International Company for Water & Power Projects (ACWA Power), a leading developer, owner and operator of independent power generation and water desalination plants, and Arab Petroleum Investments Corporation (APICORP), a multilateral development bank established by the 10 member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), has announced the signing of a sale and purchase agreement in respect of an eight percent effective stake in Shuqaiq Independent Water and Power Project (Shuqaiq IWPP) in Saudi Arabia.
Under the terms of the agreement, APICORP shall purchase a 13.33 percent equity stake in Shuqaiq International Water Company (SIWEC), thereby giving them an eight percent effective stake in Shuqaiq IWPP.
Shuqaiq IWPP is one of ACWA Power’s early greenfield developments in Saudi Arabia. Located on the western shores of Saudi Arabia, 130 km north of Jazan, the plant has a capacity to generate 850 MW of power and 212,000 cubic meters of desalinated water per day.
The project achieved financial close in 2007 and started commercial operations in 2011. It has a 20-year power and water purchase agreement with Water & Electricity Company, Saudi Arabia.
Prior to this transaction, ACWA Power had a 40 percent effective stake in the project, after having acquired a six percent effective stake in 2014 from Mitsubishi Corporation, Japan, to add to its original 34 percent effective stake in the project.
This transaction complements the Memorandum of Understanding for a co-investment initiative signed by APICORP and ACWA Power in 2014, suggesting close collaboration in various projects in the fields of power generation and water desalination across the core geographies of ACWA Power.
Raed Al-Rayes, deputy chief executive and general manager of APICORP, said: “Shuqaiq IWPP ranks among the major developments in Saudi Arabia’s water and power sector, and makes significant contributions to meeting the country’s rising demands in this field.”
He added: “We are proud to support ACWA Power in their growth plans through this transaction, which enhances and diversifies at the same time our equity portfolio by increasing exposure to the power generation sector that has stable profit rates and low risk. We look forward to working with our partners at Shuqaiq IWPP and to developing similar partnerships with companies in the same sector.”
ACWA Power, APICORP sign deal for minority stake in Shuqaiq IWPP
ACWA Power, APICORP sign deal for minority stake in Shuqaiq IWPP
German Minister of Economy and Energy visits Juffali Industrial Business Park in KAEC
Juffali recently welcomed German Federal Minister of Economy and Energy Katherina Reiche, during an official visit to the Juffali Industrial Business Park in King Abdullah Economic City, in the presence of Khaled Juffali, chairman of Juffali, and senior executives. The visit, on Feb. 2, marks a significant milestone in strengthening Saudi–German industrial cooperation.
Covering a total land area of 400,000 square meters, the business park serves as a strategic platform for advanced manufacturing and industrial localization in the Kingdom. The visit highlighted key joint industrial projects developed in collaboration with leading global partners, reflecting a shared commitment to long-term investment, technology transfer, and local value creation.
The official program included welcoming remarks and ceremonial milestones, during which Liebherr laid the foundation stone for its factory, while Juffali Industrial Products Company and National Automobile Industry placed the cornerstone for their manufacturing facility, symbolizing the advancement of two flagship industrial projects within the business park.
The Juffali Industrial Products Company and National Automobile Industry facility will have an annual production capacity of 6,000 trucks, while Liebherr’s plant is designed to produce up to 1,000 concrete mixers annually. Both facilities will operate with 100 percent local assembly and manufacturing in Saudi Arabia, reinforcing the Kingdom’s localization agenda and supporting the development of national industrial capabilities.
These projects represent a significant addition to Saudi Arabia’s industrial ecosystem and align closely with the objectives of Saudi Vision 2030, supporting sustainable industrial growth, job creation, and high-value manufacturing.
Khaled Juffali reaffirmed Juffali’s commitment to expanding international partnerships and contributing to the Kingdom’s economic diversification through long-term industrial collaboration with leading global partners, further strengthening KAEC’s position as a regional hub for advanced manufacturing.
