ACWA Power Generates Billion-Dollar Wealth Beyond Saudi Oil
Business families in Saudi Arabia have accumulated more than USD 9 miliar in private wealth through investments in water desalination and energy company ACWA, according to the Bloomberg Billionaires Index cited by detikInet. The Abunayyan and Al Muhaidib families jointly hold at least 26.3% of the company, which carries a market value of USD 34,9 miliar. This growth highlights a major shift toward building private capital outside the nation’s dominant oil sector.
Founding Families Establish Company for Major Utility Projects
ACWA was established in 2004 by three prominent business families in Saudi Arabia, launching large-scale water and electricity projects in 2005 to supply Mecca during the annual Hajj pilgrimage. Mohammad Abunayyan brought irrigation experience from his family’s business, where his father pioneered diesel-powered turbine pumps for agriculture. Co-founder Sulaiman Al Muhaidib came from a trading family with operations in food, real estate, and industry, while Ahmad Al Rajhi represented a family prominent in Saudi investment and manufacturing.
Desalinating Seawater Amid Regional Scarcity
Saudi Arabia produces over 11,1 juta cubic meters of desalinated water daily according to the Saudi Water Authority, turning seawater into potable supplies to combat severe freshwater shortages. Desalination technology remains critical across the Gulf region. Approximately half of the world’s installed desalination capacity is concentrated in six Gulf Cooperation Council nations, including Saudi Arabia, the United Arab Emirates, and Qatar, as reported by VN Express through detikInet.
Company Manages Massive Global Investment Portfolio
ACWA has grown into one of the world’s largest private water desalination operators while expanding into power generation and renewables. Financial reports for 2025 show the company operates 108 projects across 15 countries with a total investment portfolio of roughly USD 117 miliar. Its combined desalination capacity reaches 9,2 juta cubic meters per day across operating and developing facilities. The company recorded a net profit of approximately 1,9 miliar Saudi riyals, or USD 507 juta, in 2025, with the Public Investment Fund of Saudi Arabia holding a 44.2% stake.
Contracts Protect Operations Across International Markets
Expanding past domestic borders, ACWA operates in Morocco, Egypt, Uzbekistan, and China while actively exploring new opportunities in the United States. Prateek Bhatnagar, an analyst at U.S. investment bank Jefferies, stated that long-term water supply contracts help insulate ACWA from short-term economic downturns, while its multi-country footprint mitigates potential disruptions at individual facilities.
Frequently Asked Questions About ACWA Power
Who are the majority shareholders of ACWA Power?
The Public Investment Fund of Saudi Arabia is the largest shareholder with a 44.2% ownership stake. Business families including the Abunayyan and Al Muhaidib groups collectively hold at least 26.3% of the company’s shares.
What is ACWA’s total project investment value?
According to its financial reports, ACWA holds 108 projects across 15 countries representing a total investment of approximately USD 117 miliar.
How much water does ACWA’s desalination portfolio produce?
The company maintains a combined desalination capacity of 9,2 juta cubic meters per day, which includes both operational facilities and projects currently under development.
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