INTERVIEW: ‘I have always dreamed of going into space’ — George Whitesides, CEO Virgin Galactic

George Whitesides, CEO Virgin Galactic, speaks to Arab News. (Illustration by Luis Grañena)
Updated 27 December 2018
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INTERVIEW: ‘I have always dreamed of going into space’ — George Whitesides, CEO Virgin Galactic

  • Virgin Galactic CEO and former NASA chief-of-staff was joined by company founder and billionaire Richard Branson for a test flight into space
  • Traveling at almost three times the speed of sound and reaching a height of 51 miles above earth, VSS Unity officially entered space

DUBAI: On a crisp sunny December day in California’s Mojave desert, stood nervously on the edge of the runway waiting for the SpaceShipTwo spacecraft to begin its takeoff on a test mission into space.
The former NASA chief-of-staff was joined by company founder and billionaire Richard Branson, who had brought his son along for the launch, and they gathered with other colleagues and family members of those involved in what was to become a ground-breaking test flight to send a commercial spaceship designed to carry private passengers into space for the first time.
“It was pretty intense right before the flight,” Whitesides said. “You could tell people had that mixture of excitement and nervousness that you always have over a major flight test milestone,” he said, joking he was as nervous as he had been before his wife gave birth to their first child.
“We had all the staff that built the vehicle and maintained the vehicle and many of their families came — and it was in some ways a family affair,” he said.
It was the fourth test flight for the vehicle, SpaceShipTwo — VSS Unity having completed ground tests and glide tests. The ship took off and was carried into the air by another carrier aircraft before it was blasted into space by the force of the rocket burn.
Traveling at almost three times the speed of sound and reaching a height of 51 miles above earth, VSS Unity officially entered space — as defined by US standards — for the first time.
The flight, piloted by Mark “Forger” Stucky and Frederick “CJ” Sturkow, lasted around 1 hour 15 mins, before returning to Earth and landing in front of the now extremely jubilant crowd of onlookers.
“The announcer started calling out — it’s burned for 10 seconds, 20 seconds, 30 seconds and the excitement was just building and building as the flight got higher and higher,” said Whitesides.
“Finally, the announcer said that the vehicle had reached space, and there was this great release of tension and excitement, and a cheer went out. It was the most amazing thing I’ve ever been part of — it was an incredible moment in time.”
He said when the pilots landed, they came out of the craft “looking cool as cucumbers and as if they just went down to the corner store to buy milk.
“But there was a lot of emotion when they were greeted by their spouses and kids,” he said.
The two pilots earned their “Astronaut Wings” from the US aviation agency FAA Commercial after the flight. The decorations will be officially awarded in a ceremony in Washington next year.
The successful mission not only marked the first human spaceflight to be launched from US soil since the final space mission in 2011, but was also the first time a crewed ship designed for commercial passenger service had reached space.
It is a major step forward for Virgin Galactic’s ambitions to take private citizens into space as tourists.
Virgin Galactic was established as an arm of the Virgin Group by Branson in 2004, and he has faced numerous setbacks in his pursuit of developing space tourism. This culminated in October 2014, when a test vehicle broke apart in flight and killed the co-pilot and left the pilot seriously injured.
For both Branson and Whitesides, the achievement of the test flight on Dec. 13 represented the realization of their childhood aspirations.
“I’ve always wanted to go to space to be honest — in some ways this is the perfect thing. I get to go to space but also help others get to space,” Whitesides said.

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BIO

CAREER

- Chief-of-staff for NASA; on leaving he received the Distinguished Service Medal, the agency’s highest award.

- Currently CEO of Virgin Galactic, Sir Richard Branson’s human spaceflight venture, and the Spaceship Company, a manufacturer of advanced space vehicles.  

