ACWA Power-led Consortium’s $2.4 Billion Al-Shuaibah Solar Projects Set to Energize Saudi Arabia
ACWA Power’s $2.4 billion Al-Shuaibah solar projects have brought Saudi Arabia’s renewable energy aspirations to the forefront. Led by ACWA Power, in collaboration with the Public Investment Fund (PIF) and Saudi Aramco subsidiaries, the financial closure signifies a significant step towards a sustainable energy future. With Al Shuaibah 1 and Al Shuaibah 2 solar PV projects boasting a combined capacity of over 2.6 GW, they hold the potential to power nearly 450,000 households and significantly reduce carbon emissions. The commitment of key financial institutions, like First Abu Dhabi Bank and Standard Chartered Bank, reflects the growing synergy between private and public sectors in advancing clean energy projects. As the projects gear up for commercial operations in 2025, Saudi Arabia’s position as a leader in the global renewable energy landscape is further solidified.
Dubai leads major Gulf bourses higher as Omicron fears ease
Most stock markets in the Gulf rose in early trade on Tuesday, on receding worries about the impact of the Omicron coronavirus variant, with the Dubai index outperforming the region.
