Acwa Power windmills ain Jbel Sendouq, on the outskirts of Tangier, Morocco. Reuters
Acwa Power windmills ain Jbel Sendouq, on the outskirts of Tangier, Morocco. Reuters
Acwa Power windmills ain Jbel Sendouq, on the outskirts of Tangier, Morocco. Reuters
Acwa Power windmills ain Jbel Sendouq, on the outskirts of Tangier, Morocco. Reuters

Saudi Arabia’s Acwa Power appoints Marco Arcelli as CEO


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Saudi Arabia's Acwa Power said it has appointed Marco Arcelli as its chief executive amid plans to expand into new markets.

Paddy Padmanathan, who held the top role at the Riyadh-based utility for nearly 15 years, will remain on Acwa Power’s board, the company said in a statement on Tuesday.

Mr Arcelli, who has more than 25 years' experience in energy and infrastructure, has held senior roles in companies such as Italy’s Enel and European power producer EPH Group.

In his new role, Mr Arcelli will oversee Acwa Power’s global expansion efforts, and leverage his expertise in digital innovation to optimise operations and drive growth, the company said.

Acwa Power, which is present in 12 countries in the Middle East, Africa, Central Asia, and South-East Asia, has 68 projects in operation, advanced development, or construction ― with an investment of 256.5 billion Saudi riyals ($68.27 billion) and the capacity to generate 44.4 gigawatts of power and manage 6.2 million cubic metres per day of desalinated water.

This year, the company added 5.44 gigawatts of power generation and 600,000 cubic metres per day of water desalination capacity in Saudi Arabia, Egypt and Uzbekistan by signing new power or water purchase agreements, the largest capacity additions in a single year in the company’s history.

Acwa Power’s net profit for 2022 more than doubled to 1.54 billion riyals on higher operating income, as well as lower impairment charges.

The company’s vice chairman, Raad Al Saady, has also taken over the newly created position of managing director.

Having worked more than two decades in the financial services and automotive sectors, Mr Al Saady will oversee the expansion and progress of the business, offer advice on the company's tactics and workforce, supervise the connections with stakeholders, and push forward a range of strategic projects.

“Following a successful 2022, Acwa Power is well positioned to drive business expansion, both regionally and globally,” said chairman Mohammad Abunayyan.

“As part of our growth strategy, we are expanding our management structure with top-tier talent from diverse backgrounds.

“Their contributions will enable us to further strengthen our stakeholder relationships and lead the way in our home market of Saudi Arabia and beyond.”

Saudi Arabia, the Arab world’s largest economy, is developing several new renewable energy projects as it aims to boost its clean energy capacity and become carbon neutral by 2060.

In November, a unit of Saudi Arabia's Public Investment Fund and Acwa Power signed agreements to develop a solar plant in Makkah with a total capacity of 2.1 gigawatts.

The facility, which is expected to begin commercial operations in the fourth quarter of 2025, will be the "largest of its kind in the Middle East", the companies said at the time.

Saudi Arabia is also building the world’s largest green hydrogen-based ammonia production plant in Neom — the kingdom's planned futuristic city.

yallacompare profile

Date of launch: 2014

Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer

Based: Media City, Dubai 

Sector: Financial services

Size: 120 employees

Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)

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Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Winners

Best Men's Player of the Year: Kylian Mbappe (PSG)

Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)

TikTok Fans’ Player of the Year: Robert Lewandowski

Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)

Best Women's Player of the Year: Alexia Putellas (Barcelona)

Best Men's Club of the Year: Chelsea

Best Women's Club of the Year: Barcelona

Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)

Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)

Best Coach of the Year: Roberto Mancini (Italy)

Best National Team of the Year: Italy 

Best Agent of the Year: Federico Pastorello

Best Sporting Director of the Year: Txiki Begiristain (Manchester City)

Player Career Award: Ronaldinho

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What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae

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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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Updated: March 21, 2023, 11:50 AM