EDUCATION

- Princeton University’s Woodrow Wilson School

- University of Cambridge

- Fulbright Scholarship to Tunisia

FAMILY

- Lives in California with his wife Loretta and two children

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“I grew up in the mid-1970s just after the Apollo program, and was really inspired by what was doing. I remember when I was 11 or 12 looking up, thinking I wanted to go up to space one day, and I have always had that dream,” he said, reflecting on his childhood growing up outside Boston in the US.
Whitesides pursued his early interest in space, first studying at Princeton University’s Woodrow Wilson School before earning a master’s degree in geographic information systems and remote sensing from the University of Cambridge.
His studies took him to work for the US space agency NASA, where be became chief-of-staff. On leaving he was awarded a medal for Distinguished Service, the highest award granted by the agency.
While at the agency, the Virgin Galactic project caught his eye, and he and his wife, Loretta — who also has a passion for space travel — were among the first customers to buy tickets in 2005 for Virgin Galactic’s planned commercial spaceship. This purchase paved the way to his appointment as CEO of the
venture in 2010.
Around the same time, the UAE also took an interest in the project, with the Gulf state initially taking a 31.8 percent stake in 2010, rising to a 37.8 percent the following year. The stake is currently held by the state-owned Mubadala Investment Company.
More recently there had been talks between Branson and Saudi Arabia about a potential $1 billion investment in the project by the Kingdom. Following the murder of Saudi journalist Jamal Khashoggi in October, however, Branson announced he had suspended talks with the Kingdom. Whitesides was unable to comment further on the current state of relations with Saudi Arabia.
Beyond the excitement and exhilaration of launching rockets beyond the Earth’s atmosphere, Whitesides is motivated by the profound impact the Galactic project and space travel could have on humanity as a whole.
“What inspires me is the idea of planetary perspective, the perspective when you go up in space. It is really important for the world to have that right now. If we can take a bunch of leaders from all over the world — some of them commercial leaders, some political leaders and some will be everyday citizens — and take them up into space, we can show them the planet.
“Show them how we are on this relatively fragile rock and you know we need to work together to solve some of our biggest problems. That is very inspiring to me. That is what motivates me. That space perspective is so important to our future,” he said.
Whitesides described photographs taken during the latest mission as “spectacular,” explaining that you can see the “blue marble under the thin atmosphere and
the wonderful beauty of planet Earth below.”
More than 600 people are already on the waiting list for the first commercial flights, all eager to see these views for themselves. Celebrities such as Leonardo diCaprio and pop star Justin Bieber are said to be among those who have bought tickets.
Since the latest test flight, interest has only heightened in getting a seat on the spaceship, Whitesides said, noting the importance of these first pioneers of space tourism.
“They have a special sparkle in their eye about doing new things and being at the forefront,” he said. “Without them we wouldn’t have the evidence of that large potential market out there,” he said.
Technology used for SpaceShipTwo ensures that the aircraft are reusable, Whitesides said, which is key to making this venture commercially viable. Typically spacecraft are abandoned after use one or two times, while the SpaceShipTwo model aims to operate more like a commercial jumbo jet and reused
multiple times.
“If you take a 747 across the Atlantic, that ticket is affordable because the airplane itself is reused thousands of times. So the key, really, to lowering the cost of space and enabling the benefits of space to be experienced more broadly by people around the world is to enable reusability.
“That’s what we have been working on so hard for SpaceShipTwo — to create a vehicle that can be reused not twice or three times or five times but 100 times for years and years,” he said.
Whitesides is optimistic there is demand for space travel, and that it will only grow once the first few successful journeys are completed.
“The number of people who would want to go to space is huge. I speak all over the world and I ask audiences everywhere who would like to go to space — and almost always I see most of the hands go up,” he said.
“There are a lot of people who want to go up, but they want to see it demonstrated first,” he said.
The current SpaceShipTwo vehicle is designed only to take people up to space and back.
However, Whitesides said that the next step would be to create new spacecraft models capable of high-speed space travel between continents.
“What is amazing in a sort of surprising way is that we have been going at roughly the same speed in terms of jet travel for almost 50 years — which is about Mach 0.8,” he said.
“Our children or grandchildren will be surprised that we got on planes to fly for 12 hours or 15 hours between continents. They will get used to much higher speed transportation,” he said.
Following the latest launch, they will start installing the customer interiors — these are ready and waiting to be installed in the craft.
“We are really on the home stretch here,” he said. “We need to fly a few flights … with our staff on board in the back — and those flights will allow us to make sure our customer experience is terrific and everyone is well trained. I would hesitate to give a specific date, but I think we are getting pretty close.”
Further developments with Virgin Galactic’s existing tie-up with the UAE are in the pipeline as well, with talks about developing a spaceport in the Gulf state to send people to space at an “exciting” stage.
The UAE is keen to develop its space industry, having set up its own space agency in 2014 and aiming to send the first Emirati astronaut to the international space station next year.
“What you may see in the coming period of time are discussions and announcements around the formation of a small number of space ports (around the world),” he said. Initially these will be used to send ships to space and back down again before potentially forming the basis for a network for intercontinental space travel.
Italy is one of the already publicly disclosed locations for a potential spaceport, while “the UAE in many respects is the furthest along, so that is exciting,” he said.


Startup Wrap – Saudi VC space continues to play pivotal role in SMEs growth as Biban 24 delivers deals

Updated 6 sec ago
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Startup Wrap – Saudi VC space continues to play pivotal role in SMEs growth as Biban 24 delivers deals

RIYADH: Saudi Arabia’s venture capital ecosystem continues to boost the regional startup space, with one company plowing $20 million into the early stage-focused Booster IV fund.

Saudi Venture Capital Co. announced it was pouring the money into the fund, which is managed by Beco Capital and focuses on investments across the Gulf region.

Booster IV aims to support high-growth or disruptive startups, targeting companies from the seed stage up to series A. 

The fund’s investment strategy spans various sectors with a strong emphasis on Saudi Arabia and the broader Gulf region, and currently oversees $495 million in assets across four funds.

“Our investment in Booster IV, managed by Beco Capital, aligns with our fund investment program and our strategy to support funds that back early stage startups in Saudi Arabia,” said Nabeel Koshak, CEO and board member of SVC.

Established in 2018, SVC is a subsidiary of the SME Bank, part of Saudi Arabia’s National Development Fund.

The company is dedicated to stimulating and sustaining financing for startups and small and medium-sized enterprises, supporting them from the pre-seed stage up to pre-IPO through funding and co-investments in high-potential startups.

Saudi’s BIM Ventures and Japan’s SBI Holdings launch $2bn-targeted BIM Capital

Supplied.

Saudi Arabia-based venture studio BIM Ventures and Japan’s SBI Holdings have launched a joint venture aiming to drive growth across Saudi Arabia and the broader Middle East.

BIM Capital’s investment strategy spans private equity, venture capital, debt funds, and real estate development, with a target of attracting over $200 million in foreign direct investment and managing assets exceeding $2 billion.

The firm will leverage its expertise to identify high-growth sectors, with a particular emphasis on technology ventures, emerging industries, and real estate development, offering investors access to innovative, transformative opportunities.

Mush Social raises $1.2m in pre-seed funding led by Nifal Consulting

Saudi-based Mush Social has closed a $1.2 million pre-seed funding round led by Nifal Consulting, with support from Nahr Al-Jazeera Holding and angel investors.

Founded in 2022 by Abdulhadi Al-Asmi, Mush Social operates a social platform where users can earn points and own virtual assets through its interactive map feature, potentially monetizing their online interactions.

The funds will support the development of advanced technologies to enhance user value from their engagements on the platform.

Ayen acquires Egyptian contech Elmawkaa in seven-figure deal

The deal will see Ayen integrate Elmawkaa’s construction materials marketplace into its property evaluation platform. Supplied

Saudi property tech company Ayen has acquired Egyptian construction technology firm Elmawkaa in a seven-figure Saudi riyal transaction.

Founded in 2018 by Abdulrahman Al-Mulqi, Ali Al-Mohsen, and Aymen Al-Sarory, Ayen provides data-driven property evaluation solutions.

The acquisition will integrate Elmawkaa’s construction materials marketplace into Ayen’s platform, strengthening its market position across the Gulf Cooperation Council region.

Elmawkaa, established in 2017, offers a digital marketplace for competitive quotations on building materials, aimed at streamlining procurement for construction companies.

Aramco Ventures backs IOTA Software’s $10.4m series A2 round

Aramco Ventures has joined a $10.4 million Series A2 funding round for IOTA Software, a cloud-native platform for industrial performance optimization, led by Altira Group with participation from Oxy Technology Ventures and Second Avenue Partners.

The funds will enable IOTA to expand its engineering, product, and customer success teams, enhance its technology infrastructure, and strengthen marketing efforts. IOTA’s platform aggregates business and operations data to aid decision-making across industrial sectors.

Warburg AI secures $250k in seed funding for financial AI solutions

UAE-based Warburg AI has raised $250,000 in seed funding from undisclosed investors.

Founded in 2024 by Ben Pfeffer, Lancelot De Briey, and Madiyar Ismagulov, Warburg AI develops adaptive artificial intelligence and machine learning tools for financial institutions, with a focus on algorithmic trading, real-time risk management, and asset optimization.

The capital will be directed toward product development and expansion of its customer solutions team.

Brands.io raises seed funding to expand AI-focused domain services

UAE’s Brands.io, an AI-driven domain name provider, has raised an undisclosed amount in seed funding from unnamed investors.

Founded in 2024 by Chetan Gera, Brands.io offers customized domain names tailored for AI companies. 

The investment will fuel platform development, add technical features, and support the company’s expansion into Europe, the Middle East, and Africa, with a strong focus on strengthening its GCC presence.

NorthLadder raises $10m in series B for expansion in pre-owned electronics market

NorthLadder aims to capitalize on the increasing demand in the expanding pre-owned smartphone market. Supplied

UAE-based NorthLadder, a trade-in platform for pre-owned electronics, has raised $10 million in a Series B funding round led by stc Group’s corporate venture capital arm, tali ventures, with additional contributions from the Dutch Founders Fund and Crescent Ventures.

Founded in 2021 by Mihin Shah and Sandeep Shetty, NorthLadder offers a secure platform for reselling pre-owned devices, addressing growing demand in this sector.

With the new capital, NorthLadder plans to enhance its technology and expand its presence, particularly in Europe.

CE-Ventures co-leads $10m funding round for CrossBridge Bio’s cancer therapies

UAE-based CE-Ventures, the corporate venture capital arm of Crescent Enterprises, has co-led a $10 million funding round for CrossBridge Bio, a Houston-based biotech firm focused on developing dual-payload antibody drug conjugates for targeted cancer treatments.

The round also included participation from TMC Venture Fund, Portal Innovations, Alexandria Ventures, and several pre-seed investors.

The investment will support the advancement of CrossBridge Bio’s lead candidate, CBB-120, which targets solid tumors.

Additionally, the funding will enable the company to expand its pipeline of dual-payload ADCs and further develop its proprietary linker technology, which it claims could bring a new level of precision to cancer therapy.

Saudi Arabia’s signature startup event Biban 24 sees deals to support SMEs

Biban 24, Saudi Arabia’s premier event for startups and SMEs, saw over $5 billion in agreements and financing initiatives signed during the first three days.

Organized by the General Authority for Small and Medium Enterprises, or Monsha’at, the Riyadh-based forum secured more than 40 agreements and numerous financing portfolios aimed at bolstering Saudi Arabia’s SME sector in alignment with Vision 2030 goals.

These deals, amounting to more than SR18 billion ($4.79 billion) on the first day, SR1.35 billion on the second,  and SR580 million on day three,  included partnerships with leading Saudi banks, international memoranda of understanding, and investment opportunities designed to enhance access to funding and expand support networks for SMEs.

The event, themed “A Global Destination for Opportunities,” underscores Monsha’at’s commitment to creating a conducive environment for SMEs to thrive, positioning them as key drivers of economic diversification.


Saudi Central Bank lowers benchmark rate by 25 bps following US Fed decision

Updated 28 min 24 sec ago
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Saudi Central Bank lowers benchmark rate by 25 bps following US Fed decision

RIYADH: Saudi Arabia’s central bank has implemented its second interest rate reduction of 2024, lowering the benchmark by 25 basis points to 5.25 percent.

This adjustment mirrors the recent US Federal Reserve decision, which also cut rates by the same amount to a target of 4.5 - 4.75 percent.

In a statement, the central bank – also known as SAMA – said: “In light of global developments, and in accordance with the Central Bank’s objective of maintaining monetary stability, it has decided to reduce the Repurchase Agreement rate by 25 basis points to 5.25 percent, and the Reverse Repurchase Agreement rate by 25 basis points to 4.75 percent.​”

Unlike the higher September cut of 50 basis points, this move is a strategic recalibration of monetary policy, aimed at easing high borrowing costs that have been sustained to combat inflation over the past two years.

Gulf Cooperation Council central banks align interest rates with the US Federal Reserve due to their currency pegs to the dollar, despite having stable inflation rates.

Both the UAE and Bahrain reduced rates by 25 basis points, while Qatar opted for a slightly larger 30-point cut.

Kuwait, however, took a different approach. Its central bank, which pegs its currency to a basket, rather than exclusively to the dollar, lowered rates by 25 basis points in September to 4 percent but did not announce further cuts in November as of date.

Over the past two years, the US Federal Reserve has aggressively tightened its monetary policy to tackle inflation, driving up interest rates in an effort to bring prices down.

