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Saudi SAR Signs Agreements, MoU to Develop Railways

The Saudi delegation at the International Astronautical Conference (IAC) in Paris (Asharq Al-Awsat)
The Saudi delegation at the International Astronautical Conference (IAC) in Paris (Asharq Al-Awsat)
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Saudi SAR Signs Agreements, MoU to Develop Railways

The Saudi delegation at the International Astronautical Conference (IAC) in Paris (Asharq Al-Awsat)
The Saudi delegation at the International Astronautical Conference (IAC) in Paris (Asharq Al-Awsat)

The Saudi Railways Company (SAR) concluded several agreements and memoranda of understanding with global partners to achieve the objectives of the national strategy for transport and logistics.

SAR participated in InnoTrans and the international trade conference in Berlin.

SAR awarded a contract to the French electronics company Thales for developing a signaling and control system for rail networks in the Eastern port of Dammam.

The agreement also includes “upgrading the efficiency of logistic operations and expanding rail networks in the Kingdom.”

SAR recently signed MoUs with Thales and other international partners to develop its national transport strategy and logistic services.

The company also signed a strategic MoU with Alstom Company to explore opportunities for the future of sustainable mobility in the Kingdom and develop and implement solutions related to railway infrastructure and capability aligned with Vision 2030.

The company pointed out that it aims to transfer technology and knowledge, sustainable development and application of the best standards, and strategic cooperation to develop logistics transport services.

Furthermore, SAR signed several agreements with Siemens to transfer knowledge and best practices, improve customer satisfaction experience, and localize the railway sector in the Kingdom.

In addition, SAR announced that it signed an agreement with the University of Birmingham to encourage national cadres and provide the best job opportunities in the railway by organizing training courses and applied studies.

Meanwhile, Saudi Arabia participated in the International Astronautical Conference (IAC) in France. It reviewed its experience in space, potential, and future aspirations for this vital and promising sector.

The CEO of the Saudi Space Authority, Mohammad al-Tamimi, met several agency officials, companies, and sector leaders to discuss bilateral cooperation in space economies and future sectors.

Tamimi met with Deputy Assistant to Executive Secretary of the US National Space Council Chirag Parikh to enhance cooperation in the space field and develop its legislations and regulations.

He later met with the President of the Italian Space Agency, Giorgio Saccoccia, and covered efforts to boost relations between the two sides in the space field.

He also held a meeting with the CEO of the UK Space Agency, Paul Bate, to strengthen and develop cooperation in the space field, and the Chairperson of UAE Space Agency, Sarah al-Amiri, to enhance strategic partnership in the space field and its sectors.

He discussed with Airbus officials the sector's existing projects and development opportunities.

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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)
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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.