Search Site

Trends banner

Equinor signs $27 bn gas deal

The 10-year contract was signed with Centrica.

ADNOC Drilling secures $1.15bn contract

The contract for two jack-up rigs begins in the second quarter.

Etihad Q1 profit $187 million

This is a 30% YoY increase over Q1 2025.

Yalla Group Q1 revenue $83m

Net income rose to $36.4 million, a 17% YoY increase.

Qatar Airways annual profit $2bn

This was a record 28% jump in annual net profit.

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.