عربي English Türkçe اردو فارسى
Logo
Latest News
Business

SAMI Appoints Walid Abukhaled as Acting CEO

Eng. Walid Abukhaled
Eng. Walid Abukhaled
TT
20
TT

SAMI Appoints Walid Abukhaled as Acting CEO

Eng. Walid Abukhaled
Eng. Walid Abukhaled

The Board of Directors of Saudi Arabian Military Industries (SAMI) announced the appointment of Eng. Walid Abukhaled as acting CEO to oversee the company’s operations.

Abukhaled will be taking over from Dr. Andreas Schwer who has served as the company’s chief executive since January 1, 2018.

On its website, SAMI announced that the decision was made after the assessment of SAMI’s achievements since its inception, which included leveraging the international military industries’ experiences in the transfer of technology and best practices as well as the company's growth to its current position.

The move also comes in line with the company’s overarching aim of localizing these experiences with a deeper understanding of the needs of internal and external customers and achieving the Saudization of leadership positions, SAMI added.

Further, the Board of Directors expressed its gratitude and appreciation to Dr. Schwer for his active role in the establishment of the company during the past nearly two and a half years, and for his contributions and expertise that have enabled SAMI to accomplish many remarkable milestones, wishing him every success in his future career.

The decision to name Abukhaled, SAMI’s Chief Strategy and Business Development Officer, as acting CEO until further notice, comes in recognition of his in-depth knowledge and almost three decades of distinguished career in the military industries.

Abukhaled gained his extensive experience by serving several prominent positions, including CEO for the Middle East at Northrop Grumman, Deputy Minister of Industrial Affairs at the Saudi Ministry of Commerce and Industry, President and CEO of General Electric in Saudi Arabia and Bahrain, and Chairman of the Operations Board and Director of Strategic Investments Group at BAE Systems in the United Kingdom and Saudi Arabia, among others.

Most Viewed

 
Business

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
TT

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.