 80% tariff on Chinese goods 'seems right' - making his first suggestion of a specific alternative to the 145% levies - created some hope of progress toward resolving the dispute. In Qatar, the index edged 0.1% higher, helped by a 0.9% rise in Qatar Islamic Bank. Saudi Arabia's benchmark index fell 0.2%, hit by a 3.8% slide in ACWA Power Company. However, Saudi Aramco finished 0.6% higher. The world's top oil exporter reported a net profit of 97.54 billion riyals ($26.01 billion) for the first quarter, which beat a company-provided median estimate from 16 analysts of $25.36 billion. Outside the Gulf, Egypt's blue-chip index dropped 1.1% as most of its constituents were in negative territory including Commercial International Bank, which retreated 1.6%.
Zawya
05-05-2025
- Business
- Zawya
Mideast Stocks: Most Gulf markets fall on weak oil ahead
Most major stock markets in the Gulf fell in early trade on Monday pressured by falling oil prices and investor caution ahead of developments in U.S.-China trade relations. Oil prices - a catalyst for the Gulf's financial markets - fell more than $1 a barrel as OPEC+ is set to further speed up oil output hikes, spurring concerns about more supply coming into a market clouded by an uncertain demand outlook. Saudi Arabia's benchmark index dropped 0.7%, hit by a 1.4% fall in Al Rajhi Bank and a 2.7% decline in ACWA Power Company. The kingdom's non-oil private sector activity expansion slowed in April as growth in new orders decelerated sharply, even as hiring rates reached their joint-fastest pace in more than a decade, a survey showed on Monday. Dubai's main share index fell 0.3%, with blue-chip developer Emaar Properties losing 0.4%. In Abu Dhabi, the index eased 0.1%. The Qatari index, however, gained 0.2%, helped by a 0.7% rise in the Gulf's biggest lender Qatar National Bank . U.S. President Donald Trump said on Sunday the U.S. was meeting with many countries including China on trade deals.
Zawya
28-04-2025
- Business
- Zawya
Mideast Stocks: Major Gulf markets gain as investors await earnings
Major stock markets in the Gulf rose in early trading on Monday as investors awaited corporate earnings announcements, although uncertainty over trade talks between the U.S. and China limited gains. U.S. Treasury Secretary Scott Bessent on Sunday did not back President Donald Trump's assertion that tariff talks with China were underway and said he did not know if the U.S. president had talked to Chinese President Xi Jinping. Earlier, Beijing denied any talks were taking place. Saudi Arabia's benchmark index added 0.1%, helped by a 0.3% rise in Al Rajhi Bank and a 0.9% increase in ACWA Power Company. The Kingdom's non-oil exports reached an all-time high of 515 billion riyals ($137.29 billion) in 2024, the state news agency said on Saturday, as the kingdom continues its push to diversify its economy away from oil dependence. Dubai's main share index gained 0.7%, led by a 1.2% gain in blue-chip developer Emaar Properties. In Abu Dhabi, the index was up 0.5%, with Multiply Group jumping 5.2% as the investment firm is slated to report its first-quarter earnings. Elsewhere, the United Arab Emirates' biggest lender First Abu Dhabi Bank advanced 1% ahead of earnings announcement. The Qatari index was up 0.1%, with petrochemical maker Industries Qatar gaining 0.9%. Oil prices - a catalyst for the Gulf's financial markets - inched higher though remained dogged by uncertainty over trade talks between the U.S. and China, clouding the outlook for global growth and fuel demand, while the prospect of OPEC+ raising supply cast more gloom. ($1 = 3.7512 riyals)
Business Recorder
23-04-2025
- Business
- Business Recorder
Most Gulf markets gain as Trump retreats on Fed pressure
Most stock markets in the Gulf ended higher on Wednesday, after U.S. President Donald Trump said he had no plans to fire Federal Reserve Chair Jerome Powell and hinted at lower tariffs for China. On Tuesday, Trump backed off from threats to fire Powell after days of intensifying criticisms of the central bank chief for not cutting interest rates. The president also reiterated that he wanted a deal with China, following which tariffs would not be anywhere near 145%, and said he would set the terms of the deal if Beijing did not enter talks. Saudi Arabia's benchmark index finished 0.8% higher, led by a 3.6% rise in ACWA Power Company and a 2.5% increase in Saudi Telecom Company. Meanwhile, the International Monetary Fund on Tuesday lowered its 2025 GDP growth forecast for Saudi Arabia, while flagging headwinds for the broader region, including a more gradual resumption of oil production. Dubai's main share index advanced 1.4%, buoyed by a 3.6% jump in blue-chip developer Emaar Properties. Elsewhere, Emirates NBD Bank climbed 2.5%, extending gains for a third session. In the previous session, ENBD - Dubai's top lender - reported net profit of 6.2 billion dirhams for the first quarter, beating analysts' expectations of about 5.1 billion dirhams. Gulf markets end mixed on tariff concerns Elsewhere, Emirates Integrated Telecommunications Company (du) closed 0.6% higher. The company on Tuesday announced a 2 billion-dirham ($544.5 million) hyper-scale data centre deal with Microsoft MSFT.O. The Abu Dhabi index concluded 0.7% higher. The Qatari index climbed 1%, with the Gulf's biggest lender Qatar National Bank rising 0.9%. Outside the Gulf, Egypt's blue-chip index jumped 2.6%, as most of its constituents were in positive territory including Commercial International Bank, which was up 2.9%. ---------------------------------------- SAUDI ARABIA rose 0.8% to 11,681 Abu Dhabi up 0.7% to 9,324 Dubai leapt 1.4% to 5,205 QATAR advanced 1% to 10,237 EGYPT rose 2.6% to 31,640 BAHRAIN eased 0.3% to 1,892 OMAN was flat at 4,290 KUWAIT added 0.5% to 8,437 ----------------------------------------
