Acwa becomes majority shareholder in Shuaibah Water and Electricity

Acwa raised its stake in Shuaibah Water and Electricity Company to 62% after acquiring a 32% share — through its Al Waha Projects unit — from PIF subsidiary Water and Electricity Holding Company for SAR 843.3 mn, according to a Tadawul disclosure. The acquisition, funded from internal reserves, boosts Acwa’s control over the 900 MW power and 880k cbm/d desalination facility.

Why it matters: Shuaibah is a money-spinner. As Saudi Arabia’s first independent water and power project, it offers Acwa a stable revenue stream under a power and water purchase agreement running through 2030, reinforcing Acwa’s balance sheet and supporting its other projects, it said in an earlier disclosure.

SIIG to develop a SAR 1.4 bn bio-protein production facility with Unibio

The Saudi Industrial Investment Group (SIIG) is partnering with Denmark’s Unibio to develop a dry gas-based bio-protein production facility in Jubail Industrial City, it said in a bourse filing. The project, valued at approximately SAR 1.4 bn, will utilize a dry gas feedstock allocation from the Energy Ministry to produce 50k tonnes of single-cell protein annually.

Stakeholders and funding: SIIG will maintain an 80% majority stake, while Unibio will hold the remaining 20%. Financing for the development will be sourced through a combination of SIIG’s internal capital, commercial loans, and government funding.

The timeline: Construction is expected to start in 2H 2026 and finish by 2H 2027, with a six-month pilot phase in late 2027 and commercial production starting in 1H 2028.

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