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RIYADH: Saudi utilities giant ACWA Power plans to forge strategic partnerships and secure major financing to support its sustainability goals and strengthen ����ֱ��’s position as a global leader in clean and renewable energy, according to Hisham Tashkandi, the company’s regional president in ����ֱ��.  

ACWA Power’s total projects in the Kingdom have increased to 39, with investments exceeding $68 billion. These include the Shuqaiq, Ar Rass, and Al Kafa’a projects, all part of an integrated clean energy system in ����ֱ��,. 

The company continues to expand its presence in renewable energy, water desalination, and green hydrogen through a portfolio of large-scale projects being developed both domestically and abroad. 

Speaking on the sidelines of the Future Investment Initiative forum in Riyadh, Tashkandi said ACWA Power now operates around 110 projects worldwide, with an investment portfolio of about $115 billion. 

He added: “2025 will be a pivotal year for the company, as it anticipates the completion of several major projects that will contribute to enhancing ����ֱ��’s capabilities in sustainable energy and water desalination.” 

Tashkandi highlighted the Shuqaiq, Ar Rass, and Al Kafa’a initiatives among the company’s most significant clean energy ventures.  

He noted that ACWA Power currently produces around 9 million cubic meters of desalinated water daily worldwide, including 4 million cubic meters within ����ֱ�� — about 30 percent of the Kingdom’s total production — underscoring the firm’s role in supporting national water security. 

The company is also developing projects in Rabigh and Hajr, alongside new initiatives under the National Renewable Energy Program, supervised by the Ministry of Energy. Tashkandi said ACWA Power recently launched the fifth and sixth phases of renewable energy projects under the program, with the sixth phase valued at about $6 billion. 

Regarding green hydrogen, he explained that the NEOM Green Hydrogen Project will be among the largest in the world, producing approximately 600 tonnes of hydrogen per day once operational. The project marks a strategic step toward achieving the goals of Saudi Vision 2030, including energy diversification and carbon emission reduction. 

Tashkandi emphasized that ACWA Power will continue to play a central role in the Kingdom’s energy transformation through strategic partnerships and substantial investments that advance sustainability and solidify ����ֱ��’s standing as a global clean energy hub.   

For his part, Mohammad Abunayyan, founder and chairman of ACWA Power, said the company’s projects include generating around 4 gigawatts of solar and wind energy. 

He noted that the world is facing an urgent need for energy security and supply chain stability, and highlighted ����ֱ��’s diverse energy resources — including solar, wind, and storage — as a unique advantage among Gulf Cooperation Council countries. 

Abunayyan added that ����ֱ�� is building the world’s largest green hydrogen plant, and that renewable energy now powers 100 percent of the company’s desalination operations, helping reduce water and desalination costs by about 85 percent over the past decade. 

He also pointed out that China plays a crucial role in the global energy transition, saying: “Without China, there would be no energy transition. It is driving innovation and providing solutions for the world.” 

RIYADH: ����ֱ��’s point-of-sale transactions remained above the $3 billion mark for the fourth consecutive week, underscoring the resilience of consumer activity even as overall spending moderated in October. 

According to the latest data from the Saudi Central Bank, also known as SAMA, consumer spending stood at SR11.69 billion ($3.12 billion) during the week ending Oct. 25, reflecting a 4.2 percent decline from SR12.21 billion a week earlier. 

The total number of transactions also fell by 4.5 percent to 212.7 million, compared with 222.7 million in the prior seven-day period. 

Data revealed declines across most spending categories, led by laundry services, which saw the steepest fall — a 10.3 percent drop in value to SR42.58 million. Spending on jewelry followed, with a 9.1 percent decrease to SR390.69 million. 

The airlines category saw the largest increase, up 18.5 percent to SR57.88 million, followed by freight transport and courier services, which rose 5.6 percent to SR33.63 million. 

Spending on restaurants and cafes dropped 4.7 percent to SR1.45 billion, while food and beverages fell 6.6 percent to SR1.79 billion. Purchases of apparel and accessories declined 3.2 percent to SR852.42 million, and construction and building materials slipped 2.8 percent to SR384.69 million. 

The Kingdom’s major urban centers mirrored the national decline. Riyadh, which accounted for the largest share of total POS spending, recorded a 2.4 percent drop to SR4.28 billion, down from SR4.38 billion the previous week. The number of transactions in the capital fell to 71.8 million. 

In Jeddah, transaction values decreased 4.9 percent to SR1.61 billion, while Dammam reported a 4.7 percent contraction to SR590.63 million. 

Other cities, including Makkah and Madinah, also registered notable declines in consumer spending, down 3.4 percent and 3.2 percent, respectively. 

POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the expanding adoption of digital payments in ����ֱ��. 

The figures also highlight the wider reach of POS infrastructure, which now extends beyond major retail hubs to smaller cities and service sectors, supporting the Kingdom’s digital inclusion initiatives. 

The continued growth of digital payment technologies aligns with ����ֱ��’s Vision 2030 objectives, promoting cashless transactions and contributing to the Kingdom’s broader digital economy.