ACWA Power, recognized as the world’s largest private water desalination firm, has obtained a Shariah-compliant loan worth SR750 million (about $119 million) from Alinma Bank, according to the company. This funding will support the construction of ACWA Power’s new headquarters in Riyadh.
The seven-year loan reflects Alinma Bank’s confidence in ACWA Power’s financial health and its contribution to Saudi Arabia’s Vision 2030, which aims to fulfill 90% of the country’s water needs through desalination by 2030, based on goals set by the Ministry of Environment, Water, and Agriculture.
Abdulhameed Al-Muhaidib, Chief Financial Officer of ACWA Power, emphasized that the new headquarters will represent the company’s dedication to innovation, sustainability, and the Kingdom’s vision for a cleaner future. The building will feature advanced facilities, encourage collaboration, and incorporate environmentally friendly workspaces.
Jameel Al-Hamdan, Chief Corporate Banking Officer at Alinma Bank, highlighted the bank’s role as the exclusive financier, stating that the project aligns with both organizations’ focus on sustainability and supports Saudi Arabia’s net-zero ambitions.
In 2024, ACWA Power reported a net profit of SR1.75 billion and total revenues of SR6.29 billion, reflecting a 3.32% increase from the previous year, according to company data. Earlier in the year, ACWA Power also entered agreements with Aramco to advance renewable energy initiatives and test vanadium flow batteries under local climate conditions.
This new headquarters project underscores ACWA Power’s ongoing growth and commitment to supporting Saudi Arabia’s development and sustainability targets.
