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
Sulaiman Al-Rajhi Endowment projects worth SR8bn launched in Makkah
Sulaiman Al-Rajhi Real Estate Company has announced the launch of several real estate projects belonging to the Sulaiman Al-Rajhi Endowment system in Makkah, with a total investment exceeding SR8 billion ($2.1 billion). These projects include commercial, residential, and hospitality developments, as well as strategic land plots, as part of the company’s commitment to supporting the Kingdom’s real estate sector and enhancing the quality of life in the holy city.
The announcement was made during a field tour by a delegation of high-level officials including Saleh Al-Rasheed, CEO of the Royal Commission for Makkah City and Holy Sites; Ihsan Bafakih, chairman of the board of directors of Sulaiman bin Abdulaziz Al-Rajhi Holding Company; Haitham Al-Fayez, chairman of Sulaiman Al-Rajhi Real Estate Company and CEO of Sulaiman Al-Rajhi Holding Company; Moath Al-Mukhudub, managing director and CEO of Sulaiman Al-Rajhi Real Estate Company; and Anas Mansour Abadi, CEO of real estate at Sulaiman Al-Rajhi Holding Company and representative of the Sulaiman Al-Rajhi Endowment, alongside members of the board of directors of both the holding and real estate companies and the executive team.
The tour included the launch of the Tilal Towers project, with an investment value of SR2 billion, featuring more than 2,500 hotel rooms, strengthening the hospitality sector in Makkah.
The delegation also visited the Tilal Village project, valued at SR2.8 billion. It is one of the prominent qualitative projects within the hospitality ecosystem in Makkah.
Furthermore, the visit covered the residential buildings within Tilal Village, comprising 828 units, with an investment of SR800 million. The delegation inspected the specialized hospital, medical complex housing, and the office and commercial plazas.
During the tour, a contract was signed for the Al-Rajhi Center project, valued at SR250 million, as part of a comprehensive rehabilitation plan.
The inspection also included the Al-Ukayshiyyah land, spanning 4 million square meters, and the Al-Ghazzawi project land, valued at SR250 million.
The tour concluded with prayers at the Aisha Al-Rajhi Mosque, the second-largest mosque in Makkah after the Grand Mosque, with a capacity for 50,000 worshippers.
This visit underscores the importance of these investments, which represent a clear direction toward enhancing the management of the endowment’s assets through diversification, redevelopment, and strategic expansion, in line with the development goals of the Makkah city and Saudi Vision 2030.
Sulaiman Al-Rajhi Real Estate, a subsidiary of Sulaiman bin Abdulaziz Al-Rajhi Holding Company, continues to provide innovative solutions to elevate the real estate sector to international standards.
