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07/02/2018 05:12 AST
Saudi Arabia's sovereign wealth fund is nearing an agreement to buy about a 10 per cent stake in Acwa Power International ahead of an initial public offering by the Riyadh-based energy producer, said a report.
The Public Investment Fund (PIF) may sign an agreement with the power plant developer in the coming days, reported Bloomberg citing people with knowledge of the matter.
Talks are still ongoing and may not result in a deal, they said. It's not immediately clear what valuation Acwa Power could get from the investment.
The PIF is also a major investor in some of the kingdom's largest firms, including Saudi Telecom Company, Saudi Arabian Mining Company and National Commercial Bank.
It also took a 16.32 per cent stake in Almarai Company, the country's biggest dairy producer, last year as the government supports national companies and develops them into regional and global leaders.
The potential investment from PIF comes at a time when Acwa Power is making plans to raise more than $1 billion from an IPO, people familiar with the matter said last month.
The share sale would be one of the first to allow so-called qualified foreign investors to participate in an IPO in the kingdom, stated the report.
Started in 2004, Acwa Power owns conventional power, renewable and water desalination assets across the Middle East, as well as projects in Vietnam and South Africa. It's one of the largest electricity generation companies in the Middle East, both in conventional and renewable energy.
Trade Arabia
07/07/2025
Saudi Arabia's energy and water desalination giant ACWA Power has drawn investor attention regarding its expansion strategy, following the approval of its shareholders for a SR7.1 billion ($1.8 billi
Arab News
16/06/2025
Saudi utility giant ACWA Power is moving forward with its SR7 billion ($1.8 billion) capital increase as part of a broader strategy to expand its footprint in energy transformation, water desalinatio
Arab News
13/06/2025
Saudi utility giant ACWA Power is planning to invest $5 billion in Uzbekistan, affirming its status as the leading foreign investor in the Central Asian nation's energy sector, according to a top off
Arab News
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| TAQA | 3.34 | -0.01 (-0.30 |
| DEWA | 2.77 | -0.02 (-0.72 |
| SAUDIELECTRICITY | 15.03 | 0.04 (0.26 |
| EMPOWER | 1.73 | 0.02 (1.16 |
| MARAFIQ | 43.18 | 0.20 (0.46 |
11/07/2025
Investcorp, a leading global alternative investment firm based in Bahrain, today (July 10) announced the completion of the sale of a majority stake in leading Italian cybersecurity provider HWG Sabab
Trade Arabia
10/07/2025
Doha Bank has been awarded 'Best Bank in Qatar' at the MEED MENA Banking Excellence - Corporate and Investment Awards 2025, recognising the lender's outstanding achievements in innovation, strategic
Gulf Times
10/07/2025
Air Arabia Abu Dhabi has announced the launch of a new service connecting Zayed International Airport and Sialkot International Airport in Pakistan.
Starting July 17, the new route will ope
Trade Arabia
10/07/2025
Saudi Awwal Bank (SAB), one of the leading banks in the Kingdom of Saudi Arabia, has been named "Best Bank in Saudi Arabia for 2025" by Euromoney, recognizing the bank's strong financial performance,
10/07/2025
Mekdam Holding Group has announced the completion of the patent registration procedures in the United States for its advanced centralized alarm monitoring system (CAMS).
In a statement publi
QNA
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia