Latest news with #AbdulhameedAlMuhaidib
Trade Arabia
11-05-2025
- Business
- Trade Arabia
Acwa Power's Q1 operating income up 117pc
Acwa Power has reported an 117% increase in operating income for the first quarter ended March 31, 2025, reaching SAR 870 million ($231 million). This was primarily due to higher development business and construction management services income. Net profit, attributable to equity holders, reached SAR 427 million, a 44% increase from 2024. "Our financial results for the first three months of 2025 demonstrate the success of the Acwa Power strategy to accelerate new business development across the company. We achieved significant growth in operating income and net profit, underpinned by the foundation we've laid for growing revenue streams," said Marco Arcelli, Chief Executive Officer of Acwa Power. "In Saudi Arabia, we are in an advanced stage of concluding the next giga wave of projects as part of the 2030 renewable energy target of 130 GW as announced by the Ministry of Energy, solidifying our position as a global leader in energy transition and water desalination." Abdulhameed Al Muhaidib, Chief Financial Officer of Acwa Power, said: 'We've delivered strong and encouraging results for the first quarter of the year. This not only reflects Acwa Power's disciplined approach to our growth objectives for 2030 but also demonstrates our focus on sustainable value creation for our shareholders.' Earlier in the year, Acwa Power has announced signing of a share purchase agreement to acquire operational gas power and water desalination assets from Engie, adding 4.6GW of power generation and 1.1 million cubic meters per day of water desalination capacity on its overall portfolio. 'Once this acquisition is complete expected in 2025, we will further strengthen our stable, visible revenue and cash flow streams,' added Al Muhaidib. During the first quarter, the Company added 9.7 GW of energy capacity and 1.4 million m³/day of desalinated water. The portfolio now includes 101 assets with total investment cost of $107 billion and a total gross capacity of 78.9 GW of power generation, 5.3 GWh of BESS, and 9.5 million m³/day of desalinated water production.
Zawya
08-05-2025
- Business
- Zawya
ACWA Power announces its financial results for the first quarter ended 31 March 2025
• 7 additional assets adding 9.7 GW of power and 1.4 million m³/day of water to the portfolio Riyadh, Saudi Arabia: Saudi-listed ACWA Power, the world's largest private water desalination company, and a leader in energy transition and first mover into green hydrogen, announced its interim financial results for the first quarter ended 31 March 2025. Operating income before impairment losses and other expenses increased by 117% reaching SAR 870 million, driven by higher development business and construction management services income, while net profit—attributable to equity holders of the parentreached SAR 427 million for the period, 44% higher compared to the same period in 2024. "Our financial results for the first three months of 2025 demonstrate the success of the ACWA Power strategy to accelerate new business development across the company. We achieved significant growth in operating income and net profit, underpinned by the foundation we've laid for growing revenue streams," said Marco Arcelli, Chief Executive Officer of ACWA Power. "In Saudi Arabia, we are in an advanced stage of concluding the next giga wave of projects as part of the 2030 renewable energy target of 130 GW as announced by the Ministry of Energy, solidifying our position as a global leader in energy transition and water desalination." Abdulhameed Al Muhaidib, Chief Financial Officer of ACWA Power, said: 'We've delivered strong and encouraging results for the first quarter of the year. This not only reflects ACWA Power's disciplined approach to our growth objectives for 2030 but also demonstrates our focus on sustainable value creation for our shareholders.' Earlier in the year, ACWA Power has announced signing of a share purchase agreement to acquire operational gas power and water desalination assets from Engie, adding 4.6GW of power generation and 1.1 million cubic meters per day of water desalination capacity on its overall portfolio. 'Once this acquisition is complete expected in 2025, we will further strengthen our stable, visible revenue and cash flow streams,' added Abdulhameed Al Muhaidib. During the first quarter, the Company added 9.7 GW of energy capacity and 1.4 million m³/day of desalinated water. The portfolio now includes 101 assets with total investment cost of USD 107 billion and a total gross capacity of 78.9 GW of power generation, 5.3 GWh of BESS, and 9.5 million m³/day of desalinated water production. Additionally, the Company achieved key milestones as 4 projects come into operation, namely, the 2.1 GW Al Shuaiba 2 and the 91 MW Layla Solar PV IPPs in Saudi Arabia, along with the 500MW each Bash and Dzhankeldy wind IPPs in Uzbekistan. The Noor 3 CSP also resumed operations subsequently in April following an extended outage that was experienced last year. ACWA Power's interim financial statements for the first quarter ended 31 Mar 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 The company will host a conference call discussing financial results and business updates on Thursday 8 May 2025 at 17:30 KSA / 14:30 GMT. About ACWA Power ACWA Power (TADAWUL:2082) is a Saudi-listed company and the world's largest private water desalination company, the first mover into green hydrogen, and a leader in energy transition. Registered and established in 2004 in Riyadh, Saudi Arabia, ACWA Power employs over 4,000 people and is currently present in 14 countries in the Middle East, Africa, Central Asia, and Southeast Asia. ACWA Power's portfolio comprises 101 projects in operation, advanced development, or under construction with an investment value of SAR 381 billion (USD 107.5 billion) and the capacity to generate 78.89GW of power and manage 9.5 million m3/day of desalinated water per day. This energy and water are delivered on a bulk basis to address the needs of state utilities and industries on long-term, off-taker contracts under utility services outsourcing and public-private partnership models. Learn more: ACWA Power Media contacts: Mohammed Al Hasan; Media Lead – Media Affairs & External Comms Moalhasan@ Investor Relations contacts: Jihad Almohanna, Director – Investor Relations jalmohanna@
