WEF in Saudi Arabia Seeks to Redraw Paths of Development

The Saudi capital is hosting on Sunday the first global meeting of the World Economic Forum. (WEF)
The Saudi capital is hosting on Sunday the first global meeting of the World Economic Forum. (WEF)
TT
20

WEF in Saudi Arabia Seeks to Redraw Paths of Development

The Saudi capital is hosting on Sunday the first global meeting of the World Economic Forum. (WEF)
The Saudi capital is hosting on Sunday the first global meeting of the World Economic Forum. (WEF)

The Saudi capital is hosting on Sunday the first global meeting of the World Economic Forum, under the patronage of Prince Mohammed bin Salman, Crown Prince and Prime Minister.

“It is the strongest summit outside of Davos to date,” according to Saudi Minister of Economy and Planning Faisal Al-Ibrahim, who was speaking on the eve of the meeting, which is held under the slogan “Global Cooperation, Growth and Energy for Development.”

The event brings together more than a thousand world officials from 92 countries with the aim of supporting dialogue and finding practical, collaborative and sustainable solutions to common global challenges.

Building on the inaugural Growth Summit in Switzerland last year, the meeting will promote a forward-looking approach to interconnected crises. It will also bridge the growing gap between North and South on issues such as emerging economic policies, energy transition, and geopolitical shocks.

This event comes three days after the issuance of the annual report of the Kingdom’s Vision 2030 in its eighth year, which highlighted the progress achieved by Saudi Arabia at various levels.

“Eight years after the launch of Saudi Vision 2030, we have demonstrated our readiness to lead the path towards an advanced model of growth based on transformation, characterized by innovation and sustainability. Our vision is to chart the path towards a prosperous economy based on knowledge and innovation, a path that unleashes the enormous potential of our human capital,” Al-Ibrahim told a group of journalists on Saturday.

He explained that most of the growth achieved by Saudi Arabia over the past years came from new economic sectors that the country started from scratch in accordance with Vision 2030, such as sports, entertainment and tourism, in addition to industrial sectors.

“The Kingdom is reviewing all of its priorities and adjusting them to suit its needs, and all projects are progressing according to plan and without delay,” he underlined.

In a joint press conference with the President of the World Economic Forum, Borge Brende, earlier on Saturday, the minister said the Kingdom has proven its ability to lead a sustainable model globally, noting that it has achieved a 20 percent economic growth since 2016, while the non-oil economy now represents 50 percent of GDP in 2023.

He continued: “At the global turning point we are living in today, strengthening international cooperation has become more important than ever. In cooperation with the Kingdom of Saudi Arabia as a partner for this meeting, the Forum has chosen a well-established and dynamic global platform for leadership of thought, solutions and business, to be the best host for this special meeting, in light of the exceptional circumstances.”

Al-Ibrahim noted that the special WEF meeting in Riyadh represents a unique opportunity to redraw development paths in all countries and adopt a new model of international cooperation that aims to overcome divisions and achieve common prosperity.

Brende, for his part, underlined the importance of the special meeting of the World Economic Forum, which is taking place at a crucial moment.

He said that in light of the geopolitical tensions and social and economic disparities that exacerbate divisions at the global level, international cooperation and meaningful dialogue have become more urgent than ever before.

He added that the Riyadh meeting provides an opportunity for leaders from various sectors and geographical regions to transform ideas into actions on the ground, and launch scalable solutions to many challenges.

Brende also said Palestinian President Mahmoud Abbas and a number of international officials will visit the Saudi capital this current week to hold talks aimed at pushing towards a peace agreement in Gaza.

He pointed to “some new momentum now in the talks around the hostages, and also for... a possible way out of the impasse we are faced with in Gaza.”

“This is more an opportunity to have structured discussions” with “the key players”, he said, adding: “There will be discussions, of course, on the ongoing humanitarian situation in Gaza.”

