ACWA Power’s ESG focus aligns with global sustainability efforts, says official 

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Updated 08 December 2024
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ACWA Power’s ESG focus aligns with global sustainability efforts, says official 

ACWA Power’s ESG focus aligns with global sustainability efforts, says official 

RIYADH: Saudi utility giant ACWA Power is leading efforts in the global energy and water sectors by significantly reducing the power consumption of desalination processes, a key official said.

In an interview on the sidelines of the COP16, Abdurahman Al-Sum, executive director of environmental, social, and governance at ACWA Power, highlighted the company’s achievements in cutting desalination energy use by more than 87 percent over the last decade. These efficiency milestones reflect the firm’s ongoing commitment to sustainability.

“We are also the first mover in the green hydrogen sector. We provide water to communities at a very low rate, and we also provide decarbonized energy to these communities, as well. This, in turn, indirectly helps tackle water scarcity,” Al-Sum explained.

ACWA Power, one of the largest private sector players in water desalination and renewable energy, is prioritizing environmental protection through initiatives in biodiversity, particularly in its water, sea, and land operations. 

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Al-Sum explained that biodiversity protection is integrated at every stage of its operations, from design to execution. “We start with the design phase, and we do all the studies needed for biodiversity while we are doing environmental and social impact assessments,” he said.

The company has also committed to planting one million trees by 2030 as part of the Saudi Green Initiative, further underlining its dedication to sustainability. “We have a nursery in Shuaibah for whoever wants to contribute or participate. They can get the plants and start planting it,” Al-Sum added.

Highlighting ACWA Power’s emphasis on collaboration, Al-Sum discussed how the company relies on joint ventures and partnerships to fulfill its mission. “We always work with partners. We always work in joint ventures with others,” he said, referencing the company’s projects in the Red Sea region, which are vital to providing fresh water to local communities.

In terms of innovation, Al-Sum noted that research and development has been a central pillar of the company’s operations since its inception. ACWA Power’s focus on R&D has enabled significant reductions in desalination energy use. “Ten years ago, one cubic meter needed around more than 20 kilowatt-hours. Today, we are producing the same with less than three. It is 2 point something kWh per cubic meter,” he said.

Al-Sum also highlighted the company’s global efforts to support coral reef research in collaboration with the Coral Research and Development Accelerator Platform, a G20 initiative focused on protecting the world’s coral reefs. “Our coral research is freely available for global benefit,” he said.

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The company’s contributions to Saudi Arabia’s broader sustainability goals were also discussed, with Al-Sum emphasizing the firm’s work in clean water, renewable energy, and climate action. “SDG number six, for instance, is about clean water, which is central to our business. We also focus on SDG seven, which promotes affordable and clean energy. Climate action is another major focus for us,” he explained.

Additionally, the Energy and Water Academy, a nonprofit that trains students in renewable energy and desalination, has trained over 15,000 students, many of whom are now working in Saudi Arabia’s energy and water sectors. “The academy is a nonprofit organization where even our competitors send their students and employees for training,” Al-Sum said, adding that the institution also ensures opportunities for women in these specialized fields.

Looking ahead, Al-Sum discussed the company’s role in Saudi Arabia’s transition to renewable energy, working with the government to integrate clean energy into the country’s grid. He emphasized the importance of a gradual transition to avoid disruption to daily life.

In closing, Al-Sum talked about a recent partnership with the Sekaya Charitable Foundation to build a microwater grid in one of ACWA Power’s operating communities. “We are partnering with Sekaya Charitable Foundation to build a micro water grid in one of the communities where we operate,” he said. 

This partnership, alongside others in the public and private sectors, is seen as a key part of ACWA Power’s role in contributing to Saudi Arabia’s economic and sustainability goals.


UAE launches general budget cycle for 2027-2029, state news agency says

UAE launches general budget cycle for 2027-2029, state news agency says
Updated 17 sec ago
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UAE launches general budget cycle for 2027-2029, state news agency says

UAE launches general budget cycle for 2027-2029, state news agency says

DUBAI: The UAE has launched its general budget cycle for the years 2027 to 2029, the state news agency reported on Wednesday.

The total value of the UAE’s federal budget over four consecutive cycles reached 900 billion dirhams ($245 billion), the agency added.


Riyadh emerging as global super hub amid economic boom: Knight Frank

Riyadh emerging as global super hub amid economic boom: Knight Frank
Updated 28 min 17 sec ago
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Riyadh emerging as global super hub amid economic boom: Knight Frank

Riyadh emerging as global super hub amid economic boom: Knight Frank

RIYADH: Saudi Arabia’s capital is rapidly transforming into a leading global wealth hub, fueled by the Kingdom’s successful economic diversification under Vision 2030, a recent Knight Frank report said.

