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ACWA Power inks $1.78bn agreements to boost renewable energy, R&D

ACWA Power inks $1.78bn agreements to boost renewable energy, R&D
Deals span corporate financing, renewable energy projects, and research partnerships across the Gulf Cooperation Council, China, Central Asia, and North Africa. Supplied
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Updated 30 October 2024
Nirmal Narayanan
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ACWA Power inks $1.78bn agreements to boost renewable energy, R&D

ACWA Power inks $1.78bn agreements to boost renewable energy, R&D
  • First agreement is a $690 million framework deal with the National Bank of Kuwait for general corporate finance facilities
  • ACWA Power secured a $240 million Shariah-compliant equity bridge loan from the International Finance Corp.
Updated 30 October 2024
Nirmal Narayanan
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RIYADH: Saudi utility giant ACWA Power signed four agreements valued at SR6.69 billion ($1.78 billion) on the first day of the eighth Future Investment Initiative in Riyadh. 

The deals span corporate financing, renewable energy projects, and research partnerships across the Gulf Cooperation Council, China, Central Asia, and North Africa, highlighting the company’s expanding global reach. 

The first agreement is a $690 million framework deal with the National Bank of Kuwait for general corporate finance facilities, supporting ACWA Power’s project pipeline in Saudi Arabia, Kuwait, and other target markets. 

Additionally, ACWA Power secured a $240 million Shariah-compliant equity bridge loan from the International Finance Corp. to fund two solar projects in Uzbekistan. 

“These agreements exemplify the extensive breadth of our portfolio and the diverse initiatives we pursue. By collaborating with a variety of partners, we enhance our capabilities, particularly in the areas of innovation and research within our key sectors,” said Marco Arcelli, CEO of ACWA Power. 

Uzbekistan has become a key market for ACWA Power, which has been active in the Central Asian nation’s renewable energy sector in recent years. 

Located in Samarkand, the Sazagan 1 and 2 projects each include 500 megawatts of solar photovoltaic and 334 MW of battery energy storage systems. ACWA Power noted that both projects are expected to commence commercial operations between the third quarter of 2025 and the fourth quarter of 2026. 

The company also signed a joint development agreement with Gotion Power Morocco, a battery solutions provider. Under this agreement, ACWA Power will develop a 500 MW wind power plant incorporating a 2,000 MWh battery energy storage system. 

The project will supply energy to Gotion Power’s battery manufacturing plant in Morocco, slated to start production in the first half of 2026. The initial investment for the project is $800 million. 

ACWA Power also signed a $54 million research and development agreement with China’s Lujiazui Administration Bureau to establish an R&D center in Shanghai. The center will focus on advancing technologies in solar, wind, energy storage, green hydrogen, and desalination. 

“Such strategic alliances reinforce ACWA Power’s dedication to its mission of delivering affordable and reliable power and water solutions on a global scale, thereby strengthening our role in shaping a sustainable future,” concluded Arcelli. 

Topics: ACWA Power FII8 Future Investment Initiative (FII) Saudi Arabia energy

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UAE unveils new dirham symbol and digital currency

UAE unveils new dirham symbol and digital currency
Updated 27 March 2025
Arab News
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UAE unveils new dirham symbol and digital currency

UAE unveils new dirham symbol and digital currency
Updated 27 March 2025
Arab News

RIYADH: The Central Bank of the UAE on Thursday introduced a new symbol for the nation’s currency, both in its physical and digital forms, marking a significant step in reinforcing the UAE’s status as a leading global financial center.

According to the Emirates News Agency or WAM, the newly unveiled dirham symbol draws inspiration from the English letter “D” and features two horizontal lines that represent financial stability. The design is also a nod to the UAE flag, symbolizing national pride and resilience.

This symbol will serve as a global representation of the dirham, promoting the UAE’s currency across international markets.

The launch of the symbol coincides with the UAE’s adoption of the FX Global Code, which positions the CBUAE as the first central bank in the Arab region to join this important framework.

The FX Global Code is renowned for promoting best practices and ethical standards within the foreign exchange market, and this step further enhances the UAE’s commitment to integrity and transparency in financial dealings.

