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News Update
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ACWA
acquires another firm, plans to raise capital
JEDDAH: Acquisition of companies and enhancing investment is
steadily growing, especially in the water and power sector
of Saudi Arabia. In the latest development, the newly formed
International Company for Water and Power Projects (ACWA
Power International) has acquired ACWA Power Projects, a
major developer and operator of seawater desalination and
power generation plants in the Kingdom. The new company is
also increasing its capital. “This move by ACWA Power
International will build on the existing portfolio of plants
developed and owned by ACWA Power Projects. With a fully
paid up capital of SR2.92 billion to be increased to SR4
billion within the next few months, ACWA Power International
is structured as a joint stock company,” Mohammed A.
Abunayyan, chairman of ACWA Power International, told a
press conference at the Jeddah Hilton on Monday night. |
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