黑料社区

ACWA Power鈥檚 Al-Shuaibah solar project begins commercial operations in 黑料社区

ACWA Power鈥檚 Al-Shuaibah solar project begins commercial operations in 黑料社区
ACWA Power has been working internationally, cementing its global presence and expanding its investment footprint. ACWA Power
Short Url
Updated 13 November 2024

ACWA Power鈥檚 Al-Shuaibah solar project begins commercial operations in 黑料社区

ACWA Power鈥檚 Al-Shuaibah solar project begins commercial operations in 黑料社区
  • ACWA Power owns a 35.01% stake in the initiative
  • Al-Shuaibah project鈥檚 success reflects ACWA Power鈥檚 growing investment and development portfolio

RIYADH: Saudi energy leader ACWA Power has achieved full commercial operation of its Al-Shuaibah 1 Solar Photovoltaic Project, a 600-megawatt renewable initiative.

ACWA Power received formal notice on Nov. 12 from the project company saying that the Saudi Power Procurement Co. has granted the commercial operation certificate for the entire initiative capacity, clearing the way for full-scale production, according to a statement on the Saudi Stock Exchange.聽

The Al-Shuaibah 1 Solar Project aligns with ACWA Power鈥檚 vision to contribute to the Kingdom鈥檚 renewable energy targets and underscores its role as a leading provider of sustainable energy solutions in the region.聽

ACWA Power owns a 35.01 percent stake in the initiative, and the firm anticipates that the financial impact of this milestone will be reflected in its fourth-quarter financial results for 2024.

The achievement comes following a particularly successful year for ACWA Power. For the first nine months of the year, the company reported a robust 16 percent increase in profits, underpinned by growth in its power and water production operations.聽

Net profit attributable to equity holders reached SR1.25 billion ($334 million), compared to the same period in 2023, supported by a 12.5 percent rise in operating income, which hit SR2.36 billion.聽

The performance was largely driven by strategic financial moves, including an investment profit from restructuring a project and a capital recycling gain, enabling ACWA Power to efficiently reinvest capital for further growth.

The Al-Shuaibah project鈥檚 success reflects ACWA Power鈥檚 growing investment and development portfolio. Over the past nine months, the company has achieved financial closure on seven major undertakings with a combined worth of SR31 billion.聽

These include initiatives in 黑料社区, such as the Taiba and Qassim Combined Cycle Gas Turbine projects, which are expected to enhance the Kingdom鈥檚 power grid stability and efficiency.聽

Other recent undertakings include the Tashkent Solar PV project in Uzbekistan, part of ACWA Power鈥檚 broader commitment to renewable energy development in Central Asia, and the Hassyan Seawater Reverse Osmosis plant in the UAE, which is aimed at bolstering the country鈥檚 water security and desalination capabilities.

ACWA Power has been working internationally, cementing its global presence and expanding its investment footprint, in addition to its operational achievements.

At the Future Investment Initiative in Riyadh in October, the company signed four agreements valued at a combined SR6.69 billion, enhancing its capital base and project pipeline.聽

The contracts include a $690 million framework deal with the National Bank of Kuwait, providing corporate finance facilities that will support ACWA Power鈥檚 projects in the Kingdom, Kuwait, and other targeted markets.聽

Further diversifying its financing sources, ACWA Power secured a $240 million Shariah-compliant equity bridge loan from the International Finance Corp. to fund solar projects in Uzbekistan.聽

Uzbekistan has emerged as a key market for ACWA Power in recent years, with the company playing a central role in the country鈥檚 transition toward renewable energy.

Rounding out its expansion efforts, ACWA Power entered into a $54 million research and development agreement with China鈥檚 Lujiazui Administration Bureau, targeting innovation in advanced energy solutions.聽

The research and development pact will establish a center in Shanghai focused on advancing technologies in solar, wind, and energy storage, as well as green hydrogen and desalination areas that are pivotal to addressing global energy and water challenges.


Oil Updates 鈥 crude climbs on potential Russia sanctions; OPEC+ output, tariffs weigh

Oil Updates 鈥 crude climbs on potential Russia sanctions; OPEC+ output, tariffs weigh
Updated 11 July 2025

Oil Updates 鈥 crude climbs on potential Russia sanctions; OPEC+ output, tariffs weigh

Oil Updates 鈥 crude climbs on potential Russia sanctions; OPEC+ output, tariffs weigh

BEIJING/SINGAPORE: Oil prices rose on Friday after US President Donald Trump said he would make an announcement regarding Russia, raising the prospect of more sanctions on the major oil producer, while tariff concern and rising OPEC+ output capped gains.

