Saudi Arabia's Acwa Power plans to proceed with its initial public offering and will list 11.1 per cent of its shares on the Tadawul stock exchange, the company said on Thursday.
The Capital Market Authority on June 30 approved the power developer's application to list 81,199,299 new ordinary shares on the bourse.
“The final price at which all subscribers in the offering will purchase shares will be determined at the end of the book-building period,” Acwa Power said in a statement.
The listing will be one of the biggest in the region's energy industry after Saudi Aramco, the kingdom's oil company.
Acwa Power operates in 13 countries across the Middle East, Africa and South-east Asia. It has a portfolio of 64 assets with a total investment of $66 billion, producing 42 gigawatts of power and 6.4 million cubic metres per day of desalinated water.
The power developer is at the forefront of Saudi Arabia's continuing diversification of its energy sector, which it has singled out for greener investments. The world's largest oil exporter plans to add gas and renewables capacity equating to one million barrels of oil per day by 2030.
The kingdom’s sovereign wealth fund, the Public Investment Fund (PIF), is the biggest shareholder in the company with a 50 per cent stake. Acwa Power has seven other stakeholders, including the Saudi Public Pension Agency.
PIF has been given the mandate to develop nearly 70 per cent of renewable projects in Saudi Arabia, the Arab world's largest economy. Utilities and renewables are among the 13 sectors identified by the fund as part of its Vision 2030 strategy.
“Combined with robust strategic partnerships, we are now well-positioned to capture significant opportunities in Saudi Arabia as well as in attractive markets globally, including utility-scale green hydrogen,” said Paddy Padmanathan, chief executive at Acwa Power.
The company is building one of the world's largest green hydrogen projects in Neom, Saudi Arabia's futuristic mega-city straddling the borders of Egypt and Jordan.
The $5 billion project, which is being developed with Air Products, will have a capacity of four gigawatts and produce 650 tonnes of hydrogen per day.
The planned IPO will give investors “a unique opportunity” to participate in decarbonisation efforts being undertaken by Acwa Power in Saudi Arabia and across the world”, said Mohammad Abunayyan, chairman of the board at Acwa Power.
The company has a pipeline of more than 85 projects under construction or in advanced development, representing 68 gigawatts of power and 9.5 million cubic metres per day of water capacity.
Acwa Power is seeking greenfield growth opportunities in the power sector of around 385 gigawatts, the company declared in its prospectus to the CMA.
“The share of renewables in Acwa Power’s total gross power capacity is currently 33 per cent, which is targeted to increase to 50 per cent by 2030 as the company makes headway towards its net-zero emissions target by 2050,” it said.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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T20 World Cup Qualifier, Muscat
UAE FIXTURES
Friday February 18: v Ireland
Saturday February 19: v Germany
Monday February 21: v Philippines
Tuesday February 22: semi-finals
Thursday February 24: final
Killing of Qassem Suleimani
Anti-semitic attacks
The annual report by the Community Security Trust, which advises the Jewish community on security , warned on Thursday that anti-Semitic incidents in Britain had reached a record high.
It found there had been 2,255 anti-Semitic incidents reported in 2021, a rise of 34 per cent from the previous year.
The report detailed the convictions of a number of people for anti-Semitic crimes, including one man who was jailed for setting up a neo-Nazi group which had encouraged “the eradication of Jewish people” and another who had posted anti-Semitic homemade videos on social media.
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
The stats: 2017 Jaguar XJ
Price, base / as tested Dh326,700 / Dh342,700
Engine 3.0L V6
Transmission Eight-speed automatic
Power 340hp @ 6,000pm
Torque 450Nm @ 3,500rpm
Fuel economy, combined 9.1L / 100km
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
KILLING OF QASSEM SULEIMANI
Zayed Sustainability Prize
How to help
Donate towards food and a flight by transferring money to this registered charity's account.
Account name: Dar Al Ber Society
Account Number: 11 530 734
IBAN: AE 9805 000 000 000 11 530 734
Bank Name: Abu Dhabi Islamic Bank
To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
The specs: Macan Turbo
Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
