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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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Three Saudi-Yemeni Companies Established in Energy, Telecom to Support Yemen's Reconstruction

The Saudi-Yemeni Business Council holds meeting in Makkah, announces strategic initiatives (Asharq Al-Awsat)
The Saudi-Yemeni Business Council holds meeting in Makkah, announces strategic initiatives (Asharq Al-Awsat)
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Three Saudi-Yemeni Companies Established in Energy, Telecom to Support Yemen's Reconstruction

The Saudi-Yemeni Business Council holds meeting in Makkah, announces strategic initiatives (Asharq Al-Awsat)
The Saudi-Yemeni Business Council holds meeting in Makkah, announces strategic initiatives (Asharq Al-Awsat)

The Saudi-Yemeni Business Council, part of the Federation of Saudi Chambers, announced six initiatives to boost trade and support Yemen’s economic development at a meeting in Makkah, Saudi Arabia.
Over 300 Saudi and Yemeni investors attended, agreeing to establish three companies to help rebuild Yemen and improve its infrastructure.
The initiatives include upgrading border crossings to improve logistics and increase trade, currently valued at 6.3 billion riyals ($1.6 billion). Yemen’s exports to Saudi Arabia, worth only 655 million riyals ($174.6 million), highlight untapped potential in mining, agriculture, livestock, and fisheries.
Key recommendations to enhance trade and support Yemen’s economic recovery include setting up quarantine facilities for Yemeni livestock and agricultural products to increase exports, as well as building smart food cities near border areas to improve food security and sustainable cooperation.
The Council urged action to address banking challenges faced by traders, suggesting reforms in Yemen’s financial sector and stronger ties with Saudi banks. It also proposed creating a club for Yemeni investors in Saudi Arabia to encourage joint projects and partnerships.
Three new Saudi-Yemeni companies will be established. One will invest $100 million in solar energy to provide sustainable electricity in Yemen. Another will focus on boosting telecommunications via Starlink satellite services. The third will organize events to promote Saudi products and support Yemen’s reconstruction.
Speaking to Asharq Al-Awsat, Council President Dr. Abdullah bin Mahfouz emphasized the private sector’s critical role in stabilizing Yemen’s economy and society through investments that support development, create jobs, improve infrastructure, and promote small and medium-sized enterprises (SMEs).
He stressed the importance of empowering Yemeni entrepreneurs and securing funding for reconstruction projects, encouraging public-private partnerships to execute large-scale initiatives under the Build-Operate-Transfer (BOT) model.
The Makkah meeting ended with agreements between Saudi and Yemeni companies to develop key sectors such as energy, agriculture, and infrastructure.
Streamlined customs, improved logistics, and upgraded Yemeni ports and airports were also highlighted as priorities to facilitate trade.
Yemeni delegation leader Abdulmajid al-Saadi, praised Saudi Arabia’s new investment law, noting Yemeni investments in the Kingdom have reached 18 billion riyals ($4.8 billion), ranking third among foreign investors.