Acwa Power Targets Developing Projects in 15 Countries

ACWA Power is eager to expand in more countries.
ACWA Power is eager to expand in more countries.
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Acwa Power Targets Developing Projects in 15 Countries

ACWA Power is eager to expand in more countries.
ACWA Power is eager to expand in more countries.

ACWA Power Chairman Mohammad Abunayyan said that his company is looking forward to operating in 15 countries through energy projects.

The company currently operates in 11 countries through a combination of various energy projects.

Abunayyan said that his company is keen on the implementation of the Kingdom’s Vision 2030 and is eager to expand its operations all over the world.

The company’s strategy includes launching operations in 30 countries by 2030.

Moreover, ACWA Power is preparing to present plans for water desalination projects, which were recently announced in Saudi Arabia.

Abunayyan told Asharq Al-Awsat that the Kingdom has a strong and ambitious program to desalinate water, revealing the ACWA Power will present its first project proposal next week.

“We are very optimistic over the desalination and renewable energy projects in Saudi Arabia,” he stressed.



Fitch Ratings Affirms Saudi Arabia's Credit Rating at 'A+' with Stable Outlook

The King Abdulaziz Center for World Culture is lit up on the occasion of Saudi national day. (SPA file)
The King Abdulaziz Center for World Culture is lit up on the occasion of Saudi national day. (SPA file)
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Fitch Ratings Affirms Saudi Arabia's Credit Rating at 'A+' with Stable Outlook

The King Abdulaziz Center for World Culture is lit up on the occasion of Saudi national day. (SPA file)
The King Abdulaziz Center for World Culture is lit up on the occasion of Saudi national day. (SPA file)

Fitch Ratings affirmed on Friday Saudi Arabia’s credit rating at "A+" with a Stable Outlook, according to a recent report.

The agency stated that the rating reflects the strength of the Kingdom’s financial position. It noted that Saudi Arabia’s debt-to-GDP ratio and sovereign net foreign assets are significantly stronger than the "A" and "AA" rating category medians.

It also highlighted that the Kingdom holds substantial financial reserves in the form of deposits and other public sector assets.

Fitch expects sovereign net foreign assets to remain a core credit strength, reaching 35.3% of gross domestic product (GDP) in 2027 - a high ratio compared to the "A" median of 3.1% of GDP.

The agency also highlighted the Kingdom’s ongoing fiscal reforms, which aim to enhance the public budget's resilience to oil price fluctuations. These reforms, along with the continued improvement in non-oil revenues, are seen as supportive of Saudi Arabia’s credit profile.