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ACWA Power: Saudi Arabia’s Cornerstone In Renewable Energy Sector

FILE PHOTO: Saudi ACWA Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. REUTERS/Youssef Boudlal/File Photo
FILE PHOTO: Saudi ACWA Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. REUTERS/Youssef Boudlal/File Photo
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ACWA Power: Saudi Arabia’s Cornerstone In Renewable Energy Sector

FILE PHOTO: Saudi ACWA Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. REUTERS/Youssef Boudlal/File Photo
FILE PHOTO: Saudi ACWA Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. REUTERS/Youssef Boudlal/File Photo

The Saudi ACWA Power has contributed to shaping the renewable energy sector around the world. The company has been a pioneer in supporting the sector through new standards in terms of cost, construction and the creation of innovative dimensions within the industry.

“ACWA Power in itself represents a true Saudi success story. It is also a cornerstone and a living model for the thriving private sector in the Kingdom,” Saudi Minister of Investment Khaled Al-Falih said on Sunday.

In 2002, Saudi Arabia amended its investment laws and allowed the private sector to own and operate service facilities such as water and power plants.

ACWA Power was established in 2004, taking advantage of the new investment laws to create new job opportunities in the Saudi market.

From 2004 to 2011, ACWA Power concentrated all its activities in Saudi Arabia, and won several contracts for water and electricity.

The company launched its current goal for international expansion in 2011 with the acquisition of the Central Electricity Generating Company in Jordan (CEGCO), and the signing of joint development agreements to launch projects for the production of electricity using combined cycle gas technology in a number of countries in the region.

Since then, the company has succeeded to expand in different countries of the world while maintaining its main activity within the Middle East region.

ACWA Power is present in 13 countries in the Middle East, Africa, Central Asia and Southeast Asia and employs around 3,500 persons.

Its portfolio of 62 assets has an investment value of USD 62.6 billion, with a production capacity of 38.9 gigawatts of electric power and 5.8 million cubic meters of desalinated water per day.

The company seeks to provide electricity and desalinated water in a reliable and responsible manner to support social development and economic growth of nations, through long-term purchase contracts that operate on a partnership model between the government and the private sectors.

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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)
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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)

Chinese lawmakers are deliberating a draft of the country's first basic law specifically focused on the development of the private sector, the country’s Xinhua news agency reported.

“The law will be conducive to creating a law-based environment that is favorable to the growth of all economic sectors, including the private sector,” said Justice Minister He Rong, while explaining the draft on Saturday during the ongoing session of the Standing Committee of the National People's Congress, the national legislature.

The draft private sector promotion law covers areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.

The draft has incorporated suggestions solicited from representatives of the private sector, experts, scholars and the general public, the minister said.

China left its benchmark lending rates unchanged as expected at the monthly fixing on Friday.

Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margin on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.

The one-year loan prime rate (LPR) was kept at 3.10%, while the five-year LPR was unchanged at 3.60%.

In a Reuters poll of 27 market participants conducted this week, all respondents expected both rates to stay unchanged.

Morgan Stanley said in a note that the 2025 budget deficit and mix are more positive than expected and suggest Beijing is willing to set a high growth target and record fiscal budget to boost market confidence, but further policy details are unlikely before March.

Last Friday, data released by the country's central bank said total assets of China's financial institutions had risen to 489.15 trillion yuan (about $68.03 trillion) by the end of third quarter this year.

The figure represented a year-on-year increase of 8%, said the People's Bank of China.

Of the total, the assets of the banking sector reached 439.52 trillion yuan, up 7.3% year on year, while the assets of securities institutions rose 8.7% year on year to 14.64 trillion yuan.

The insurance sector's assets jumped 18.3% year on year to 35 trillion yuan, the data showed.

The liabilities of the financial institutions totaled 446.51 trillion yuan, up 8% year on year, according to the central bank.

Separately, data released by the National Energy Administration on Thursday showed that China's electricity consumption, a key barometer of economic activity, rose by 7.1% year on year in the first 11months of the year.

During the period, power consumption of the country's primary industries increased by 6.8% year on year, while that of its secondary and tertiary sectors rose by 5.3% and 10.4%, respectively.

Residential power usage saw strong growth of 11.6% during this period, the administration said.

In November alone, power usage climbed 2.8% from one year earlier, according to the data.