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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
24/09/2025
The Renewables (RENU) vertical of Larsen & Toubro has signed a memorandum of understanding with ACWA Power for the renewables and grid scope of the pioneering Yanbu Green Ammonia Project in Saudi Ara
Trade Arabia
22/08/2025
Saudi utility giant ACWA Power has commenced commercial operations at three solar power plants in Saudi Arabia, with a combined capacity of 2.79 gigawatts, the company said in statements to Tadawul.
Arab News
29/07/2025
Acwa Power, the world's largest private water desalination company, leader in energy transition and first mover into green hydrogen, has announced the successful completion of its SAR7.13 billion ($1
Trade Arabia
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| TAQA | 3.47 | 0.01 (0.28 |
| DEWA | 2.73 | 0.07 (2.63 |
| SAUDIELECTRICITY | 15.84 | 0.39 (2.52 |
| EMPOWER | 1.58 | -0.01 (-0.63 |
| MARAFIQ | 39.20 | -0.20 (-0.51 |
03/10/2025
Emirates Islamic has joined forces with Amazon UAE and Mastercard to launch the first Amazon Credit Card in the Middle East and North Africa region.
Soon to be available exclusively in the
Trade Arabia
03/10/2025
Aluminium Bahrain (Alba) was honoured with the RoSPA President's Award during the Royal Society for the Prevention of Accidents (RoSPA) Safety Summit 2025.
The event was held in partnership
Trade Arabia
03/10/2025
In a move reflecting its commitment to a smarter and more agile investment future, National Investments Company has signed a strategic agreement to develop and implement an integrated Artificial Inte
Kuwait Times
03/10/2025
International Holding Company (IHC), the Abu Dhabi-based global investment firm, has announced a $1 billion (INR88.55 billion) investment in India's Sammaan Capital Limited, one of the country's larg
Gulfnews
03/10/2025
Elegancia Catering, a subsidiary of Estithmar Holding Q.P.S.C., signed an MoU this morning in Damascus with Urbacon Airports to establish a central production unit for catering services at Damascus I
The Peninsula
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia