Saudi Arabia’s ACWA Power enters Azerbaijan market

Saudi firm ACWA Power’s 240 MW wind power project is deemed to bolster the government’s efforts in diversifying Azerbaijan’s energy mix.
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Updated 14 January 2020
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Saudi Arabia’s ACWA Power enters Azerbaijan market

Saudi power and water plants developer ACWA Power has signed an implementation agreement with the Ministry of Energy of Azerbaijan for developing, building and operating a 240 MW wind power project. The power purchase agreement (PPA) of the project spans over a period of 20 years on a build-own-operate (BOO) basis. The signing ceremony was held in the presence of Ali Asadov, prime minister of Azerbaijan; Parviz Shahbazov, minister of energy; Mohammad Abunayyan, chairman of ACWA Power; and Rajit Nanda, chief investment officer of ACWA Power.

The 240 MW project is deemed to bolster the government’s efforts in diversifying Azerbaijan’s energy mix by leveraging the country’s rich renewable energy resources and strengthening energy security, as Azerbaijan is undertaking major reforms to divert its dependence from oil and gas. It is one of the first two independent power projects in Azerbaijan.

Paddy Padmanathan, chief executive of ACWA Power, said: “We are pleased to sign this implementation agreement with the government of Azerbaijan, which expands our geographic footprint of operations into this culturally rich and economically vibrant country straddling Europe and Asia. As a Saudi Arabian company, the trust that is being placed in us by the government of Azerbaijan and the welcome we have received, are a testament to the growing economic relationship between the Kingdom of Saudi Arabia and the Republic of Azerbaijan.”

“The investment we will be making in this renewable energy project reinforces the pivotal role that ACWA Power is committed to playing in deploying Saudi foreign investment to promote the decarbonization of the electricity generation sector by supporting the ambitious sustainability plans and programs being pursued by an increasing number of countries,” he added.

Nanda, chief investment officer of ACWA Power, said: “We continue our legacy and commitment to offering energy at a competitive cost to enable our partners to diversify the energy mix, maximize the deployment of renewable energy and reduce the carbon footprint to achieve the desired socioeconomic development goals.”

“ACWA Power’s entry into the Azerbaijani market through this ambitious project to produce 240 MW of wind energy is also testament to the impressive track record we have established in delivering the lowest possible tariffs time and time again to deliver reliable energy to fuel economic growth and social prosperity. It also confirms our strong belief in the development of public-private partnerships in the country’s power sector,” Nanda added.

An MoU for the wind project was signed in March 2019, which determined the basic principles of cooperation in the field of investments in renewable energy sources in Azerbaijan, assessment of existing potential for investments and creation of necessary conditions.


Saudi Arabia world’s safest and most attractive investment destination, says chairman of Sumou Holding

Updated 09 March 2026
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Saudi Arabia world’s safest and most attractive investment destination, says chairman of Sumou Holding

Saudi Arabia has emerged as one of the world’s safest and most attractive destinations for investment, supported by the strength and resilience of its economy, according to Ayed bin Farhan Al-Qahtani, chairman of Sumou Holding.

Al-Qahtani said the Kingdom’s economy has consistently demonstrated its ability to navigate global and regional crises. He noted that Saudi Arabia has historically adapted to challenging conditions and emerged stronger, thanks to prudent economic policies and effective governance, both of which have reinforced the market’s financial strength. Al-Qahtani added that Saudi Vision 2030 has reshaped the structure of the national economy by diversifying income sources and leveraging the country’s core strengths, creating a more flexible and sustainable economic environment capable of withstanding global volatility.

According to Al-Qahtani, business activity across Saudi Arabia continues to operate normally despite current global uncertainties, highlighting the adaptability and experience of Saudi companies across multiple sectors.

Sumou Holding currently manages an investment portfolio valued at about $10 billion. Al-Qahtani said that the group plans to expand its investments in the Kingdom while seeking to attract additional foreign capital through international partnerships and joint ventures.

The company is evaluating a range of new opportunities across key sectors and particularly in real estate, which Al-Qahtani described as one of the most secure and attractive investment sectors in the Saudi market amid rising demand for residential, commercial, and development projects.

Saudi Arabia’s property market has also undergone significant regulatory reforms aimed at boosting its appeal to international investors. A new foreign property ownership law, which came into effect in early 2026, allows non-Saudis — individuals and companies, residents and non-residents — to own residential, commercial, and agricultural properties across designated areas of the Kingdom.

The framework will increase capital inflows into the real estate sector while introducing specific ownership rules for the holy cities of Makkah and Madinah, two markets Al-Qahtani said remain among the most secure and globally attractive for long-term investment.

Sumou Holding owns two companies listed on the Saudi Exchange: Sumou Real Estate Co. and Ader Real Estate Co.

Al-Qahtani added that the group’s international arm, Ader Global, is building partnerships with global investors and directing capital toward promising opportunities in the Saudi market, reinforcing the Kingdom’s role as a regional hub for investment and multinational companies.

With its strong regulatory framework, investment security, and continued government support for the private sector, Saudi Arabia is well positioned to attract further foreign capital in the coming years, Al-Qahtani said, cementing the country’s status as a leading global investment destination both today and in the future.