Brent crude futures were up 19 cents, or 0.28 percent, at $68.83 a barrel as of 7:08 a.m. Saudi time. US West Texas Intermediate crude ticked up 24 cents, or 0.36 percent, to $66.81 a barrel.

So far this week, Brent has added 0.8 percent and WTI has dipped 0.2 percent.

Both contracts lost more than 2 percent on Thursday as investors worried about the impact of Trump鈥檚 evolving tariff policy on global economic growth and oil demand.

鈥淭his morning, prices have recouped some of this decline after President Trump said he plans to make a 鈥榤ajor鈥 statement on Russia on Monday. This could leave the market nervous over the potential for further sanctions on Russia,鈥 ING analysts wrote in a client note on Friday.

Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress on peace with Ukraine and Russia鈥檚 intensifying bombardment of Ukrainian cities.

Tight market fundamentals with improving seasonal demand has also lent some support to oil prices, as has renewed Houthi attacks on vessels sailing through the Red Sea, BMI analysts said in a weekly report.

A sign of demand improvement was the prospect of 黑料社区 shipping about 51 million barrels of crude oil in August to China, the biggest such shipment in over two years.

Pressuring prices this week was an agreement on Saturday by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, to raise production by 548,000 barrels per day in August.

ING analysts said there might be one more increase for September before a pause.

These increases should move the global market into a large surplus in the fourth quarter, intensifying downward pressure on prices, ING analysts said.

OPEC cut its forecasts for global oil demand in 2026 to 2029 because of slowing Chinese demand, the group said in its 2025 World Oil Outlook published on Thursday.

Global demand is likely to average 106.3 million barrels per day in 2026, OPEC said, versus 108 million bpd estimated in last year鈥檚 forecast. 


Saudi non-oil trade surplus with GCC jumps over 200% in April

Saudi non-oil trade surplus with GCC jumps over 200% in April
Updated 10 July 2025

Saudi non-oil trade surplus with GCC jumps over 200% in April

Saudi non-oil trade surplus with GCC jumps over 200% in April

JEDDAH: 黑料社区鈥檚 non-oil trade surplus with fellow Gulf Cooperation Council countries jumped by more than 200 percent in April 2025, driven by a sharp rise in re-exports and strengthening regional economic ties.

According to the latest figures released by the General Authority for Statistics, the Kingdom posted a trade surplus of SR3.51 billion ($935 million) with GCC nations during the month, compared to just SR1.16 billion in April 2024 鈥 a year-on-year increase of 203.2 percent.

The total value of non-oil trade, which includes re-exports, between 黑料社区 and the GCC bloc reached SR18.03 billion in April, reflecting a robust 41.3 percent growth from SR12.76 billion in the same month last year.

This momentum is attributed to the accelerated pace of regional economic integration, supported by strategic initiatives such as 黑料社区鈥檚 Vision 2030 and similar diversification programs across the Gulf. These frameworks aim to reduce dependence on hydrocarbons by fostering growth in sectors like logistics, finance, tourism, and manufacturing.

Non-oil exports 鈥 encompassing both national products and re-exported goods 鈥 saw a notable rise of 55 percent year on year to SR10.77 billion. Within this category, re-exports surged by 81 percent to SR7.74 billion, highlighting 黑料社区鈥檚 growing role as a regional re-export hub. National-origin exports also rose by 13.3 percent, totaling SR3.03 billion.

Imports from GCC countries also registered an increase, climbing to SR7.26 billion in April 鈥 a 25.2 percent rise compared to SR5.80 billion in the previous year.

Among individual member states, the UAE continued to dominate 黑料社区鈥檚 regional trade portfolio, accounting for SR13.53 billion 鈥 or 75.1 percent 鈥 of the Kingdom鈥檚 total non-oil trade with the GCC. Bahrain followed with SR1.8 billion (10 percent), while Oman recorded SR1.45 billion (8.1 percent). Kuwait and Qatar contributed SR819.9 million (4.5 percent) and SR422.1 million (2.3 percent), respectively.