The Riyadh edition of the “Emerging Wealth Hub” series noted that the Saudi capital is transitioning from an oil-dependent economy to a powerhouse for finance, culture, and lifestyle, attracting multinational corporations, investors, and expatriates.

Surging demand for commercial and residential real estate, coupled with major infrastructure projects, is positioning Riyadh as a future-ready super hub.

A key driver has been the Regional Headquarters Program, which has already exceeded its 2030 target, with 600 global firms, including Bechtel, PwC, and Northern Trust, setting up regional bases in Riyadh. 

This influx has pushed Grade-A office vacancy rates down to just 2 percent, while prime office rents have skyrocketed by 23 percent in the past year and 84 percent since 2020.

The city’s booming startup ecosystem, supported by government incentives, advanced digital infrastructure, and a growing talent pool, complements its rise as a financial and business epicenter.

Amar Hussain, associate partner in research for the Middle East and North Africa region at Knight Frank, noted that Riyadh’s strategic vision, economic growth, and commitment to sustainability “positions it as a leading global wealth hub of the future, attracting talent, investment and tourism on an unprecedented scale.”

He added: “Its global positioning as a leisure destination will only increase further when the eyes of the world turn to the city for the 2030 World Expo and the 2034 FIFA World Cup.”

According to the report, the Kingdom issued over 160,000 new business licenses in the last quarter of 2024 — a 67 percent annual increase — bringing the total number of registered businesses to 1.6 million. The national unemployment rate has fallen to a historic low of 7 percent.

Partner and Head of Research for the MENA region at Knight Frank, Faisal Durrani, said: “The private sector is booming, with new business licenses up by two-thirds in a single year and vacancy rates for grade-A offices among the lowest in the world.” 

Durrani added: “This wave of entrepreneurialism is both a result of and a catalyst for Riyadh’s evolving business environment, and the city’s ability to attract human and financial capital is accelerating its emergence as a future-ready global wealth hub.”

To accommodate future demand, Riyadh’s office space is projected to nearly double from 5.5 million sq. meters to 9.8 million sq. meters by 2027, supported by government-backed infrastructure projects and growing institutional investment.

In an interview with Arab News in June, Emmanuel Durou, technology, media, and telecommunications leader at Deloitte Middle East, highlighted the Kingdom’s supportive business environment, which includes government incentives, substantial funding mechanisms such as venture capital and private equity, and vibrant incubator ecosystems, including Garage 46 and Impact 43.

Also speaking to Arab News in June, Jasem Al-Anizy, partner in corporate finance at Addleshaw Goddard KSA, shed light on the legal structures that are proving effective in the nation.

“Saudi startups have historically preferred an offshore ring-fencing of intellectual property assets by holding and protecting intellectual property interests in a standalone sister company based in an offshore jurisdiction,” he explained to Arab News. 

“This has helped startups in scaling globally and simplifies exit strategies,” Al-Anizy said. 

Sustainability and liveability take center stage 

Riyadh is integrating sustainability into its rapid expansion, with initiatives like the King Abdullah Financial District — the world’s largest LEED Platinum-certified mixed-use business hub — and the Mostadam green building rating system. The Green Riyadh program, which aims to plant 7.5 million trees, is enhancing air quality and urban livability.

“Urban mobility in Riyadh is being redefined through major investments in infrastructure,” said Harmen De Jong, regional partner and head of consultancy for the MENA region at Knight Frank.

Major transport upgrades, including the Riyadh Metro, the expansion of King Khalid International Airport, and the 220-km Sports Boulevard, are improving connectivity and reducing congestion.

“These transport enhancements are not only reducing congestion but also improve air quality and overall urban resilience,” De Jong said, adding: “Combined with the rise in major multinationals opening offices in the city and high-quality residential and leisure developments, Riyadh has a uniquely compelling offer as a live, work, play destination both within the GCC (Gulf Cooperation Council) and globally.” 

Leisure, tourism, and global events fuel growth 

Riyadh is fast becoming a premier leisure destination, with Riyadh Season 2024 drawing 18 million visitors. The city’s successful bids to host the 2030 World Expo and the 2034 FIFA World Cup are set to amplify its global profile, with the Expo alone expected to generate an economic impact of $94.6 billion. 