Alongside the physical dirham symbol, the CBUAE is advancing the issuance and circulation of the digital dirham, a core initiative of the Financial Infrastructure Transformation Program launched in 2023.

The digital dirham will feature a circular design, incorporating the UAE flag’s colors, which reinforces the nation’s sense of pride and modernity in the evolving financial landscape.

Khaled Mohamed Balama, governor of the CBUAE, expressed his enthusiasm for these transformative steps: “We are proud to unveil today the new symbol for the UAE’s national currency and the design of the digital dirham wallet,” he stated.

“The digital dirham, built on blockchain technology, is expected to enhance financial stability, improve inclusion, increase resilience, and help combat financial crime.”

He further emphasized that the digital dirham is set to drive innovation in the financial sector by enabling the creation of new digital products and services, while lowering costs and expanding access to international markets.

The digital dirham will be made available through licensed financial institutions, including banks, exchange houses, fintech firms, and other financial services providers. It will be legally recognized as a universal payment method, alongside physical currency, creating a seamless experience for both digital and traditional transactions.

Key features of the digital dirham include:

Tokenization: This innovative process will enhance financial inclusion by allowing fractionalized access to digital assets, thereby improving liquidity.

Smart contracts: The digital dirham will facilitate the use of smart contracts, automating the execution of complex transactions, including multi-party agreements and conditional obligations, with instant settlement.

To support the digital currency, the CBUAE has developed a robust and secure platform for its issuance and circulation. This platform includes a user-friendly digital dirham wallet, designed to handle a wide range of financial transactions, including retail and wholesale payments, cross-border transfers, withdrawals, and top-ups. It also ensures ease of access and a convenient user experience, adhering to industry best practices.

As the UAE continues to lead in the digital economy, the digital dirham platform is designed to adapt to emerging financial needs, facilitating innovative solutions and reinforcing the country’s position as a global leader in digital payments.

Topics: CBUAE dirhams

Saudi Arabia’s job market strengthens as unemployment falls to 7% in Q4 2024

Saudi Arabia’s job market strengthens as unemployment falls to 7% in Q4 2024
Updated 27 March 2025
MOHAMMED AL-KINANI
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Saudi Arabia’s job market strengthens as unemployment falls to 7% in Q4 2024

Saudi Arabia’s job market strengthens as unemployment falls to 7% in Q4 2024
Updated 27 March 2025
MOHAMMED AL-KINANI

JEDDAH: Saudi Arabia’s unemployment rate for nationals in the fourth quarter of 2024 reached 7 percent, marking a decrease of 0.8 percentage points compared to both the previous quarter and the same period last year, official data showed.

The data, released by the General Authority for Statistics, indicate a slight increase in the employment-to-population ratio for nationals, suggesting continued progress in the creation of job opportunities for the Kingdom’s growing workforce.

Although the overall labor force participation rate experienced modest declines, these figures underscore Saudi Arabia’s ongoing efforts to achieve the ambitious goals set forth in Vision 2030, particularly in terms of enhancing job creation and driving economic growth.

The improvement in the labor market is a critical component of Vision 2030, which aims to generate employment opportunities for Saudis while stimulating broader economic development. Strengthening the labor market remains a key pillar of the Kingdom’s long-term socio-economic strategy.

National labor market overview

The Labor Force Survey revealed that the overall unemployment rate for both Saudi nationals and non-Saudis reached 3.5 percent in Q4 2024, showing a decrease of 0.2 percentage points compared to the previous quarter. However, the figure marked a slight increase of 0.1 percentage points from Q4 2023.

The overall labor force participation rate for both Saudis and non-Saudis stood at 66.4 percent, a decrease of 0.2 percentage points from Q3 2024 and a 0.6 percentage point decline year on year.

Meanwhile, the employment-to-population ratio for Saudi nationals rose by 0.1 percentage points to 47.5 percent, reflecting a 1.0 percentage point increase from Q4 2023.

However, the labor force participation rate for Saudis decreased by 0.4 percentage points to 51.1 percent, although this still represented a 0.7 percentage point increase compared to the previous year.