Although inflation has made progress toward the Fed’s 2 percent target, it remains slightly elevated, and high costs persist for consumers.

The labor market has shown signs of cooling, with unemployment inching up but still at low levels. The Fed’s ongoing challenge is balancing inflation control with the need to maintain a healthy, resilient job market.

The decision to cut interest rates could have far-reaching implications for the GCC, particularly for Saudi Arabia’s economy.

The Kingdom’s non-oil sectors, already a key focus under Vision 2030, stand to benefit significantly from the influx of cheaper credit.

Sectors such as construction, real estate, and services, which have seen substantial growth, are expected to experience further acceleration.

Lower borrowing costs could spur investments in infrastructure and technology, both vital to the Kingdom’s diversification away from oil.

Corporate lending is also expected to see a boost, with businesses, especially in capital-intensive industries like real estate, poised to take advantage of more affordable financing.

This could translate into more ambitious expansion plans, particularly for projects aligned with Vision 2030 goals, such as NEOM and the Red Sea Project.

The real estate market in particular could see a further surge as cheaper credit fuels demand for housing. 

Riyadh’s growing population and influx of expatriates are likely to drive this trend, with lower interest rates making mortgages more affordable.


Oil Updates – prices fall as Hurricane Rafael expected to start weakening

Updated 08 November 2024
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Oil Updates – prices fall as Hurricane Rafael expected to start weakening

SINGAPORE: Oil prices fell slightly on Friday as the risk that a hurricane in the Gulf of Mexico will significantly affect US oil and gas output declined, while the market weighs how President-elect Donald Trump’s policies might affect supplies.

Brent crude oil futures fell 47 cents, or 0.6 percent, to $75.16 per barrel by 7:46 a.m. Saudi time. US West Texas Intermediate crude fell 55 cents or 0.8 percent to $71.81. The benchmarks fell after rising nearly 1 percent on Thursday.

For the week, Brent is set to gain 3.1 percent while WTI is set to rise 4.1 percent

Hurricane Rafael, which has caused 391,214 barrels per day of US crude oil production to be shut, is expected to move slowly westward over the Gulf of Mexico and away from US fields while forecast to weaken from Friday and through the weekend, the US National Hurricane Center said.

Prices gained support on Thursday on expected actions by the incoming Trump administration such as tighter sanctions on Iran and Venezuela, which could limit their supply to global markets.

“Our core view sees Trump adopt a relatively pragmatic approach to policy, in which he either chooses not to pursue more radical policy shifts, or is held back by institutional constraints or the influence of more moderate policy advisers,” BMI, a unit of Fitch Solutions, said in a note on Friday.

Downward pressure came from data showing crude imports in China, the world’s biggest oil importer, fell 9 percent in October, the sixth consecutive month showing a year-on-year decline, as well as from a rise in US crude inventories.

“The impact (of the Trump administration) on oil market fundamentals in 2025 will likely be somewhat limited,” BMI said. 


Closing Bell: GCC stock markets up in wake of Trump’s election win

Updated 07 November 2024
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Closing Bell: GCC stock markets up in wake of Trump’s election win

RIYADH: Following Donald Trump’s victory in the US presidential election, stock markets across the Gulf Cooperation Council saw a strong rally.

Markets posted gains, with Saudi Arabia’s Tadawul All Share Index finishing 0.31 percent up to close at 12,130.80 points on Thursday. This came after Crown Prince Mohammed bin Salman congratulated Trump on winning the election in a phone call on Wednesday, according to the Saudi News Agency.

Dubai’s Financial Market mirrored the upward momentum, climbing 0.60 percent. Abu Dhabi’s Securities Exchange also saw a lift, finishing the day up 0.44 percent.

Bahrain’s Bourse recorded a rise of 0.52 percent, while Kuwait’s main market similarly rose, closing with a 0.10 percent gain.

However, the Muscat Securities Market in Oman saw a 0.17 percent decrease, while the Qatar Stock Exchange was closed for a public holiday. 

The total trading turnover of the benchmark index on TASI was SR7.53 billion ($2 billion) as 113 of the listed stocks advanced, while 111 retreated.   

Similarly, the MSCI Tadawul Index increased by 2.03 points, or 0.13 percent, to close at 1,521.79.

The Kingdom’s parallel market Nomu also climbed by 415.36 points, or 1.44 percent, to close at 29,269.00. This comes as 49 of the listed stocks advanced while as many as 22 retreated.