Tourism is booming, with Saudi Arabia surpassing its original Vision 2030 target by welcoming 106.2 million visitors in 2023. The new goal is 150 million visits by 2030, supported by visa-free entry for 66 countries and the launch of Riyadh Air. Hotel supply is expanding rapidly, with 30,000 rooms expected by 2027.

Inbound tourism spending in the Kingdom surged to a record SR153.61 billion ($40.95 billion) in 2024, marking a 13.82 percent annual increase, according to data from the Saudi Central Bank.

The rise also pushed the Kingdom’s travel balance surplus to its highest annual level yet, SR49.78 billion, up 7.81 percent from the previous year.

Residential market soars amid surging demand 

Riyadh’s residential sector is experiencing unprecedented growth, with apartment prices increasing by 75 percent and villa costs by 40 percent since 2019. In 2024 alone, prices rose by 10.6 percent for apartments and 6.3 percent for villas, while sales volumes jumped 44 percent year-on-year. 

New Premium Residency Visas, linked to property ownership, are opening the market to international investors. With 305,000 new homes needed in the next decade, developers and investors have significant opportunities ahead.

Knight Frank’s Hussain said: “With evolving buyer profiles, increasing international interest and sustained local demand, Riyadh’s housing market is positioned for continued expansion and diversification.”

He added: “Our latest projections highlight the scale of opportunity for investors and developers in one of the region’s fastest-moving residential markets.”


Saudi Arabia attracts $32bn in mining investments amid sector reforms

Saudi Arabia attracts $32bn in mining investments amid sector reforms
Updated 30 min 16 sec ago
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Saudi Arabia attracts $32bn in mining investments amid sector reforms

Saudi Arabia attracts $32bn in mining investments amid sector reforms
  • Kingdom has attracted $32 billion in investments in mining projects
  • Mineral exploration spending has quadrupled since 2018, reaching $100 per sq. km

RIYADH: Saudi Arabia’s ongoing mining reforms have helped the Kingdom attract $32 billion in investments for projects in iron, phosphate, aluminum, and copper, a senior official said. 

Khalid Al-Mudaifer, vice minister of industry and mineral resources, told financial news outlet Asharq Business that the figure represents nearly one-third of the $100 billion the Kingdom aims to attract in the sector by 2030. 

This comes as the country’s mining sector is projected to increase its contribution to gross domestic product from $17 billion in 2024 to $75 billion by 2030. The industry generated $400 million in revenue in 2023 and is now supported by a $100 billion investment roadmap targeting critical minerals by 2035. 

“Saudi Arabia has attracted approximately $32 billion in investments in mining projects in iron, phosphate, aluminum, and copper, which are already under construction. This represents nearly a third of the $100 billion targeted for investment by 2030,” Al-Mudaifer said.

The vice minister added that mineral exploration spending in the Kingdom has quadrupled since 2018, reaching $100 per sq. km, with an annual growth rate of 32 percent, significantly above the global average of 6 to 8 percent. 

He said the number of exploration firms in Saudi Arabia has grown from just six in 2019 to 132 today, with 60 percent of them being small and medium-sized enterprises, according to the Saudi Press Agency. 

Foreign companies currently represent approximately 70 percent of all firms operating in the Kingdom’s mining sector, Al-Mudaifer said. 

Saudi Arabia is estimated to hold SR9.37 trillion ($2.5 trillion) in mineral reserves, and the Kingdom aims to establish mining as the third pillar of its economy, after oil and petrochemicals. 

In January, at the Future Minerals Forum in Riyadh, Minister of Industry and Mineral Resources Bandar Alkhorayef announced upcoming exploration opportunities across 5,000 sq. km of mineralized belts in 2025, as the Kingdom continues its push to expand the sector. 

In March, Saudi Arabia launched a new incentive package to attract foreign direct investment into its mining industry

As part of this initiative, the Ministry of Investment is collaborating with the Ministry of Industry and Mineral Resources through an exploration enablement program designed to simplify investment procedures in the sector, according to the Saudi Press Agency. 

The program is part of broader efforts to enhance mineral exploration and foster an attractive environment for both local and international mining companies. 


Youth-led businesses in Saudi Arabia account for over a third of all commercial registrations

Youth-led businesses in Saudi Arabia account for over a third of all commercial registrations
Updated 27 min 31 sec ago
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Youth-led businesses in Saudi Arabia account for over a third of all commercial registrations

Youth-led businesses in Saudi Arabia account for over a third of all commercial registrations
  • Fastest-growing sectors include app development and AI technologies
  • Private sector giants are collaborating with government initiatives to equip Saudi youth with expertise

RIYADH: Saudi youth-owned businesses now represent 38 percent of the Kingdom’s total active commercial registrations as of the second quarter of this year, according to the Ministry of Commerce.

