Please wait...
GulfBase Live Support
Leave a message and our representative will contact you soon
- Lebanon receives preliminary approval to increase World Bank loan to $400m
- China Exempts Some Goods from US Tariffs to Limit trade War Pain
- Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as 9th year milestone marked
- Foreign investors remain net buyers of GCC stock market in first quarter
- Quarterly earnings announcement, tariff hold supports QSE index rise
- Gold prices drop more than 1%
- Saudi Arabia's Vision 2030 enters final phase with strong momentum
- Saudi Arabia takes part in European Economic Congress
- UAE jobs: Etihad Airways to hold career fair for Emiratis on May 22
- Adnoc Distribution to operate 500 high-power EV chargers by 2028
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
23/04/2025
Saudi utility giant ACWA Power has secured an SR750 million ($119 million) Shariah-compliant term loan facility from Alinma Bank to fund its new headquarters in Riyadh.
The seven-year agreem
Arab News
06/04/2025
Saudi utility giant ACWA Power has commenced commercial operations at two major wind power plants in Uzbekistan.
ACWA Power holds a 65 percent stake in both projects, having sold a 35 percen
Arab News
04/04/2025
Oman's Nama Power & Water Procurement Company has announced that it has received bids from 12 major utility project developers for two of its key projects - Misfah IPP within Muscat Governorate and D
Trade Arabia
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| TAQA | 3.16 | -0.04 (-1.25 |
| DEWA | 2.66 | 0.01 (0.37 |
| SAUDIELECTRICITY | 15.14 | 0.08 (0.53 |
| EMPOWER | 1.62 | 0.00 (0.00 |
| MARAFIQ | 46.85 | 0.85 (1.84 |
26/04/2025
Adnoc Distribution, a leading fuel distributor and convenience store operator, has unveiled plans for a major expansion of its electric vehicle (EV) charging infrastructure, increasing its charging p
Trade Arabia
25/04/2025
Saudi Awwal Bank (SAB), one of the leading banks in Saudi Arabia, has signed SR2 billion credit facility agreement with the Saudi Binladin Group, a subsidiary of Binladin International Holding Group,
Saudi Gazette
24/04/2025
The Dubai-based logistics firm Aramex has confirmed a new acting CEO after Othman AlJeda, the incumbent, resigned for personal reasons.
The change at the top comes just weeks after Abu Dhabi
Gulfnews
24/04/2025
The leading UAE banks have put up some sizable growth in their Q1-2025 results, with ADIB's net profit before tax totalling Dh1.9 billion - and that's from an impressive 18% gain year-on-year.
Gulfnews
24/04/2025
Salalah Port has received five modern dual-fuel methanol-powered container vessels from Maersk's fleet, marking a significant milestone in the port's infrastructure development and readiness to accom
Times of Oman
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia