Saudi Arabia’s sovereign Public Investment Fund has increased its stake in Riyadh-based renewables developer Acwa Power, the companies said in an statement.
PIF’s total stake in Acwa Power is now close to 25 per cent, with its latest 15.2 per cent direct stake in addition to its existing 9.78 per cent stake through its wholly-owned subsidiary Sanabil Direct Investments Company, the firms said in a statement on Thursday. Acwa Power’s chairman Mohammad Abunayyan confirmed that PIF’s offer was made in early 2017.
“The PIF reinforces what is already a high-quality institutional shareholder base which includes the Public Pension Agency of Saudi Arabia and World Bank’s International Finance Corporation,” Mr Abunayyan said.
The investment by the Saudi sovereign fund in one of the largest regional renewables developer comes amid a rollout of a renewables programme by the world’s biggest oil exporter. Saudi Arabia is expected to tender over 4GW of solar and wind projects as it looks to free up more crude for export and diversify its economy further.
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Read more:
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PIF’s investment will come in the form of a capital increase, with the proceeds to be spent on Acwa Power’s growth strategy and investment plans, the companies said.
HSBC advised PIF on the deal, while JP Morgan acted as the sole financial advisor for the renewables firm.
Acwa Power has developed projects across the Middle East, including the fourth phase of the Shaikh Mohammed bin Rashid Solar Park, as well as renewables schemes in Jordan. The company is also taking a leading role in the alternative power generation sector in Saudi Arabia as well.
An Acwa Power-led consortium was chosen to develop Saudi Arabia’s first-ever solar plant, a $302 million facility at Sakaka, which is being developed on the basis of an independent power producer model.
The developer is also bidding for the kingdom’s first wind project, a 400MW scheme in the northern Dumat Al Jandal region.
MATCH INFO
Watford 2 (Sarr 50', Deeney 54' pen)
Manchester United 0
Maestro
Director: Bradley Cooper
Starring: Bradley Cooper, Carey Mulligan, Maya Hawke
Rating: 3/5
MATCH INFO
Chelsea 1 (Hudson-Odoi 90+1')
Manchester City 3 (Gundogan 18', Foden 21', De Bruyne 34')
Man of the match: Ilkay Gundogan (Man City)
The biog
Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.
Favourite book: Anything by Sidney Sheldon.
Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.
Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.
Paris Can Wait
Dir: Eleanor Coppola
Starring: Alec Baldwin, Diane Lane, Arnaud Viard
Two stars
SCHEDULE
Saturday, April 20: 11am to 7pm - Abu Dhabi World Jiu-Jitsu Festival and Para jiu-jitsu.
Sunday, April 21: 11am to 6pm - Abu Dhabi World Youth (female) Jiu-Jitsu Championship.
Monday, April 22: 11am to 6pm - Abu Dhabi World Youth (male) Jiu-Jitsu Championship.
Tuesday, April 23: 11am-6pm Abu Dhabi World Masters Jiu-Jitsu Championship.
Wednesday, April 24: 11am-6pm Abu Dhabi World Professional Jiu-Jitsu Championship.
Thursday, April 25: 11am-5pm Abu Dhabi World Professional Jiu-Jitsu Championship.
Friday, April 26: 3pm to 6pm Finals of the Abu Dhabi World Professional Jiu-Jitsu Championship.
Saturday, April 27: 4pm and 8pm awards ceremony.
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
Results:
5pm: Conditions (PA) Dh80,000 1,400m | Winner: AF Tahoonah, Richard Mullen (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh90,000 1,400m | Winner: Ajwad, Gerald Avranche, Rashed Bouresly
6pm: Maiden (PA) Dh80,000 1,600m | Winner: RB Lam Tara, Fabrice Veron, Eric Lemartinel
6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: Duc De Faust, Szczepan Mazur, Younis Al Kalbani
7pm: Wathba Stallions Cup (PA) Dh70,000 2,200m | Winner: Shareef KB, Fabrice Veron, Ernst Oertel
7.30pm: Handicap (PA) Dh90,000 1,500m | Winner: Bainoona, Pat Cosgrave, Eric Lemartinel
FORSPOKEN
Developer: Luminous Productions
Publisher: Square Enix
Console: PC, PS5
Release date: January
Company of Heroes 3
Developer: Relic Entertainment
Publisher: SEGA
Console: PC, PS5, XSX
Release date: February
Star Wars Jedi: Survivor
Developer: Respawn Entertainment
Publisher: Electronic Arts
Console: PC, PS5, XSX
Release date: March
Suicide Squad: Kill the Justice League
Developer: Rocksteady Studios
Publisher: Warner Bros
Console: PC, PS5, XSX
Release date: May
Final Fantasy XVI
Developer: Square Enix
Publisher: Square Enix
Console: PS5
Release date: June
Street Fighter 6
Developer: Capcom
Publisher: Capcom
Console: PS5, XSX, PC
Release date: June
Diablo IV
Developer: Blizzard Entertainment
Publisher: Blizzard Entertainment
Console: PC, PS5, XSX
Release date: June
Baldur's Gate 3
Developer: Larian Studios
Publisher: Larian Studios
Console: PC
Release date: August
The Legend of Zelda: Tears of The Kingdom
Developer: Nintendo
Publisher: Nintendo
Console: Nintendo Switch
Release date: September
Marvel's Spider-Man 2
Developer: Insomniac Games
Publisher: PlayStation
Console: PS5
Release date: Fall
Assassin's Creed Mirage
Developer: Ubisoft
Publisher: Ubisoft
Console: PC, PS5, XSX, Amazon Luna
Release date: 2023
Starfield
Developer: Bethesda Game Studios
Publisher: Bethesda Softworks
Console: PC, Xbox
Release date: 2023
Rock in a Hard Place: Music and Mayhem in the Middle East
Orlando Crowcroft
Zed Books
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
'Tell the Machine Goodnight' by Katie Williams
Penguin Randomhouse
THE FLASH
Director: Andy Muschietti
Stars: Sasha Calle, Ben Affleck, Ezra Miller
Rating: 3/5
MATCH INFO
World Cup 2022 qualifier
UAE v Indonesia, Thursday, 8pm
Venue: Al Maktoum Stadium, Dubai
Company Profile
Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE
Edinburgh: November 4 (unchanged)
Bahrain: November 15 (from September 15); second daily service from January 1
Kuwait: November 15 (from September 16)
Mumbai: January 1 (from October 27)
Ahmedabad: January 1 (from October 27)
Colombo: January 2 (from January 1)
Muscat: March 1 (from December 1)
Lyon: March 1 (from December 1)
Bologna: March 1 (from December 1)
Source: Emirates
Profile Idealz
Company: Idealz
Founded: January 2018
Based: Dubai
Sector: E-commerce
Size: (employees): 22
Investors: Co-founders and Venture Partners (9 per cent)
COMPANY PROFILE
Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
Brief scoreline:
Manchester United 2
Rashford 28', Martial 72'
Watford 1
Doucoure 90'
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2