The meeting agenda focuses on three main topics, including international cooperation, comprehensive growth and energy for development.

According to a statement issued by the World Economic Forum, more than 220 public figures from more than 60 countries are participating in the meeting.

The WEF, in collaboration with the Saudi Ministry of Economy and Planning, is also organizing the Open Forum on April 28-29, concurrently with the Special Meeting on Global Collaboration, Growth and Energy for Development.

In a statement, the WEF said the forum aims to encourage dialogue and increase awareness on critical issues by providing a platform for ideas, thoughts, and questions to be expressed and tackled in an open environment. It welcomes students, entrepreneurs, young professionals and the general public to the discussion.



ACWA Power Reports 44% Surge in Q1 Profit to $113.8 Million

A wind turbine at the Suez Energy Project. (ACWA Power)
A wind turbine at the Suez Energy Project. (ACWA Power)
TT
20

ACWA Power Reports 44% Surge in Q1 Profit to $113.8 Million

A wind turbine at the Suez Energy Project. (ACWA Power)
A wind turbine at the Suez Energy Project. (ACWA Power)

Saudi energy and water developer ACWA Power reported a 44% year-on-year increase in net profit for the first quarter of 2025, reaching SAR 427.15 million ($113.8 million), according to a disclosure filed with the Saudi Stock Exchange (Tadawul).

The company attributed the strong performance primarily to higher total revenues, an increase in other operating income before impairment and other charges, a reduction in impairment expenses, and a rise in deferred tax balances. These gains were partially offset by increased costs in project development, general and administrative expenses, and financing charges.

ACWA Power’s revenue rose 57% in the quarter, reaching SAR 1.97 billion ($525.2 million), supported by growth across development and construction management services, operation and maintenance contracts, and electricity sales.

In a letter to investors, CEO Marco Arcelli emphasized that the company maintained strong momentum in developing new projects across all sectors during the first quarter.

These initiatives not only lay the foundation for stable future revenues and cash flows, but also contribute to earnings from procurement and construction management, reinforcing the company’s commitment to financial and operational growth, he noted.

Arcelli expressed optimism about the company’s long-term outlook, highlighting ongoing efforts to strengthen project development pipelines, improve procurement strategies, and streamline construction execution.

ACWA Power is building a solid platform for consistent and sustainable growth while remaining focused on delivering its strategic objectives, he stressed.

Among the company’s most significant recent projects are several in renewable energy and water. In the solar sector, ACWA Power is developing the Al-Muwayh solar power plant in Saudi Arabia with a capacity of 2,000 megawatts and an investment of approximately SAR 35 million. The plant is scheduled to begin operations under a long-term power purchase agreement starting in 2027.

The company is also working on the Al-Khushaybi solar plant, with a capacity of 35 megawatts.

In wind energy, ACWA Power is constructing the Bash wind farm in Uzbekistan, a 500-megawatt project expected to be operational in the first quarter of 2025. Another wind project in collaboration with Uzbekistan’s national energy company will have a capacity of 65 megawatts and is also scheduled for completion in 2025.

In the water sector, ACWA Power owns a 40% stake in the Taweelah desalination plant in the United Arab Emirates, one of the largest facilities of its kind with a daily capacity of 3 million cubic meters. The company also holds a 35% share in the Sudair solar project in Saudi Arabia, which will generate 1,500 megawatts of electricity.

ACWA Power has expanded its international footprint with recent acquisitions, including an 85% stake in Yanghe New Energy Technology in China. The company also acquired strategic assets in Egypt and Kuwait and is actively entering new markets while expanding its presence in existing ones.

The company continues to prioritize innovation and R&D, particularly in solar and wind energy, green hydrogen, and energy storage. It is advancing new projects, increasing energy sales, and strengthening its global presence through strategic partnerships, including collaborations with Italian firms and others in Africa and East Asia.

ACWA Power has also launched a new research and development center in Shanghai as part of its international growth strategy.