JEDDAH: ACWA Power is steadily working toward achieving the Kingdom’s mission of reaching net zero carbons by 2060, as the company has decided not to invest in oil- or coal-fired power plants going forward. “When we did the IPO, we had a coal-fired power plant and were developing another one, (but) we have stopped that and reserved the cost of this development,” ACWA Power CEO
RIYADH: PIF-owned ACWA Power has sold its 32-percent stake in a Shuqaiq Water and Electricity Co. at SR391.5 million ($105 million), it said in a bourse filing. Dated back to 2011, Shuqaiq IWPP, which is owned and operated by the company at stake, has 850 megawatt power and 212,000 cubic meters per day water desalination capacity. The move is part of the utility giant’s
RIYADH: Saudi Arabia’s stocks wrapped up a volatile trading week with gains last Thursday, tracking instability in the oil market. TASI rose 0.9 in the previous trading session, advancing 0.7 on the week. The parallel market, Nomu, ended 0.72 percent higher at 24,902. Led by Dubai’s DFMGI, all major GCC stock indexes recorded gains on Thursday, except for Kuwait which closed