Two state-owned firms take almost 20 per cent stake in local power company
Two investment funds owned by the Saudi government have bought a stake totaling almost 20 per cent in local utility company Acwa Power.
Sanabil Direct Investment Company, owned by the Saudi Arabian Investment Company, and the Public Pension Agency (PPA) have acquired a 13.72 and 5.71 per cent stake respectively.
“This will have a significant positive impact on the strength of the company’s financial position and on its business by accelerating the execution of its strategic and expansion plans,” said Mohammad Abunayyan, chairman of Acwa.
Acwa won it first power project in Saudi Arabia in 2004, and has since developed a portfolio of 19 assets in 8 different countries, with a total investment of $17bn.
The company is planning an initial public offering on the Saudi Stock Exchange (Tadawul) in 2014.
You might also like...
UAE bank asset quality hinges on property market
03 April 2026
Safety and security matters
03 April 2026
Saudi forecast remains one of growth
03 April 2026
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.
Take advantage of our introductory offers below for new subscribers and purchase your access today! If you are an existing client, please reach out to your account manager.