The data reflects not only 黑料社区鈥檚 growing non-oil export capacity but also a broader regional shift toward more diversified, interconnected Gulf economies.


Saudia, flyadeal rise high in Cirium鈥檚 June punctuality rankings

Saudia, flyadeal rise high in Cirium鈥檚 June punctuality rankings
Updated 10 July 2025

Saudia, flyadeal rise high in Cirium鈥檚 June punctuality rankings

Saudia, flyadeal rise high in Cirium鈥檚 June punctuality rankings
  • Marks Saudia鈥檚 second time in 2025 leading global rankings for arrival and departure punctuality
  • Achievement aligns with Kingdom鈥檚 ambition to become global aviation hub

JEDDAH: Saudia emerged as the world鈥檚 most punctual airline in June, topping global rankings for both on-time departures and arrivals, according to aviation analytics firm Cirium.

In its latest report, the London-headquartered independent aviation analytics company said that Saudia operated 16,733 flights in June, achieving a 91.33 percent on-time arrival rate and a 90.69 percent on-time departure rate 鈥 a 2.41 percent increase in arrival punctuality compared to May鈥檚 rate of 89.18 percent.

The achievement aligns with 黑料社区鈥檚 ambition to become a global aviation hub and a top destination for international travelers. Under Vision 2030, the Kingdom is investing heavily to boost private sector participation, expand connectivity, and reinforce its role in global aviation.

It also supports the National Aviation Strategy鈥檚 goal of enhancing the travel experience, which aims to target 330 million passengers annually, over 250 global destinations, and 4.5 million tons of air cargo by 2030.

Ibrahim Al-Omar, director general of Saudia Group, said, 鈥淎chieving exceptional on-time performance and maintaining operational excellence requires seamless coordination across all sectors and subsidiaries of the group.鈥

This marks Saudia鈥檚 second time in 2025 leading global rankings for both arrival and departure punctuality, following a similar achievement in March. It also mirrors the airline鈥檚 performance in June 2024, when it topped the rankings with an on-time arrival rate of 88.22 percent and a departure rate of 88.73 percent across 16,133 flights to more than 100 destinations.

Flyadeal, Saudia Group鈥檚 low-cost carrier, ranked first in the Middle East and Africa for on-time arrival performance, achieving a rate of 91.77 percent across more than 5,980 flights. The carrier鈥檚 performance surpassed that of Saudia within the region.

In a statement, Saudi Group said: 鈥淭he accomplishment reflects Saudia and flyadeal鈥檚 unwavering focus in operational efficiency and excellence, achieved during the high-demand period of Hajj, summer travel, and Eid Al-Adha holidays.鈥

In the airport category, Cirium ranked Riyadh鈥檚 King Khalid International Airport as the world鈥檚 most punctual large airport for the same period. The travel gateway recorded a 90.41 percent on-time departure rate and an 86.99 percent on-time arrival rate, outperforming major global hubs in operational efficiency.

With 22,180 flights tracked, the Kingdom鈥檚 capital hub served 109 routes operated by 59 airlines, showcasing 黑料社区鈥檚 growing global connectivity and aviation excellence.

Meanwhile, Dammam鈥檚 King Fahd International Airport ranked seventh among medium-sized airports for on-time departures, achieving an 86.18 percent punctuality rate across 8,200 flights on 59 routes, according to Cirium.


Closing Bell: Saudi main index steady at 11,277; Nomu edges up

Closing Bell: Saudi main index steady at 11,277; Nomu edges up
Updated 10 July 2025

Closing Bell: Saudi main index steady at 11,277; Nomu edges up

Closing Bell: Saudi main index steady at 11,277; Nomu edges up

RIYADH: 黑料社区鈥檚 Tadawul All Share Index was steady on Thursday, as it marginally declined by 0.01 percent, or 0.82 points, to close at 11,276.91. 

The total trading turnover of the benchmark index was SR4.96 billion ($1.32 billion), with 128 of the listed stocks advancing and 120 declining. 

The Kingdom鈥檚 parallel market Nomu gained 31.28 points to close at 27,479.50.

The MSCI Tadawul Index marginally shed 0.02 points to 1,445.23. 

The best-performing stock on the main market was SHL Finance Co. The firm鈥檚 share price increased by 9.95 percent to SR19.33. 

The share price of Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, rose by 5.8 percent to SR31.38. 

Sustained Infrastructure Holding Co. also saw its stock price rise by 4.24 percent to SR35.44. 

Conversely, the share price of Umm Al Qura for Development and Construction Co. declined by 6.14 percent to SR25.06. 

On the announcements front, Anmat Technology for Trading Co. said that it received a contract valued at SR50 million from Etihad Etisalat, also known as Mobily, to supply and install power generator systems and a fuel monitoring system. 

In a press statement, Anmat said that the contract is effective from June 26 and will last until May 17, 2028. 

The company added that the impact of the deal will be reflected in the firm鈥檚 financials from the second half of this year and will continue until the end of the contract duration. 

The share price of Anmat, which is listed in Nomu, increased by 10.19 percent to SR12.33. 

International Human Resources Co. said that it signed a framework agreement with the Arab National Bank to provide human resources services. 

According to a Tadawul statement, the contract is valid for 12 months and will be renewed for a similar period unless either party notifies the other at least 30 days prior to the expiry date. 

International Human Resources Co.鈥檚 share price rose by 2.83 percent to SR6.17. 


Saudi Tourism Development Fund rolls out programs to boost startup growth聽

Saudi Tourism Development Fund rolls out programs to boost startup growth聽
Updated 10 July 2025

Saudi Tourism Development Fund rolls out programs to boost startup growth聽

Saudi Tourism Development Fund rolls out programs to boost startup growth聽

RIYADH: Tourism startups and entrepreneurs in 黑料社区 stand to benefit from three newly launched support initiatives aimed at accelerating innovation, attracting investment, and strengthening the Kingdom鈥檚 growing travel economy. 

The Tourism Development Fund has introduced the Grow Tourism Incubator, Tourism Hackathons and Bootcamps, and the Grow Tourism Accelerator 鈥 a suite of initiatives designed to empower early-stage ventures through TDF Grow, its non-financial enablement arm, according to a press release. 

Developing a robust tourism landscape is a key pillar of 黑料社区鈥檚 Vision 2030 agenda, as the Kingdom works to diversify its economy and reduce its reliance on oil revenues. 

The National Tourism Strategy targets 150 million annual visitors by 2030, after surpassing the 100 million milestone ahead of schedule, with official data showing the Kingdom welcomed 116 million tourists in 2024 鈥 exceeding its annual target for the second year in a row. 

Qusai bin Abdullah Al-Fakhri, CEO of TDF, said: 鈥淲e remain committed to empowering entrepreneurs to transform their ideas into promising, impactful projects. We strive to provide a comprehensive support ecosystem that addresses the needs of businesses at every stage, helping them overcome challenges and accelerate their growth.鈥  

He added: 鈥淭hese three programs embody our dedication to practical enablement, offering guidance, support, and connections with key stakeholders, to build a sustainable tourism sector full of opportunity and aligned with the aspirations of Saudi Vision 2030.鈥 

The Grow Tourism Incubator Program, now in its first edition, will target early-stage tourism startups. Registration opened on June 24 and will remain open until July 17. 

The incubator offers a 10-month immersive environment, providing participants with access to shared workspaces, as well as legal, marketing, and logistical support, along with technical and administrative services. 

The program will also include workshops, specialized training sessions, and mentorship by leading industry experts, delivered both virtually and in person at TDF headquarters 鈥 ensuring accessibility for entrepreneurs across the Kingdom. 

The Tourism Hackathons and Bootcamps program aims to support innovators and early-stage tourism projects, with a focus on three key regions: Asir, Al-Ahsa, and Madinah. 

Running for five months, the program will allow participants to take part in hackathons followed by training bootcamps, helping them develop their ideas into actionable prototypes. 

Registrations opened on July 1 and will remain open until July 22. 

The Grow Tourism Accelerator builds on the success of previous cohorts, which have graduated 99 participants to date. 

This three-month program is designed to support startups and help them scale within the tourism sector. 

鈥淭he accelerator also attracts international companies, enriching the diversity of the investment landscape and elevating service quality across the industry. The program provides integrated mentorship, culminating in graduation and connections with potential investors,鈥 the TDF release stated. 

It added that the TDF Grow platform has supported 8,800 beneficiaries through its non-financial programs and initiatives, helping entrepreneurs and small and medium enterprises accelerate their projects and enhance the competitiveness of 黑料社区鈥檚 tourism sector.