Saudi Arabia’s Acwa Power successfully raised 2.8 billion Saudi riyals ($746 million) through the issuance of a 7-year sukuk, or Islamic bond, as the company continues to diversify its sources of funding to support its growth.
The issuance was the first the company has completed in the Saudi Arabian market and benefited from "significant interest from fund managers, government funds and insurance companies", the company said in a statement on Monday evening. The offer was 1.8-times oversubscribed.
“The success of the issuance is proof of the wider market’s faith in KSA’s bond market and Acwa Power’s strong credit fundamentals, which have attracted a diverse pool of sophisticated investors,” Paddy Padmanathan, president and chief executive of Acwa Power, said. “The issuance is also a vote of confidence from investors in our ability to capture large opportunities in Saudi Arabia and other growth markets.”
Companies in the Gulf have been taking advantage of low rates to raise debt as the region emerges from an economic downturn caused by the Covid-19 pandemic and last year's oil price plunge. Emerging markets specialist Franklin Templeton said this week it expects debt market issuance in the Gulf this year to be in line with last year's total of $250bn, but for a greater proportion of this to be issued by the corporate sector.
Acwa Power operates in 13 countries in the Middle East, Africa and South-East Asia. It has a portfolio of 64 assets with a total investment of $66bn, producing 42 gigawatts of power and 6.4 million cubic metres per day of desalinated water.
The transaction is also Acwa Power’s first since Saudi’s sovereign wealth fund, the Public Investment Fund, became a 50 per cent shareholder in the company last year.
The sukuk issuance “marks a new phase in diversifying our company’s funding sources to cater for future growth, reinforcing our strong track record in delivering power and desalinated water … to communities in the kingdom and around the world”, Kashif Rana, chief financial officer at Acwa Power, said.
HSBC Saudi Arabia and Samba Capital acted as joint lead managers and bookrunners for the sukuk, while Norton Rose Fulbright provided legal counsel.
Earlier this year, Acwa Power secured financing for a $1bn power project it is developing in Uzbekistan as part of its strategy to boost its renewable energy portfolio in the Central Asian republic.
The company also signed an agreement with Dubai-based Neutral Fuels to supply net-zero biofuel – a clean form of fuel that lowers emissions – to power the kingdom's Red Sea tourism project on thecoast.
Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
RESULT
Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
Day 1 results:
Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)
Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)
The%C2%A0specs%20
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LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
CRICKET%20WORLD%20CUP%20QUALIFIER%2C%20ZIMBABWE%20
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THREE
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