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Saudi Arabia's ACWA Power to Raise Capital by $1.9 Billion

Saudi Arabia's ACWA Power to Raise Capital by $1.9 Billion
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Saudi Arabia's ACWA Power to Raise Capital by $1.9 Billion

Saudi Arabia's ACWA Power to Raise Capital by $1.9 Billion

ACWA Power is set to increase its capital by SR7.13 billion ($1.89 billion) as part of its strategy to triple assets under management by 2030.

This move, facilitated through the issuance of right issues as per a Tadawul statement, is aimed at supporting the company’s growth trajectory while maintaining financial stability.

The initiative aligns with ACWA Power’s core mission of providing reliable, cost-effective electricity and desalinated water, thereby fostering sustainable social and economic development in communities and nations.

ACWA Power also anticipates a substantial rise in its average annual equity commitment between 2024 and 2030, with estimates ranging between $2 billion and $2.5 billion, up from the previous range of $1 billion to $1.3 billion.

In April, ACWA Power entered into a partnership with the International Renewable Energy Agency to accelerate the global adoption of clean energy sources. The collaboration aims to advance renewable energy infrastructure investment, green hydrogen technologies, solar resources, smart grids, and the nexus between energy and water.

 

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GCC Worker Remittances to Foreign Destinations Reach $131.5 Billion

The volume of workers' remittances from GCC countries is the highest globally. Asharq Al-Awsat
The volume of workers' remittances from GCC countries is the highest globally. Asharq Al-Awsat
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GCC Worker Remittances to Foreign Destinations Reach $131.5 Billion

The volume of workers' remittances from GCC countries is the highest globally. Asharq Al-Awsat
The volume of workers' remittances from GCC countries is the highest globally. Asharq Al-Awsat

The total remittances of workers in the Gulf Cooperation Council (GCC) countries to foreign destinations amounted to $131.5 billion by the end of 2023, according to the latest data released by the GCC Statistical Center.

The volume of workers' remittances from GCC countries is the highest globally, followed by remittances from the United States

The center's report indicated that this marked a decrease by approximately $0.5 billion compared to 2022, a 0.4 percent decline. This comes after significant increases recorded in 2021 and 2022, which saw growth rates of 9.2 percent and 3.8 percent, respectively.

The share of these remittances as a percentage of the GCC's Gross Domestic Product (GDP), at current prices, declined from 8.1 percent in 2020 to six percent in 2022, before experiencing a slight increase in 2023, settling at 6.2 percent.