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Oman Business News

Saudi ACWA Power sees $4.5 billion in Local Project Tenders

Saudi Arabian utility developer ACWA Power expects to submit tenders for projects this year worth $4.5 billion in Saudi Arabia and will also target projects in Morocco and the United Arab Emirates, its chief executive said.

ACWA Power CEO Paddy Padmanathan also confirmed the developer of electricity and water projects in the Middle East, Africa and Southeast Asia has shortlisted banks to arrange an initial public offering (IPO).

He declined to name the banks or give a timeframe for an IPO. The company is looking to sell a 30 percent stake to investors and list in Riyadh, banking sources have told Reuters. An IPO is expected by the end of the year.

“We are expecting to see a lot of projects here in Saudi. We are targeting 50 to 60 percent of the total,” Padmanathan told Reuters in an interview at ACWA Power’s headquarters in Riyadh.

Source Link:

  • ACWA Power
  • Local Tenders
  • Saudi Arabia
  • Morocco
  • United Arab Emirates
  • Projects
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