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ACWA Power Secures $1.33 Billion for Red Sea Project Utilities

Saudi Acwa Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. (Reuters)
Saudi Acwa Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. (Reuters)
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ACWA Power Secures $1.33 Billion for Red Sea Project Utilities

Saudi Acwa Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. (Reuters)
Saudi Acwa Power-generating windmills are pictured in Jbel Sendouq, on the outskirts of Tangier, Morocco, June 29, 2018. (Reuters)

Saudi Arabian utility developer ACWA Power said on Tuesday it closed an agreement for $1.33 billion (4.9 billion riyals) in senior debt for a multi-utilities project at Saudi Arabia's Red Sea project.

The project is a joint venture, in which ACWA holds a 50 percent stake, with SPIC Huanghe Hydropower Development Company and Saudi Tabreed District Cooling Company.

"In addition, the JV has secured Equity Bridge Loan facilities from Bank AlBilad, Bank Al-Jazira, and Arab National Bank and a Working Capital and VAT Facility for $93.4 million from Al Rajhi Banking and Investment Corporation," ACWA said in a stock exchange filing.

The financing was from Al Rajhi Banking and Investment Corporation, Banque Saudi Fransi, Saudi British Bank, Arab Petroleum Investment Corporation, Standard Chartered Bank, and Riyad Bank.

The facilities will be used to construct, manage, and operate power, desalination, waste-water treatment, solid waste processing, district cooling plants, and communication infrastructure.

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Alswaha: Saudi Arabia's Participation at WEF Strengthens Global Efforts in AI Technologies

Saudi Minister of Communications and Information Technology Eng. Abdullah Alswaha. SPA file photo
Saudi Minister of Communications and Information Technology Eng. Abdullah Alswaha. SPA file photo
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Alswaha: Saudi Arabia's Participation at WEF Strengthens Global Efforts in AI Technologies

Saudi Minister of Communications and Information Technology Eng. Abdullah Alswaha. SPA file photo
Saudi Minister of Communications and Information Technology Eng. Abdullah Alswaha. SPA file photo

Saudi Minister of Communications and Information Technology Abdullah Alswaha has underlined the Kingdom's pivotal role in driving the global agenda to enhance the digital economy, foster innovation, and leverage artificial intelligence (AI) to serve humanity and protect the planet.

In a statement to the Saudi Press Agency (SPA), he highlighted that the Kingdom's international standing is a result of the support and guidance of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud.

The minister explained that Saudi Arabia's participation in the annual meeting of the World Economic Forum (WEF) in Davos, held from January 20 to 24, comes at a time when the world is transitioning from the digital age to the AI age.

This underscores the Kingdom's significant role in leading global efforts to promote innovation and utilize AI for the benefit of humanity.

He noted that the annual high-profile gathering provides a global platform to showcase the Kingdom's developmental, economic, and technological achievements under the framework of Saudi Vision 2030, made possible by the support of the Kingdom's leadership.

Alswaha said that Saudi Arabia is working in partnership with the international community to harness AI as a key tool for advancing sustainable development and achieving global goals, adding that these efforts aim to improve quality of life, support the digital economy, and create new job opportunities across various sectors, contributing to a sustainable and prosperous future for all.