The best-performing stock of the day was Rasan Information Technology Co., whose share price surged by 7.13 percent to SR78.10.

Other top performers include Miahona Co., and Theeb Rent a Car Co., with Miahona’s share price climbing 6.75 percent to SR29.25 and Theeb’s rising 6.59 percent to SR79.30.

Naseej International Trading Co. and Al Moammar Information Systems Co. also posted rises.

The worst performer was Saudi Arabian Mining Co., whose share price dropped by 4.09 percent to SR53.90.

Other worst performers were Abdulmohsen Alhokair Group for Tourism and Development, whose share price fell by 3.18 percent to SR2.74, and ACWA Power Co., which saw a 2.95 percent drop to SR441.20.

On an announcement front, ACWA Power Co. announced its results for interim financial results for the first nine months of 2024, ending on Sept. 30, with revenues surging by 13.3 percent to reach SR1.74 billion, compared to SR1.542 billion in 2023.

The increase was primarily driven by higher revenue from electricity sales, operation and maintenance services, and additional income from development projects and construction management, the company said on Tadawul. 

BinDawood Holding Co. also disclosed its financial results for the third quarter, with revenues slightly increasing by 0.189 percent to reach SR1.361 compared to the same quarter last year.

The company closed Thursday’s trading session at SR7.02, a 0.29 percent increase.

Saudi Steel Pipe Co. also released its financial results for the nine months of the year, recording SR381 million in revenues, a 20.18 percent increase compared to the same period last year.

The company closed today’s trading session at SR71.40, decreasing by 1.27 percent.

The United International Transportation Co. disclosed a 37.052 percent increase in revenues for the first nine months to reach SR505.8 million, compared to SR369.07 million during the same period last year.

This was primarily driven by the expansion of a long-term lease fleet and the resulting higher lease revenues.

The company closed at SR84, with its stock valie declining by 1.55 percent.


ACWA Power reports 16% profit increase amid record project launches

Updated 07 November 2024
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ACWA Power reports 16% profit increase amid record project launches

RIYADH: ACWA Power, the Saudi-listed energy and water desalination company, has announced a 16 percent increase in its profits for the first nine months of 2024, underpinned by significant progress in its power and water production projects.

For the period, ACWA Power’s net profit attributable to equity holders reached SR1.25 billion ($334 million), a rise fueled by a 12.5 percent increase in operating income, which reached SR2.36 billion.

This marks a strong improvement from the same period in 2023. According to a company press release, the growth was primarily driven by an investment gain from the restructuring of a project, alongside a capital recycling gain.

ACWA Power’s CEO, Marco Arcelli, highlighted the company’s commitment to growth, noting that its portfolio now includes 26 projects — the largest in its 20-year history.

“These projects reflect both the speed at which we are realizing our growth, through swift financial closes, and the scale of future cash flows from a diverse and young portfolio,” Arcelli said.

He reiterated the company’s focus on providing reliable, cost-effective energy and water, aiming to create positive impacts across all its operations.

Over the past nine months, ACWA Power successfully achieved financial closure on seven major projects worth SR31 billion. These include Saudi Arabia’s Taiba and Qassim Combined Cycle Gas Turbine projects, the Tashkent Solar PV project in Uzbekistan, and the Hassyan Seawater Reverse Osmosis plant in the UAE.

The company’s expansion in power generation is also evident, having added 2.4 GW of capacity during the same period, including the Ar Rass Solar PV project, a 700 MW solar plant that was completed in just 18 months.

On the renewable energy front, ACWA Power secured a 5 GW Power Purchase Agreement for the Aral Wind project in Uzbekistan, as well as 5.5 GW of solar photovoltaic capacity as part of Saudi Arabia’s fourth round of Public Investment Fund projects.

In water desalination, the company signed a Water Purchase Agreement for the 410,000 cubic meters per day Hamriyah Independent Water Project in the UAE.

Abdulhameed Al-Muhaidib, ACWA Power’s Chief Financial Officer, expressed confidence in the company’s future, stating, “In the first nine months of 2024, we saw strong project mobilization, achieving financial closure on seven projects worth SR31 billion. We also began generating revenue from 2.2 GW of projects that reached partial or full commercial operation.”

He added: “Our diversified asset base, visible growth pipeline, and resilient business model, combined with our focus on operational excellence, give us confidence in achieving sustainable, long-term financial performance.”