meed-logo

line1 line2 line3
SIGN IN / REGISTER

Acwa Power restarts 200MW Kom Ombo project

26 April 2023

Saudi utility developer and investor Acwa Power has obtained a $123m financing package to develop the 200MW Kom Ombo solar power plant in Egypt.

This package is slightly higher than the value agreed in 2021, at $114m, before the project was put on hold.

Acwa Power asked the Egyptian Electricity Transmission Company (EETC) to postpone the project in November 2021, a few months after it reached financial close for the project in August of that year.

It was said at the time that construction work on the project would resume once solar panel prices and freight fees stabilised.

The following banks have agreed to provide loans for the project:

  • European Bank for Reconstruction & Development (EBRD): $36m
  • Opec Fund for International Development: $14.6m
  • African Development Bank (AfDB): $14.4m
  • AfDB’s Sustainable Energy Fund for Africa (Sefa): $10m
  • Green Climate Fund: $34.5m
  • Arab Bank: $14.8m

EBRD and Arab Petroleum Investments Corporation (Apicorp) have also provided equity bridge loans for the project of $14m and $45m, respectively.

Acwa Power CEO Marco Arcelli said the developer is committed to fast-tracking the project’s development.

The Kom Ombo solar power plant will be located less than 20 kilometres from the 1,465MW Benban complex. It is expected to reach commercial operations in January 2024.

Once fully functional, the new utility-scale plant will serve 130,000 households.

Acwa Power added: “While the financing documentation was originally signed in April 2021 with the EBRD, the Opec Fund, the Green Climate Fund, African Development Bank and Arab Bank, the dynamics in global supply chains due to Covid-19 altered the dynamics for the development of solar plants. This resulted in the extension for Kom Ombo’s project execution.”

https://image.digitalinsightresearch.in/uploads/NewsArticle/10790212/main.jpg
Jennifer Aguinaldo

Register for MEED's guest program now to access this article.

Click here to register
Exclusive from Meed
Related Articles
  • Prequalification begins for Riyadh King Salman Stadium

    27 November 2025

    Register for MEED’s 14-day trial access 

    Saudi Arabia’s Sports Ministry has issued a notice inviting companies to prequalify for a contract to design and build the King Salman International Stadium in Riyadh.

    The notice was issued on 26 November, with a prequalification deadline of 16 February.

    The stadium will cover an area of about 660,000 square metres (sq m) and will have a seating capacity of 92,000.

    The stadium will feature a 150-seat royal suite, 120 hospitality suites, 300 VIP seats and 2,200 dignitary seats.

    The plan also includes several sports facilities covering more than 360,000 sq m, including two training fields and fan zones; a closed sports hall; an Olympic-sized swimming pool; an athletics track; and outdoor courts for volleyball, basketball and padel.

    The new stadium will host the final of the 2034 Fifa World Cup and will serve as the Saudi national football team’s main headquarters.

    US-based architectural firm Populous is the lead architect for the stadium.

    Construction of the stadium is expected to be completed by 2029.

    The stadium will be located next to King Abdulaziz Park.

    Saudi Arabia stadium plans

    In August last year, MEED reported that Saudi Arabia plans to build 11 new stadiums to host the Fifa World Cup in 2034.

    Eight stadiums will be located in Riyadh, four in Jeddah and one each in Al-Khobar, Abha and Neom.

    An additional 10 cities will host training bases. These are Al-Baha, Jazan, Taif, Medina, Alula, Umluj, Tabuk, Hail, Al-Ahsa and Buraidah.

    There are expected to be 134 training sites across the kingdom, including 61 existing facilities and 73 new training venues.

    The kingdom was officially selected to host the 2034 Fifa World Cup through an online convention of Fifa member associations at the Fifa Congress on 11 December 2024.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15166460/main.jpg
    Yasir Iqbal
  • Morocco signs $861m deal for polysilicon plant

    27 November 2025

    Register for MEED’s 14-day trial access 

    Morocco has signed a MD8bn ($861m) investment agreement with GPM Holding to establish the country’s first polysilicon manufacturing plant in the southern province of Tan-Tan.

    GPM Holding is a US-based company and a key partner in Green Power Morocco (GPM), which specialises in the installation and maintenance of photovoltaic solar panels.

    GPM is a joint venture with UAE-based renewable energy company Amea Power.

    The planned facility will be located in the El-Ouatia industrial zone, according to the North African country’s Ministry of Investment.

    The facility will have an annual production capacity of 30,000 tonnes, with 85% earmarked for export.

