Saudi Arabian energy developer Acwa Power signed a $125 million five-year Sharia-compliant corporate facility with multilateral lender Apicorp to support its growth plans.
The five-year facility will help Acwa Power to fund renewable energy projects. The term is suited to finance initial commitments for long-term projects. It can be used as a revolving loan during the first three years of a given project, then settled and redrawn as schemes are completed and refinanced. This allows Acwa to "recycle capital and increase financial capacity for further portfolio development and growth", Apicorp said in a statement.
The $125m commitment from Apicorp "will serve as an important funding source" to support the expansion of its green portfolio across markets, Kashif Rana, Acwa Power's chief financial officer, said.
"The revolving feature of this facility offers Acwa Power the flexibility to reallocate and thus optimise its utilisation," he added.
Apicorp is a multilateral lender set up by the 10 oil exporting nations in the Arab World. About 15 per cent of the Dammam-based institution's outstanding financing is being used to fund renewables projects, it said.
In October, Apicorp provided a $70.5m facility to help Acwa Power and its partners build the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park in the Dubai.
Acwa Power, which has $59.9 billion of assets producing 47.7 gigawatts of power, is playing a key role in Saudi Arabia's energy transition. The company is developing the kingdom's first-photovoltaic power project in the northern Al Jouf region.
The Sakaka plant, built at a cost of 1.2bn Saudi riyals ($320m), is part of the kingdom's plan to add 27.3GW of clean energy to its grid by 2024. Saudi Arabia is also set to become the Middle East's biggest wind power market in the next decade.Development has started on the 400MW Dumat Al Jandal wind farm, the kingdom's first utility-scale wind project, which was awarded to a consortium led by France’s EDF and Abu Dhabi’s Masdar in January 2019.
In November, Saudi Arabia's sovereign Public Investment Fund increased its stake in Acwa Power to 50 per cent.
The Bahrain branch of Baker & McKenzie acted as legal advisors for Apicorp, while the Riyadh office of Ashurst advised Acwa Power.
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Price, base / as tested: Dh263,235 / Dh420,000
Engine: 3.0-litre supercharged V6
Power 375hp @ 6,500rpm
Torque: 450Nm @ 3,500rpm
Transmission: Eight-speed automatic
Fuel consumption, combined: 9.4L / 100kms
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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Stars: Awkwafina, Zhao Shuzhen, Diana Lin, Tzi Ma
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What is hepatitis?
Hepatitis is an inflammation of the liver, which can lead to fibrosis (scarring), cirrhosis or liver cancer.
There are 5 main hepatitis viruses, referred to as types A, B, C, D and E.
Hepatitis C is mostly transmitted through exposure to infective blood. This can occur through blood transfusions, contaminated injections during medical procedures, and through injecting drugs. Sexual transmission is also possible, but is much less common.
People infected with hepatitis C experience few or no symptoms, meaning they can live with the virus for years without being diagnosed. This delay in treatment can increase the risk of significant liver damage.
There are an estimated 170 million carriers of Hepatitis C around the world.
The virus causes approximately 399,000 fatalities each year worldwide, according to WHO.
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Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Friday
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Saturday
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Sharjah v Shabab Al Ahli Dubai, Sharjah Stadium (8pm)
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Specs
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Power: 659hp
Torque: 1075Nm
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1.30pm Handicap (PA) Dh 50,000 (Dirt) 1,400m
Winner AF Almomayaz, Hugo Lebouc (jockey), Ali Rashid Al Raihe (trainer)
2pm Handicap (TB) Dh 84,000 (D) 1,400m
Winner Karaginsky, Tadhg O’Shea, Satish Seemar.
2.30pm Maiden (TB) Dh 60,000 (D) 1,200m
Winner Sadeedd, Ryan Curatolo, Nicholas Bachalard.
3pm Conditions (TB) Dh 100,000 (D) 1,950m
Winner Blue Sovereign, Clement Lecoeuvre, Erwan Charpy.
3.30pm Handicap (TB) Dh 76,000 (D) 1,800m
Winner Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
4pm Maiden (TB) Dh 60,000 (D) 1,600m
Winner Bladesmith, Tadhg O’Shea, Satish Seemar.
4.30pm Handicap (TB) Dh 68,000 (D) 1,000m
Winner Shanaghai City, Fabrice Veron, Rashed Bouresly.
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
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