Acwa Power plans to sell 81.1 million shares, representing 11.1 per cent of its share capital through an initial public offering. REUTERS/Youssef Boudlal
Acwa Power plans to sell 81.1 million shares, representing 11.1 per cent of its share capital through an initial public offering. REUTERS/Youssef Boudlal
Acwa Power plans to sell 81.1 million shares, representing 11.1 per cent of its share capital through an initial public offering. REUTERS/Youssef Boudlal
Acwa Power plans to sell 81.1 million shares, representing 11.1 per cent of its share capital through an initial public offering. REUTERS/Youssef Boudlal

Saudi Arabia’s market regulator approves Acwa Power IPO


Fareed Rahman
  • English
  • Arabic

Saudi Arabia's Capital Markets Authority (CMA) approved on Wednesday a request for an initial public offering from International Company for Water and Power Projects, also known as Acwa Power.

Acwa plans to sell 81.1 million shares, representing 11.1 per cent of its share capital, through the listing. The approval is valid for six months from June 29 and will be cancelled if the offering and listing of the shares are not completed within this period, the regulator said.

Acwa operates in 13 countries across the Middle East, Africa and South-East Asia. It has a portfolio of 64 assets with a total investment of $66 billion, producing 42 gigawatts of power and 6.4 million cubic metres per day of desalinated water.

The kingdom’s sovereign wealth fund, the Public Investment Fund, is the biggest shareholder in the company with a 50 per cent stake. Acwa has eight other stakeholders, including the Saudi Public Pension Agency and the World Bank's International Finance Corporation.

Acwa Power, which delayed IPO plans in 2018, leads a consortium that will build and operate renewable power-based utilities at Saudi Arabia's flagship Red Sea tourism project.

Last month, Acwa Power successfully raised 2.8 billion Saudi riyals ($746 million) through the issuance of a 7-year sukuk, or Islamic bond, as the company continues to diversify its sources of funding to support its growth. Earlier in the year, the company secured financing for a $1bn power project it is developing in Uzbekistan as part of its strategy to boost its renewable energy portfolio in the Central Asian republic.

The Middle East and North had three company listings in the first three months of the year that raised $295m, compared with four companies raising $814m in the same quarter last year, consultancy EY said last month.

In Saudi Arabia, Alkhorayef Water & Power Technologies raised $144m and Theeb Rent a Car raised $138m – both sold 30 per cent of their shares on the Tadawul stock market. Oman Reit, a real estate investment trust, raised $13.2m on the Muscat Stock Exchange.

Earlier this week, Saudi Arabia's CMA also approved an IPO application of Arabian Internet and Communications Services company, or STC Solutions.

APPLE IPAD MINI (A17 PRO)

Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits

Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

Storage: 128/256/512GB

Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4

Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps

Biometrics: Touch ID, Face ID

Colours: Blue, purple, space grey, starlight

In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

SPEC%20SHEET%3A%20APPLE%20IPAD%20PRO%20(12.9%22%2C%202022)
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2012.9-inch%20Liquid%20Retina%20XDR%2C%202%2C732%20x%202%2C048%2C%20264ppi%2C%20wide%20colour%2C%20True%20Tone%2C%20ProMotion%2C%201%2C600%20nits%20max%2C%20Apple%20Pencil%20hover%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EChip%3A%3C%2Fstrong%3E%20Apple%20M2%2C%208-core%20CPU%2C%2010-core%20GPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%20Storage%20%E2%80%93%20128GB%2F256GB%2F512GB%20%2F%201TB%2F2TB%3B%20RAM%20%E2%80%93%208GB%2F16GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20iPadOS%2016%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20Dual%2012MP%20wide%20(f%2F1.8)%20%2B%2010MP%20ultra-wide%20(f%2F2.4)%2C%202x%20optical%2F5x%20digital%2C%20Smart%20HDR%204%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20ProRes%204K%20%40%2030fps%2C%204K%20%40%2024%2F25%2F30%2F60fps%2C%20full%20HD%20%40%2025%2F30%2F60fps%2C%20slo-mo%20%40%20120%2F240fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%20TrueDepth%2012MP%20ultra-wide%20(f%2F2.4)%2C%202x%2C%20Smart%20HDR%204%2C%20Centre%20Stage%2C%20Portrait%2C%20Animoji%2C%20Memoji%3B%20full%20HD%20%40%2025%2F30%2F60fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%20Four-speaker%20stereo%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Face%20ID%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20USB-C%2C%20smart%20connector%20(for%20folio%2Fkeyboard)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%20Up%20to%2010%20hours%20on%20Wi-Fi%3B%20up%20to%20nine%20hours%20on%20cellular%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFinish%3A%3C%2Fstrong%3E%20Silver%2C%20space%20grey%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20iPad%2C%20USB-C-to-USB-C%20cable%2C%2020-watt%20power%20adapter%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20WiFi%20%E2%80%93%20Dh4%2C599%20(128GB)%20%2F%20Dh4%2C999%20(256GB)%20%2F%20Dh5%2C799%20(512GB)%20%2F%20Dh7%2C399%20(1TB)%20%2F%20Dh8%2C999%20(2TB)%3B%20cellular%20%E2%80%93%20Dh5%2C199%20%2F%20Dh5%2C599%20%2F%20Dh6%2C399%20%2F%20Dh7%2C999%20%2F%20Dh9%2C599%3C%2Fp%3E%0A
Company profile

Date started: Founded in May 2017 and operational since April 2018

Founders: co-founder and chief executive, Doaa Aref; Dr Rasha Rady, co-founder and chief operating officer.

Based: Cairo, Egypt

Sector: Health-tech

Size: 22 employees

Funding: Seed funding 

Investors: Flat6labs, 500 Falcons, three angel investors

UAE currency: the story behind the money in your pockets
Tonight's Chat on The National

Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.

Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster with a decades-long career in TV. He has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others. Karam is also the founder of Takreem.

Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.

Facebook | Our website | Instagram

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

SHAITTAN
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EVikas%20Bahl%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EAjay%20Devgn%2C%20R.%20Madhavan%2C%20Jyothika%2C%20Janaki%20Bodiwala%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
ICC Intercontinental Cup

UAE squad Rohan Mustafa (captain), Chirag Suri, Shaiman Anwar, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Saqlain Haider, Ahmed Raza, Mohammed Naveed, Imran Haider, Qadeer Ahmed, Mohammed Boota, Amir Hayat, Ashfaq Ahmed

Fixtures Nov 29-Dec 2

UAE v Afghanistan, Zayed Cricket Stadium, Abu Dhabi

Hong Kong v Papua New Guinea, Sharjah Cricket Stadium

Ireland v Scotland, Dubai International Stadium

Namibia v Netherlands, ICC Academy, Dubai

What drives subscription retailing?

Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.

The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.

The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.

The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.

UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.

That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.

Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.

Tips to stay safe during hot weather
  • Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
  • Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
  • Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
  • Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
  • Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
  • Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
  • Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Company profile

Name: Steppi

Founders: Joe Franklin and Milos Savic

Launched: February 2020

Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year

Employees: Five

Based: Jumeirah Lakes Towers, Dubai

Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings

Second round raised Dh720,000 from silent investors in June this year

UAE currency: the story behind the money in your pockets
Score

Third Test, Day 2

New Zealand 274
Pakistan 139-3 (61 ov)

Pakistan trail by 135 runs with 7 wickets remaining in the innings

Five personal finance podcasts from The National

 

To help you get started, tune into these Pocketful of Dirham episodes 

·

Balance is essential to happiness, health and wealth 

·

What is a portfolio stress test? 

·

What are NFTs and why are auction houses interested? 

·

How gamers are getting rich by earning cryptocurrencies 

·

Should you buy or rent a home in the UAE?  

Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding

Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.

Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.

Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.

For more details, email openminds@cultures.ae or visit www.cultures.ae

 

Updated: July 01, 2021, 6:35 AM`