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ACWA Power Signs $545 Mn Financing Agreement for Rabigh-4 in Western Saudi Arabia

ACWA Power is developing multiple energy and water desalination projects in Saudi Arabia (Asharq Al-Awsat)
ACWA Power is developing multiple energy and water desalination projects in Saudi Arabia (Asharq Al-Awsat)
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ACWA Power Signs $545 Mn Financing Agreement for Rabigh-4 in Western Saudi Arabia

ACWA Power is developing multiple energy and water desalination projects in Saudi Arabia (Asharq Al-Awsat)
ACWA Power is developing multiple energy and water desalination projects in Saudi Arabia (Asharq Al-Awsat)

ACWA Power signed financing and guarantee agreements for Rawabi Water Desalination Company for the Rabigh-4 Independent Water Plant in Yanbu.

Under the agreements, ACWA Power will receive long-term financing worth $545.3 million, according to information released on Sunday.

- Financing alliance

According to a Saudi Stock Exchange (Tadawul) statement, the financing party is represented by a financing alliance consisting of local and international banks, including Standard Chartered, the Saudi National Bank, Riyad Bank, and the Saudi Bank.

- Investment cost

According to the information, the project's total investment cost is $678 million, financed through long-term debt and shareholders' capital.

ACWA Power's share in the project in Rabigh, western Saudi Arabia, is 45 percent.

The Rabigh 4 IWP Project has a 600,000 m3/ day seawater reverse osmosis (SWRO) desalination plant, a PWSF tank of 1,200,000 m3, and a PV capacity of 6.804 MWp.

ACWA Power explained that seawater reverse osmosis is a hot topic in the water treatment industry, with the lowest energy requirements, some of the highest usage rates, and one of the best filtration rates on the market.

- Project award

In July, ACWA Power announced the signing of an engineering, procurement, and construction (EPC) contract with a consortium of Power China, SEPCOIII, and WETICO for the 600,000 m3/day Rabigh 4 Independent Water Plant (IWP) project.

Financial close for the project is expected during the third quarter of 2023.

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Three Saudi-Yemeni Companies Established in Energy, Telecom to Support Yemen's Reconstruction

The Saudi-Yemeni Business Council holds meeting in Makkah, announces strategic initiatives (Asharq Al-Awsat)
The Saudi-Yemeni Business Council holds meeting in Makkah, announces strategic initiatives (Asharq Al-Awsat)
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Three Saudi-Yemeni Companies Established in Energy, Telecom to Support Yemen's Reconstruction

The Saudi-Yemeni Business Council holds meeting in Makkah, announces strategic initiatives (Asharq Al-Awsat)
The Saudi-Yemeni Business Council holds meeting in Makkah, announces strategic initiatives (Asharq Al-Awsat)

The Saudi-Yemeni Business Council, part of the Federation of Saudi Chambers, announced six initiatives to boost trade and support Yemen’s economic development at a meeting in Makkah, Saudi Arabia.
Over 300 Saudi and Yemeni investors attended, agreeing to establish three companies to help rebuild Yemen and improve its infrastructure.
The initiatives include upgrading border crossings to improve logistics and increase trade, currently valued at 6.3 billion riyals ($1.6 billion). Yemen’s exports to Saudi Arabia, worth only 655 million riyals ($174.6 million), highlight untapped potential in mining, agriculture, livestock, and fisheries.
Key recommendations to enhance trade and support Yemen’s economic recovery include setting up quarantine facilities for Yemeni livestock and agricultural products to increase exports, as well as building smart food cities near border areas to improve food security and sustainable cooperation.
The Council urged action to address banking challenges faced by traders, suggesting reforms in Yemen’s financial sector and stronger ties with Saudi banks. It also proposed creating a club for Yemeni investors in Saudi Arabia to encourage joint projects and partnerships.
Three new Saudi-Yemeni companies will be established. One will invest $100 million in solar energy to provide sustainable electricity in Yemen. Another will focus on boosting telecommunications via Starlink satellite services. The third will organize events to promote Saudi products and support Yemen’s reconstruction.
Speaking to Asharq Al-Awsat, Council President Dr. Abdullah bin Mahfouz emphasized the private sector’s critical role in stabilizing Yemen’s economy and society through investments that support development, create jobs, improve infrastructure, and promote small and medium-sized enterprises (SMEs).
He stressed the importance of empowering Yemeni entrepreneurs and securing funding for reconstruction projects, encouraging public-private partnerships to execute large-scale initiatives under the Build-Operate-Transfer (BOT) model.
The Makkah meeting ended with agreements between Saudi and Yemeni companies to develop key sectors such as energy, agriculture, and infrastructure.
Streamlined customs, improved logistics, and upgraded Yemeni ports and airports were also highlighted as priorities to facilitate trade.
Yemeni delegation leader Abdulmajid al-Saadi, praised Saudi Arabia’s new investment law, noting Yemeni investments in the Kingdom have reached 18 billion riyals ($4.8 billion), ranking third among foreign investors.