Acwa Power-led consortium brings world's largest off-grid renewable utility system online at Red Sea

The Red Sea gets its own grid

The Red Sea destination’s utility system is now commercially operational, kicking off a 25-year concession for an Acwa Power-led consortium, according to a press release. The system, worth USD 1.84 bn, is billed as the world’s largest off-grid renewable utilities network and the first Saudi giga-project to bring its full utilities system online without a connection to the national grid.

What it does: Marafiq Red Sea for Energy, the project company Acwa formed with China’s SPIC Huanghe Hydropower and Saudi Tabreed, will provide power, water, wastewater, district cooling and waste management to Red Sea Global’s hotels, airport, logistics hub and community facilities.

The details: The setup combines 340 MWac of solar with a 1.2k MWh battery, the world’s largest off-grid battery installation. At full capacity, it can generate up to 760k MWh of clean energy a year. The project also includes three seawater reverse osmosis plants, a waste management center, and a sewage treatment plant.

Flynas buys 10% stake in Swissport Saudi

Flynas is taking a stake in its own ground handler. The budget carrier will buy 10% of Swissport Saudi Arabia for USD 13.3 mn (SAR 50 mn), plus a small variable component, and simultaneously signed a five-year agreement making Swissport its exclusive ground handler in the Kingdom, according to Tadawul filing. The handling contract runs from March 2027 to March 2032, with Flynas holding a call option to double its stake to 20% on renewal. Swissport Saudi Arabia is currently owned by Swissport International and Oman’s Asyad Holding, which are selling the stake.

The move ends a relationship: Flynas has served notice on its current provider, Saudi Ground Services, effective March 2027.

Why it matters: Just months ago, Saudi Ground Services looked to have ring-fenced the Kingdom’s aviation core, locking Saudia, Flynas, and Riyadh Air into multi-year contracts while foreign rivals like Swissport competed for foreign-carrier and low-cost accounts like Air Arabia. Flynas shifting its handling contract to Swissport, while taking a stake in the operator, breaks that grip. For Swissport, which received its Saudi ground handling license last year, the contract is a major step-up.

Moroccan hospital debuts in Saudi

Morocco’s largest private hospital operator, Akdital, has opened its first hospital in Saudi Arabia, a 140-bed facility in Riyadh’s Al Olaya district, Asharq Business reports. The hospital spans more than 17.6k sqm and includes 11 operating rooms, more than 30 intensive-care beds, an 18-bed emergency department, and diagnostic and imaging facilities.

REMEMBER- The Arab Investment Company (Taic) acquired a 15% stake in Akdital last month to help fund its expansion, with Saudi Arabia a key focus of the growth plan.

The plan: The Moroccan company previously earmarked USD 350 mn to develop 11 hospitals across Saudi Arabia, the UAE, and Tunisia by 2030. It also plans to offer investment funds up to a 30% stake as it looks to spread its funding across bonds, bank loans and internal resources.

Akdital is entering a healthcare market that’s in expansion mode: Just last month, Al Fakeeh Care wrapped its Al Fagih acquisition, Dallah Healthcare has spent years consolidating the sector through acquisitions including Kingdom Hospital, Makkah Medical Center, Al Salam, and Al Ahsa. National Medical Care stitched together Jeddah’s Chronic Care Specialized Medical Hospital and Makkah’s Jiwar Medical Center. Meanwhile, Sulaiman Al Habib and Mouwasat are expanding mainly through new hospitals in Riyadh, Dammam and elsewhere.

Al Rasheed finalizes acquisition of 50% stake in Taif

Mohamed Hadi Al Rasheed & Partners has secured regulatory clearance to acquire a 50% stake in Taif Shipping for SAR 92.5 mn, according to a Tadawul disclosure. The company received a no-objection letter from the General Authority for Competition for the move, and other regulatory procedures still need to be completed before closing.

REMEMBER- The company signed the agreement for the acquisition in July. Al Rasheed mines and processes the silica; Taif ships and blends it for oilfield customers. Owning half the logistics chain gives Al Rasheed direct access to downstream marketing channels for its products. The transaction will be funded through Al Rasheed’s own resources and available financing facilities.

Sav to use fresh funds to expand in Saudi Arabia

UAE-based fintech Sav secured USD 3.5 mn in a pre-Series A round, with the funding earmarked for expanding its Saudi operations, according to a press release. The financing will also support the company’s plan to boost its product development, AI infrastructure, and user acquisition across the GCC. The round was led by Phoenix Venture Partners, in addition to co-investors from PVP Innovation Fund CEIC’s investor base.

About the company: Founded by Purvi Munot (LinkedIn) and Mithil Ajmera (LinkedIn), Sav is an AI-powered consumer fintech platform that combines savings, investments, gold, payments, and commerce. Its SavCore infrastructure allows users to aggregate financial accounts and automate financial decisions. The firm operates under a DFSA Category 4 license in the UAE.