Latest news with #SAR750
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.
