UAE to Launch 50-Year Development Strategy Based on Knowledge Economy

A view of Abu Dhabi, UAE. (Getty Images)
A view of Abu Dhabi, UAE. (Getty Images)
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UAE to Launch 50-Year Development Strategy Based on Knowledge Economy

A view of Abu Dhabi, UAE. (Getty Images)
A view of Abu Dhabi, UAE. (Getty Images)

The United Arab Emirates declared that 2020 will be the launchpad of preparations for the next 50 years, ahead of its milestone Golden Jubilee in 2021. The country is targeting the post-oil stage via a knowledge economy.

Sheikh Mohammed bin Rashid, the Vice President and Ruler of Dubai, and Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, announced that next year will be used to deliver a roadmap for the future and make preparations for grand celebrations to mark the 50th anniversary of the nation.

They ordered forming two UAE cabinet committees.

One committee, to be headed by Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, with Mohammed al-Gergawi, Minister of Cabinet Affairs and the Future, serving as his deputy, will lay out a comprehensive development plan for the next 50 years. Its responsibilities will include developing vital sectors including health, education, housing, transport and food security across the country.

The committee will be tasked with mapping out the Emirates’ Golden Jubilee celebrations.

“The UAE approaches its Golden Jubilee in 2021, a new milestone that celebrates 50 years of our young country and begins the journey to the next 50 years. Preparations for our new journey start next year 2020. Together, we welcome 2020: Towards the next 50,” said Sheikh Mohammed bin Rashid on Saturday.

He added: “Today, we announce 2020: Towards the next 50. We shall develop our plans and projects and reinvent new ideas. 50 years ago, the founding fathers shaped our life today, and next year, we will shape the coming five decades for the future generations.”

“In 2020, we will work on making giants leaps in our economy, education, infrastructure, health and media to share the UAE’s new story with the world. Together, we will build the Emirates of the future in 2020 with the winning spirit of the union. Our development journey has no end,” he continued.

“We will work together as citizens and residents across all sectors towards the next 50. United, we can make significant changes and raise our aspirations. We want 2020, the year before our Golden Jubilee, to be similar to 1970 when a new journey was being drafted for this nation.”

The Abu Dhabi Crown Prince stated: “With the willpower and unity of our people, we will work tirelessly to achieve our goal in making the UAE among the best countries in the world by the UAE centennial in 2071.”

“Given the significant role of 2020 in preparing for an unprecedented developmental leap, the UAE's readiness for the next 50 years does not start today or next year. Rather, it goes back to the long-term developmental plans, visions and strategies established and implemented throughout different phases of the country's history,” he stressed.

“Today, we continue preparing and foreseeing the future and building a strong foundation to meet our goals with full confidence and persistence in a rapidly-changing world.”



ACWA Power Completes $1.9 Billion Rights Issue

The ACWA Power headquarters in Riyadh. (Asharq Al-Awsat)
The ACWA Power headquarters in Riyadh. (Asharq Al-Awsat)
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ACWA Power Completes $1.9 Billion Rights Issue

The ACWA Power headquarters in Riyadh. (Asharq Al-Awsat)
The ACWA Power headquarters in Riyadh. (Asharq Al-Awsat)

Saudi Arabia's ACWA Power, the world’s largest private water desalination company, announced on Sunday the successful completion of its 7.125 billion Saudi riyal ($1.9 billion) rights issue, marking one of the largest capital raises in the history of the Saudi capital market.

In a statement, the company said the transaction drew exceptional investor interest with an overall subscription of 96%, and a 6x over-subscription in the rump placement with an overwhelming majority going to international investors, despite the tight discount level and the volatile market of the recent months.

The proceeds from the rights issue will be used to fund ACWA Power’s growth to achieve $250 billion of assets under management by 2030 from the current $117 billion, it said.

It added that these funds will be deployed across ACWA Power’s robust project development pipeline, including power, water desalination and green hydrogen projects, as well as selective Mergers and Acquisitions (M&A) opportunities to complement our portfolio.

“The overwhelming support we received in our capital raise is a resounding vote of confidence in our strategy, growth ambitions, and role in supporting Saudi Arabia’s Vision 2030,” Chief Financial Officer of ACWA Power Abdulhameed Al Muhaidib said in a post on X.

“We have a strong track record, having almost doubled the size of the company in the last three years, and we extend our sincere appreciation to the Capital Market Authority, the Saudi Stock Exchange, and all our transaction partners whose support and collaboration were instrumental to the success of this rights issue,” Al Muhaidib added.

The total offering size amounted to 7.125 billion Saudi riyals, with 96.2% of the new shares subscribed during the subscription period.

The rump offering, where the qualified institutional investors had the chance to bid for the remaining unsubscribed new shares, was oversubscribed by 592%, demonstrating significant interest from investors beyond the initial shareholder base.

This successful offering not only reinforces the company’s position but also contributes to Saudi Arabia’s broader transition toward a sustainable and diversified energy future, ACWA Power said.