Participation by gender

For Saudi females, the labor force participation rate decreased by 0.2 percentage points to 36 percent. Nevertheless, their employment-to-population ratio improved by 0.5 percentage points to 31.8 percent, and their unemployment rate dropped by 1.7 percentage points to 11.9 percent compared to the previous quarter.

Conversely, Saudi males experienced a 0.7 percentage point decrease in their labor force participation rate, which fell to 66.2 percent. Their employment-to-population ratio also declined, reaching 63.4 percent. However, the unemployment rate for Saudi males decreased to 4.3 percent compared to Q3 2024.

Youth employment trends

In terms of youth employment, GASTAT reported that the employment-to-population ratio for Saudi female youth (aged 15-24) increased by 0.3 percentage points to 13.9 percent in Q4 2024. In contrast, the employment-to-population ratio for Saudi male youth remained steady at 29.7 percent, although their labor force participation rate decreased by 0.8 percentage points to 33.8 percent.

The unemployment rate for Saudi youth also showed improvement, declining by 1.8 percentage points to 12.2 percent compared to the previous quarter.

Employment trends in core working-age group

For Saudis aged 25 to 54 years, key labor market indicators showed a slight increase in the employment-to-population ratio, which rose by 0.1 percentage points to 64.9 percent. However, the labor force participation rate for this group decreased by 0.2 percentage points to 69.2 percent. The unemployment rate in this age group also improved, falling to 6.2 percent compared to the previous quarter.

For Saudis aged 55 and above, labor market indicators for Q4 2024 indicated a decline in both the unemployment rate and labor force participation rate compared to the previous quarter.

Active job search

The GASTAT report highlighted that Saudi job seekers employ various methods in their active job search, with an average of 5.0 methods used per individual. The most common approach was inquiring with friends or relatives about job opportunities, utilized by 86.9 percent of jobseekers. This was followed by directly applying to employers (73.9 percent), and using the national unified employment platform, Jadarat (65.4 percent).

Willingness to work

Further insights into the unemployed Saudi population revealed that 94.1 percent are open to accepting job offers in the private sector. Among the unemployed, 61.9 percent of Saudi females and 45.2 percent of Saudi males are willing to commute for at least one hour. Additionally, 77.5 percent of unemployed Saudi females and 90.7 percent of unemployed Saudi males expressed a willingness to work for eight or more hours per day.

Topics: SaudiVision2030 jobs

Saudi Arabia’s non-oil exports surge 10.7% in Jan.: GASTAT

Saudi Arabia’s non-oil exports surge 10.7% in Jan.: GASTAT
Updated 27 March 2025
REEM WALID 
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Saudi Arabia’s non-oil exports surge 10.7% in Jan.: GASTAT

Saudi Arabia’s non-oil exports surge 10.7% in Jan.: GASTAT
Updated 27 March 2025
REEM WALID 

RIYADH: Saudi Arabia’s international non-oil exports, including re-exports, saw a 10.7 percent year-on-year increase in January, according to new data.

Released by the General Authority for Statistics, the figures also show that national non-oil exports, excluding re-exports, rose by 13.1 percent during the same period.
Additionally, the value of re-exported goods grew by 5.7 percent year on year.

This aligns with Saudi Arabia’s Vision 2030 goal of building a robust non-oil sector to transform the Kingdom’s economy and reduce its reliance on oil revenues. In November, Minister of Economy and Planning Faisal Al-Ibrahim revealed that non-oil activities now account for 52 percent of the country’s gross domestic product.

The GASTAT report said: “Meanwhile, merchandise exports increased by 2.4 percent in January 2025 compared to January 2024, while oil exports decreased by 0.4 percent. Consequently, the percentage of oil exports out of total exports decreased from 74.8 percent in January 2024 to 72.7 percent in January 2025.”

It added: “On the other hand, imports increased by 8.3 percent in January 2025, whereas the surplus of the merchandise trade balance decreased by 11.9 percent compared to January 2024.”

