Saudi's ACWA Power Plans $1bn Bond Sale

Company in talks with local banks about potential deal that would be denominated in Saudi riyals
Saudi Arabia’s ACWA Power International plans to raise as much as 3.75 billion riyals ($1bn) from an Islamic bond sale, according to people familiar with the matter.
The company, which develops and operates power and water plants across the Middle East, Africa and Asia, is in talks with local banks about the potential deal that would be denominated in Saudi riyals, the people said asking not to be identified as the information is private. The funds would be used for general corporate purposes, they said.
A representative for ACWA declined to comment.
Saudi Arabia’s sovereign wealth fund was set to increase its stake in ACWA to 45 percent by the end of March, the power company’s chief executive officer Paddy Padmanathan said in February. That deal is expected to be a precursor to the company’s initial public offering on the Saudi stock exchange.
Emicool Secures First-ever Green Financing To Boost Sustainable Growth
The liquidity generated will be strategically deployed to accelerate the company’s district cooling projects across t... Read more
UAEs Ruya Becomes First Global Islamic Bank To Offer Shariah-compliant Crypto Trading
Digital Islamic bank ruya teams up with Fuze to offer secure, ethical crypto investments aligned with Islamic financial... Read more
Startups In Abu Dhabis Hub71 Secured $2.17bn In Funding Last Year
Hub71 startups in Abu Dhabi saw massive increase in funding in 2024 as innovation economy thrives Read more
UAE Fintech Pay10 First To Launch On Central Banks Open Finance Framework
The company has acknowledged the Central Bank of the UAE's crucial role in facilitating a responsible and secure rollou... Read more
PayPal Expands In MEA Region With Its Newly Launched Hub In Dubai
Will serve 80 countries in Middle East and Africa from its Dubai Internet City hub; Has signed several deals with regio... Read more
New Board Certifies DMCC Tradeflow As Fully Shariah Compliant
Shariah Supervisory Board appointed to oversee Tradeflow’s Islamic finance offering; Certified fully-compliant with A... Read more