Acwa Power grows into one of Saudi Arabia’s biggest private fortunes at USD 34.9 bn

Saudi Arabia’s water investments are turning into one of its biggest private-sector fortunes. Acwa Power has grown into one of the world’s largest private desalination companies with a market value of USD 34.9 bn, Bloomberg writes. The Public Investment Fund remains the biggest shareholder at 44.2%, and the Abunayyan and Al Muhaidib families together own at least 26.3%.

Why the war is raising the stakes: Kuwait and Bahrain reported strikes on desalination projects earlier this year, and Acwa said in a June investor report that some of its facilities in the region came under attack, though it maintained it had an operational framework to manage the risks. Jefferies analyst Prateek Bhatnagar told Bloomberg that Acwa’s long-term water contracts partially insulate it from short-term downturns. Desalination, clean energy, and renewable infrastructure also remain central to the Kingdom’s long-term development plans.

Diversification is Acwa’s main buffer: The company runs more than 100 assets across multiple markets and expanded beyond the Gulf into Morocco, Uzbekistan, Egypt, and Turkey, which Bhatnagar says partially mitigates the impact of any single attack. Acwa has also secured government approval for the exclusive right to export Saudi green hydrogen, began expanding into China in 2024, and is exploring entry into the US market.