The data further indicated that the ratio of non-oil exports, including re-exports, to imports, increased to 36.5 percent in January 2025 from 35.7 percent in the corresponding month in 2024.

This is primarily linked to the rise in non-oil exports at a higher rate than the increase in imports, with non-oil exports increasing by 10.7 percent compared to an 8.3 percent surge in imports during the same period.

“Among the most important non-oil exports are ‘chemical products,’ which constituted 23.7 percent of the total non-oil exports, recording a 14.4 percent increase compared to January 2024. Followed by ‘plastics, rubber, and their products,’ which represented 23 percent of total non-oil exports, with a 10.5 percent increase compared to January 2024,” the report highlighted.

“However, the most important imported goods were “‘machinery, electrical equipment, and parts,’ which constituted 25.9 percent of total imports, rising by 27.4 percent compared to January 2024. Followed by ‘transportation equipment and parts,’ which represented 13.8 percent of total imports, with a 10.3 percent increase compared to January 2024,” it added.

The GASTAT data also disclosed that in January, China was the main destination for the Kingdom’s exports, amounting to 15.2 percent of the total.

India came next with 10.9 percent of total exports, and Japan followed with 10.2 percent of total exports.

South Korea, the UAE, and Egypt, as well as Bahrain, the US, Malaysia, and Singapore were among the top 10 export destinations. Together, exports to these countries account for 67.5 percent of the Kingdom’s total exports.

When it comes to the top customs for imports, the report explained that the King Abdulaziz Sea Port in Dammam is one of the most significant terminals through which goods crossed into Saudi Arabia, accounting for 28.8 percent of total imports in January.

Among the other major ports of entry for imports were Jeddah Islamic Sea Port with 23.1 percent, followed by King Khalid Int Airport in Riyadh with 12.4 percent, and King Abdulaziz Int. Airport with 8.6 percent, as well as King Fahad Int Airport in Dammam with 5.5 percent.

The report highlighted that these five ports together accounted for 78.4 percent of the Kingdom’s total merchandise imports.

Topics: Saudi exports General Authority for Statistics (GASTAT)

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Closing Bell: Saudi main index closes in green at 12,025

Closing Bell: Saudi main index closes in green at 12,025
Updated 27 March 2025
Miguel Hadchity
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Closing Bell: Saudi main index closes in green at 12,025

Closing Bell: Saudi main index closes in green at 12,025
Updated 27 March 2025
Miguel Hadchity

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 54.86 points, or 0.46 percent, to close at 12,025.05.  

The total trading turnover of the benchmark index was SR6.02 billion ($1.60 billion), as 188 stocks advanced, while 52 retreated.   

The MSCI Tadawul Index increased by 6.18 points, or 0.41 percent, to close at 1,524.34.

The Kingdom’s parallel market, Nomu, rose, gaining 98.09 points, or 0.32 percent, to close at 31,086.53. This comes as 59 stocks advanced while 26 retreated.

The best-performing stock was Zamil Industrial Investment Co., with its share price surging by 9.92 percent to SR32.70. 

The worst performer of the day was SAL Saudi Logistics Services Co., whose share price fell by 3.88 percent to SR198.

On the announcements front, MBC Group Co. announced its financial results for 2024, with net profits reaching SR426.1 million, up from SR17.5 million the previous year.

The group attributed the rise to the full-year comparison versus a partial-year base in 2023 when the results only reflected the period from July to December following the subsidiaries’ acquisition. The improved performance was supported by higher revenues from SHAHID, MBC’s video-on-demand platform, as well as other commercial activity segments, particularly from broadcasting and technical services contracts.  

The firm’s shares traded 0.86 percent lower on the main market to close at SR45.90. 

Emaar, The Economic City, announced its annual financial results for 2024. The company’s net loss in 2024 reached SR1.1 billion, up from SR253 million in the previous year, marking a 348.6 percent change.

It attributed the net loss of SR882 million to a shift from a gross profit of SR432 million last year to a gross loss of SR119 million. This was driven by lower sales of residential properties and industrial lands, and the absence of a one-off revenue boost of SR263 million recorded in 2023. 

