Shamal Az-Zour Al-Oula Power and Water Company said it received regulatory approval for its listing debut on Boursa Kuwait's premier market on August 16.
The company is the first power generation and water desalination firm and the first private-public partnership project to be listed in Kuwait, it said in a statement on Saturday. NBK Capital served as the company's listing adviser.
"The listing adds diversification to the [equities] market that will attract local, regional and international investors, it is a testament to the strength of the private sector and its ability to take the initiative for economic development and increasing non-oil revenues," Husam Abdullah Al Roumi, chairman of Shamal Az-Zour Al-Oula, said.
The listing follows after the Kuwait Authority for Partnership Projects (KAPP)'s public offering of its stake in Shamal Az-Zour Al-Oula to Kuwaiti citizens last year.
The distribution of 50 per cent of the company's total shares to Kuwaitis during the last quarter of 2019 was oversubscribed by 1.27 times and attracted about 127,000 investors.
The remaining 50 per cent of shares are owned by various public and private sector entities. Some 40 per cent is held by Azour North One Holding Company, owned by a consortium comprising Engie, Sumitomo and AH Al Sagar & Brothers. The Kuwait Investment Authority and the Public Institution for Social Security each hold a five per cent stake.
“Shamal Az-Zour Al-Oula represents a unique opportunity for citizens to invest in a privately-operated infrastructure project," NBK Capital chief executive Faisal Abdullatif Al Hamad said. "The company operates in the resilient utilities sector, and benefits from a stable revenue outlook … as a result of a long-term contract with Kuwait’s Ministry of Electricity and Water.”
The company operates the Az-Zour North One power and water plant, which began commercial operations in November 2016. The plant currently supplies about 10 per cent of Kuwait’s installed power capacity and 20 per cent of the country's water desalination capacity.
Power and water produced by the company are entirely supplied to the national power and water grid operated by the Kuwait Ministry of Electricity and Water under a 40-year long-term Energy Conversion and Water Purchase Agreement.
In Praise of Zayed
A thousand grains of Sand whirl in the sky
To mark the journey of one passer-by
If then a Cavalcade disturbs the scene,
Shall such grains sing before they start to fly?
What man of Honour, and to Honour bred
Will fear to go wherever Truth has led?
For though a Thousand urge him to retreat
He'll laugh, until such counsellors have fled.
Stands always One, defiant and alone
Against the Many, when all Hope has flown.
Then comes the Test; and only then the time
Of reckoning what each can call his own.
History will not forget: that one small Seed
Sufficed to tip the Scales in time of need.
More than a debt, the Emirates owe to Zayed
Their very Souls, from outside influence freed.
No praise from Roderic can increase his Fame.
Steadfastness was the Essence of his name.
The changing years grow Gardens in the Sand
And build new Roads to Sand which stays the same.
But Hearts are not rebuilt, nor Seed resown.
What was, remains, essentially Alone.
Until the Golden Messenger, all-wise,
Calls out: "Come now, my Friend!" - and All is known
- Roderic Fenwick Owen
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Kandahar%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Ric%20Roman%20Waugh%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3EGerard%20Butler%2C%20Navid%20Negahban%2C%20Ali%20Fazal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202.5%2F5%3C%2Fp%3E%0A
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