Zawya
25-04-2025
- Business
- Zawya
ACWA Power secures $200mln funding for new Saudi HQ
Acwa Power, a key private water desalination company, a leader in energy transition and first mover into green hydrogen, has announced that it has secured a SAR750 million ($200 million) shariah-compliant term loan facility from Saudi bank Alinma Bank. Acwa Power said the seven years facility will be used to fund the development of its new corporate headquarters coming up in Riyadh. The sizeable financing underscores Alinma Bank's confidence in Acwa Power's robust financial standing and its strategic role in Saudi Arabia's Vision 2030 and energy transition goals. The loan agreement was signed by Abdulhameed Al Muhaidib, the Chief Financial Officer of Acwa, and Jameel Alhamdan, Chief Corporate Banking Officer of Alinma Bank. On the deal, Al Muhaidib said: "This financing from Alinma Bank highlights our strong financial position and the confidence the market has in our vision. Our new headquarters will be more than just a building; it will be a symbol of our commitment to innovation, sustainability, and the Kingdom's ambitious goals for a cleaner, more prosperous future." Alhamdan said Alinma was proud to announce its role as the sole financier for the development of Acwa Power's new state-of-the-art, environmentally sustainable head office. "This landmark project aligns with both organizations' commitment to driving sustainability and innovation in the corporate sector and with the Kingdom's net zero strategy," he stated. "Acwa Power's new headquarters in Riyadh marks our commitment as the local champion for energy transition, through a state-of-the-art facility specifically designed to unify the company's operations and enhance collaboration and innovation among teams," noted Alhamdan. "It will also provide an environmentally friendly workplace that enables the employees to perform their duties within a framework that promotes sustainability—creating an attractive environment for attracting and retaining top talent," he added. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
24-04-2025
- Business
- Trade Arabia
Acwa Power secures $200m funding for new Saudi HQ
Acwa Power, a key private water desalination company, a leader in energy transition and first mover into green hydrogen, has announced that it has secured a SAR750 million ($200 million) shariah-compliant term loan facility from Saudi bank Alinma Bank. Acwa Power said the seven years facility will be used to fund the development of its new corporate headquarters coming up in Riyadh. The sizeable financing underscores Alinma Bank's confidence in Acwa Power's robust financial standing and its strategic role in Saudi Arabia's Vision 2030 and energy transition goals. The loan agreement was signed by Abdulhameed Al Muhaidib, the Chief Financial Officer of Acwa, and Jameel Alhamdan, Chief Corporate Banking Officer of Alinma Bank. On the deal, Al Muhaidib said: "This financing from Alinma Bank highlights our strong financial position and the confidence the market has in our vision. Our new headquarters will be more than just a building; it will be a symbol of our commitment to innovation, sustainability, and the Kingdom's ambitious goals for a cleaner, more prosperous future." Alhamdan said Alinma was proud to announce its role as the sole financier for the development of Acwa Power's new state-of-the-art, environmentally sustainable head office. "This landmark project aligns with both organizations' commitment to driving sustainability and innovation in the corporate sector and with the Kingdom's net zero strategy," he stated. "Acwa Power's new headquarters in Riyadh marks our commitment as the local champion for energy transition, through a state-of-the-art facility specifically designed to unify the company's operations and enhance collaboration and innovation among teams," noted Alhamdan.
Arabian Business
23-04-2025
- Business
- Arabian Business
ACWA Power secures $200mn loan for its new HQ in Riyadh
ACWA Power has secured a seven-year SAR750 million (US$200 million) Shariah-compliant loan facility from Alinma Bank to build its new corporate headquarters in Riyadh. The new headquarters will showcase ACWA Power as the local champion for energy transition, through a state-of-the-art facility specifically designed to unify the company's operations and also reflect its commitment to sustainability in alignment with Saudi Arabia's Vision 2030. It will meet the highest standards of green building and incorporate various Net Zero requirements to minimise the environmental impact. ACWA Power secures financing The financing underscores Alinma Bank's confidence in ACWA Power's financial standing and its strategic role in Saudi Arabia's Vision 2030 and energy transition goals. The company is the world's largest private water desalination company and a leader in energy transition. Abdulhameed Al Muhaidib, Chief Financial Officer, ACWA Power, commented: 'This financing from Alinma Bank highlights our strong financial position and the confidence the market has in our vision. Our new headquarters will be more than just a building; it will be a symbol of our commitment to innovation, sustainability, and the Kingdom's goals for a cleaner, more prosperous future.' Jameel Alhamdan, Chief Corporate Banking Officer, Alinma Bank, added: 'Alinma is proud to announce its role as the sole financier for the development of ACWA Power's new state-of-the-art, environmentally sustainable head office. This landmark project aligns with both organisations' commitment to driving sustainability and innovation and with the Kingdom's Net Zero strategy.' Established in 2004, ACWA Power employs over 4,000 people in 14 countries in the Middle East, Africa, Central Asia, and Southeast Asia. Its portfolio comprises 101 projects in operation, advanced development, or construction with an investment value of SAR403.4 billion (US$107.5 billion) and the capacity to generate 78.9 GW of power and manage 9.5 million m3/day of desalinated water per day.