It added in a statement on Tadawul that operating expenses rose by SR41 million on higher employee costs and marketing spending, while financial charges increased by SR136 million due to additional borrowing and higher Saudi Arabian Interbank Offered rates. 

Other operating income also declined by SR102 million, weighed down by lower property disposals and the absence of non-recurring gains.

However, the higher loss was partially offset by an SR70 million reversal of expected credit loss provisions following improved collections.

The firm’s shares traded 1.51 percent lower on the main market to close at SR14.36.

Fawaz Abdulaziz Alhokair Co. also announced its annual financial results for last year. The company’s net loss decreased to SR197.5 million from SR1.1 billion in the previous year.

In a statement, the company said that the increase was driven by an accounting adjustment of SR141 million year-end adjustment as per international financial reporting standards; goodwill and other assets were assessed independently and impaired. 

On another note, the Capital Market Authority has approved Specialized Medical Co.’s application to register and offer 75 million shares, representing 30 percent of its share capital, for public subscription.  

The company’s prospectus, which will be released ahead of the subscription period, will provide investors with key information on its financials, activities, management, and associated risks.  

The CMA emphasized in a statement that its approval does not constitute a recommendation to invest but confirms that the legal requirements have been met. The approval is valid for six months from the resolution date.

On the weekend’s trading session, Specialized Medical Co.’s shares traded 1.23 percent higher on the parallel market to close at SR16.46.

Topics: TASI NOMU MSCI

Qatar’s Lesha Bank expands global footprint with $57.65m stake in Edinburgh Airport

Qatar’s Lesha Bank expands global footprint with $57.65m stake in Edinburgh Airport
Updated 27 March 2025
MOHAMMED AL-KINANI
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Qatar’s Lesha Bank expands global footprint with $57.65m stake in Edinburgh Airport

Qatar’s Lesha Bank expands global footprint with $57.65m stake in Edinburgh Airport
Updated 27 March 2025
MOHAMMED AL-KINANI

JEDDAH: Qatar’s Lesha Bank has acquired a 210 million Qatari riyals ($57.65 million) stake in Edinburgh Airport, marking its debut in the global infrastructure investment market.

The bank, the first independent Shariah-compliant institution authorized by the Qatar Financial Centre Regulatory Authority, announced that the investment is being managed by a respected infrastructure fund manager.

This move aligns with the bank’s strategic focus on resilient asset classes and marks a significant step in its global infrastructure investment journey, according to a statement from Lesha Bank.

Lesha Bank CEO Mohammed Ismail Al-Emadi described the investment in Edinburgh Airport as a key milestone for the institution.

“As part of our infrastructure investment portfolio, we seek attractive investment opportunities that may drive long-term value. Our recent focus on aviation investments has been met with strong demand from our clients, given the sector’s robust growth potential,” he said.

The CEO, who has recently been featured in Forbes’ list of the top 40 asset managers in the Middle East for 2025, added that the collaboration with their business partners reinforces the bank’s commitment to delivering value for all stakeholders involved.

The institution also explained that the acquisition marks an important advancement in its aviation strategy following its recent purchase of multiple aircraft leased to a major airline.

The acquisition reinforces its commitment to expanding its aviation and infrastructure portfolio, with the investment structured through a Shariah-compliant financing arrangement, the bank, listed on the Qatar Stock Exchange, said in a filing on March 26.

Lesha Bank serves as an investment partner, offering premium financial opportunities and innovative solutions with a broad local, regional, and international reach. The institution continues to strengthen its position as a trusted advisor and gateway to opportunities in Qatar, the wider region, and global markets, with a particular focus on the US, Europe, and the MENA region.

The organization also offers high-net-worth individuals and corporates a range of innovative, tailor-made Islamic financial products and solutions covering alternative investments focused on real estate and private equity, along with private wealth, asset management, and investment banking advisory.

In January, the bank disclosed the interim financial statement for the 12-month period ending Dec. 31, 2024. The financial statements revealed a net profit of 128,165 million in comparison to 94,388 million for the same period of the previous year.

Topics: Qatar Investment expansion

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