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SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

ACWA Power, SEC sign PPAs

The agreements signed with SPCC are valued at $3.9 billion.
  • The agreement, signed on November 13, pertains to the development, financing, construction, ownership, and operation of two expansive combined cycle gas turbines power plants.
  • Named Taiba 1 and Qassim 1, these mega-projects are strategically situated in Madinah and Qassim, with a production capacity of 1,800 megawatts (MW) each.

Riyadh, Saudi Arabia — ACWA Power and Saudi Electricity Co. (SEC) have inked power purchase agreements (PPAs) with Saudi Power Procurement Co. (SPPC) worth SAR 14.6 billion ($3.9 billion).

The agreement, signed on November 13, pertains to the development, financing, construction, ownership, and operation of two expansive combined cycle gas turbines (CCGT) power plants.

Named Taiba 1 and Qassim 1, these mega-projects are strategically situated in Madinah and Qassim, with a production capacity of 1,800 megawatts (MW) each. The details of the partnership were disclosed in an official statement provided to Tadawul by the utility company.

ACWA Power anticipates the financial impact of this collaboration to become evident post-H1 2027. Importantly, the agreements affirm the absence of any involvement from related parties, ensuring transparency and accountability in this major energy venture.

The partnership aims to bolster Saudi Arabia’s power infrastructure, marking a crucial milestone in the nation’s pursuit of energy sustainability and security.