    The plant is expected to generate 1,500 direct and more than 2,000 indirect jobs and strengthen Morocco’s position in renewable energy supply chains, particularly in the manufacturing of solar panel components, according to the Ministry of Investment.

    Last year, GPM completed a 34MW solar project in Hjar Nhal, south of Tangier, under a corporate power purchase agreement.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15163133/main.jpg
    Wil Crisp
  • Emarat awards contract for Dubai airport jet fuel pipeline

    26 November 2025

    Register for MEED’s 14-day trial access 

    Dubai’s Emirates General Petroleum Corporation (Emarat) has awarded a contract for engineering services for a project to build a new jet-fuel supply pipeline to Al-Maktoum International airport in the emirate.

    The contract for end-to-end engineering design services has been won by Bilfinger Middle East, a subsidiary of Germany-headquartered Bilfinger Tebodin.

    The expansion of Al-Maktoum International airport is estimated to be valued at $35bn. The government approved the updated designs and timelines for its largest construction project in April 2024.

    In a statement, the authorities said the plan is for all operations from Dubai International airport to be transferred to Al-Maktoum International within 10 years.

    The statement added that the project will create housing demand for 1 million people around the airport.

    In September last year, MEED exclusively reported that a team comprising Austria’s Coop Himmelb(l)au and Lebanon’s Dar Al-Handasah had been confirmed as the lead masterplanning and design consultants on the expansion of Al-Maktoum airport.

    Construction on the first phase has already begun. In May, MEED exclusively reported that DAEP had awarded a AED1bn ($272m) deal to UAE firm Binladin Contracting Group to construct the second runway at the airport.

    The enabling works on the terminal are also ongoing and are being undertaken by Abu Dhabi-based Tristar E&C.

    Construction works on the project’s first phase are expected to be completed by 2032.

    ALSO READ: Dubai selects Al-Maktoum airport substructure contractor

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15160792/main0620.jpg
    Indrajit Sen
  • Arabian Construction Company wins Trump Tower Jeddah

    26 November 2025

    Register for MEED’s 14-day trial access 

    Abu Dhabi-based contractor Arabian Construction Company has won the main contract to build the Trump Tower Jeddah.

    Saudi Arabia-headquartered real estate developer Dar Global is developing the project in collaboration with the US-based Trump Organisation.

    The 47-floor tower is expected to be developed at an estimated cost of SR2bn ($532m).

    The enabling works have been completed and were undertaken by the local Specialised Italian Foundation Company.

    In August, MEED exclusively reported that Dar Global was preparing to award the main construction contract to build the Trump Tower development in Jeddah.

    The project is the latest addition to Dar Global’s portfolio, following its announcement of two new projects in Riyadh with the Trump Organisation.

    The announcement follows a partnership deal signed by Dar Global in September last year with Geneva-based jeweller Mouawad to develop a residential project in Riyadh.

    The estimated SR880m ($234m) development will offer 200 residential villas north of Riyadh, close to the Expo 2030 site.

    The development is expected to be completed by 2026.

    According to an official statement, Dar Global has $7.5bn-worth of projects under development in six countries: the UAE, Oman, Qatar, the UK, Spain and Saudi Arabia.

    UK analytics firm GlobalData expects the kingdom’s construction industry to record an annual average growth rate of 5.2% in 2025-28, supported by investments in transport, electricity, housing and tourism infrastructure projects and the Saudi gigaprojects programme.

    The industry will also be supported by the government’s aim of increasing homeownership from 62% in 2020 to 70% by 2030, as part of Saudi Vision 2030.

    https://image.digitalinsightresearch.in/uploads/NewsArticle/15159884/main.jpeg
    Yasir Iqbal
  • Bahrain’s economy walks precarious path

    26 November 2025

    Download the PDF

    MEED’s December 2025 report on Bahrain includes:

    > COMMENT: Manama pursues reform amid strain
    > GVT & ECONOMY: Bahrain’s cautious economic evolution
    > BANKING: Mergers loom over Bahrain’s banking system
    > OIL & GAS: Bahrain remains in pursuit of hydrocarbon resources
    > POWER & WATER: Bahrain advances utility reform
    > CONSTRUCTION: Bahrain construction faces major slowdown
    > TRANSPORT: Air Asia aviation deal boosts connectivity

    To see previous issues of MEED Business Review, please click here
    https://image.digitalinsightresearch.in/uploads/NewsArticle/15159666/main.gif
    MEED Editorial