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Abu Dhabi's IHC Takes $490m Stake in Turkey's Kalyon

Abu Dhabi's IHC Takes $490m Stake in Turkey's Kalyon
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Abu Dhabi's IHC Takes $490m Stake in Turkey's Kalyon

Abu Dhabi's IHC Takes $490m Stake in Turkey's Kalyon

Abu Dhabi’s International Holding Co on Thursday said it had acquired a 50% stake in Turkey’s Kalyon Enerji for 1.8 billion dirham ($490 million) through one of its subsidiaries.

Kalyon Enerji is part of Turkey’s Kalyon Holding, which has interests in construction, energy and aviation. IHC subsidiary International Energy Holding will acquire the stake, IHC said.

The transaction includes solar power projects in Turkey’s Karapınar and Gaziantep regions and a wind power project in Ankara, IHC said in a statement to the Abu Dhabi stock market, Reuters reported.

Chief Executive Syed Basar Shueb said the deal was IHC’s second-biggest acquisition ever in the renewable energy sector.

Reuters reported in June that Kalyon Holding, which has large solar and wind energy concessions in Turkey, was in advanced talks with IHC to partner on strategic assets.

The Kalyon Karapınar Solar Power Plant, which is included in the deal, will be capable of meeting annual electricity needs of 2 million people once it is completed in 2023, IHC said.

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Saudi Finance Minister: 2025 Budget Aims to Continue Expanding Strategic Spending

Al-Jadaan speaking at the press conference (Asharq Al-Awsat)
Al-Jadaan speaking at the press conference (Asharq Al-Awsat)
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Saudi Finance Minister: 2025 Budget Aims to Continue Expanding Strategic Spending

Al-Jadaan speaking at the press conference (Asharq Al-Awsat)
Al-Jadaan speaking at the press conference (Asharq Al-Awsat)

Saudi Finance Minister Mohammed Al-Jadaan outlined the objectives of the 2025 budget, emphasizing a continued focus on strategic spending for developmental projects aligned with sectoral strategies and Vision 2030 programs.
He added that the budget aims to support initiatives that deliver sustainable economic, social, and environmental benefits, while enhancing the business environment, improving the Kingdom’s trade balance, and increasing both the volume and quality of local and foreign investments.
Speaking at a press conference following the Cabinet’s approval of the budget, Al-Jadaan highlighted the government’s commitment to expansionary spending due to its positive impact on citizens. He noted that Saudi Arabia’s economy has become more resilient to fluctuations in oil markets, reflecting ongoing structural changes.
The non-oil economy is projected to grow by 3.7% by the end of 2024, he said, with non-oil activities contributing 52% to GDP during the first half of the current year.
The minister also revealed that since the launch of Vision 2030, non-oil revenues have increased by 154%. Oil’s share of GDP currently stands at 28%, and the nominal GDP has reached SAR 4.1 trillion, he remarked.

Moreover, Al-Jadaan said that private investment’s contribution to GDP has grown from 16% in 2016 to 24.7% today. The industrial sector is set to attract SAR 30 billion ($8 billion) in investments in 2025, alongside SAR 12.3 billion ($3.2 billion) in credit facilities to support Saudi exporters. Tourism has also emerged as a significant driver of economic growth, ranking as the second-largest contributor to the balance of payments after oil.
The Saudi minister emphasized the encouraging economic indicators, noting the surge in small and medium-sized enterprises driven by government spending. He reiterated the government’s cautious and conservative approach to budget preparation, reflected in revenue figures.
Structural changes in the Kingdom’s economy are beginning to yield tangible results, with a 33% increase in spending on strategies and programs aimed at achieving Vision 2030, according to Al-Jadaan. These efforts are expected to sustain economic growth, foster diversification, and further strengthen the Kingdom’s global economic standing, he stated.