The fastest-growing sectors among the 474,000 youth-led businesses include app development, which led the way with 28 percent annual growth resulting in 18,780 commercial permits. Artificial intelligence technologies closely followed, with a 34 percent increase, reaching 14,409 registrations.  

The e-gaming industry also showed remarkable progress, expanding by 32 percent to 8,260 permits, while film, video, and TV production grew by 20 percent, totaling 5,752 registrations by mid-2025.

Saudi Arabia has a predominantly young population, with the latest census data indicating that individuals under the age of 30 constitute 62.8 percent of the population.

Through public-private partnerships and targeted programs, the nation is equipping young Saudis with digital literacy, entrepreneurial skills, and industry-specific expertise in high-growth sectors like AI, renewable energy, and tourism. 

Private sector giants, including PwC, NEOM, Aramco, and Red Sea Global, are collaborating with government initiatives to equip Saudi youth with industry-relevant expertise.

Programs such as PwC’s Hemam training, Red Sea Global’s leadership programs, and vocational training schemes ensure hands-on experience, aligning education with labor market demands.

Incubators like The Garage foster startup innovation.

However, challenges persist in aligning education with labor market needs, necessitating ongoing cooperation between businesses and academia to sustain this talent pipeline. 

PwC’s Riyadh Al-Najjar emphasized in an interview with Arab News in January that an “entrepreneurial mindset” is critical for private sector growth, while Red Sea Global’s Zehar Filemban highlighted the need for adaptability in a fast-evolving job market. 

The government is addressing these needs through vocational training, Saudization programs, and incentives to attract and retain skilled professionals.


Egypt’s mineral revenues rise 131% to $446m on strong gold output, says minister

Egypt’s mineral revenues rise 131% to $446m on strong gold output, says minister
Updated 16 July 2025
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Egypt’s mineral revenues rise 131% to $446m on strong gold output, says minister

Egypt’s mineral revenues rise 131% to $446m on strong gold output, says minister
  • Gold and silver output reached 640,000 ounces
  • Ore and mineral production rose to 26 million tonnes

RIYADH: Egypt’s revenues from mineral wealth development jumped 131 percent year on year to nearly $446 million in fiscal year 2024/2025, driven by strong growth in gold and silver production. 

Speaking at the Egypt Mining Forum 2025, Minister of Petroleum and Mineral Resources Karim Badawi said, gold and silver output reached 640,000 ounces during the year, a 14 percent increase from the previous period, generating $1.54 billion in sales, up 57 percent annually. 

The gains were attributed to higher production volumes and stronger export performance, according to his statement on Facebook. 

Egypt’s mining sector is undergoing a major transformation under the Vision 2030 agenda, as the government seeks to position the country as a regional hub for mineral exploration while boosting its gross domestic product contribution through sustainable and environmentally responsible practices. 

“Egypt is a nation distinguished by its unparalleled strategic location and expansive infrastructure. Our rich legacy of mineral resources includes gold, copper, silver, zinc, platinum, as well as a diverse range of other precious and base metals,” Badawi said. 

The Ministry of Petroleum and Mineral Resources signed a framework agreement for mine exploitation with the Mineral Resources and Mining Industries Authority and Canada’s Barrick Mining Corporation on the sidelines of the Egypt Mining Forum 2025 in Cairo. Egypt’s State Information Service

He added: “These enormous potentials are backed by the Egyptian government’s economic reform program, aimed to achieve economic stability, attract investments, and enhance market attractiveness, thus contributing to strengthening Egypt’s position as a distinctive and exceptional destination for international investors and placing it on the global mining investment map, in line with the Sustainable Development Strategy.” 

According to the minister, ore and mineral production rose to 26 million tonnes, marking a 39 percent increase from the previous year. Egypt also exported 1.4 million tonnes of ores and mining products in 2024/2025, generating $52.5 million in export revenues. 

During the forum, the ministry signed two agreements with major international mining companies to boost exploration efforts. 

One licensing contract was signed with Centamin Central, a subsidiary of South African-based AngloGold Ashanti, for the exploration of gold and associated minerals, according to Egypt’s State Information Service. 

The second agreement, signed with Canada-based mining giant Barrick, aims to pave the way for expanded collaboration and exploration activities in the country. 

“This step clearly demonstrates the strong desire of international companies to expand their investments in the Egyptian mining sector, which serves as global proof of major international companies’ confidence in Egypt’s investment climate, reflecting the success of the state’s policy in attracting foreign investments,” Badawi said.