Business Families Amass $9 miliar Through ACWA
Two Saudi Arabian business families have accumulated a combined fortune of more than USD 9 miliar through stakes in ACWA, a water and energy enterprise, according to the Bloomberg Billionaires Index. detikInet reported that the Abunayyan and Al Muhaidib families jointly control at least 26.3% of the company, which holds a market valuation of $34.9 billion. The accumulation highlights a growing concentration of private wealth building outside the hydrocarbons sector that has historically underpinned the kingdom’s economy.
Saudi Arabia produces more than 11.1 million cubic meters of desalinated water every day, according to official figures from the Saudi Water Authority cited across local reports. Desalinating seawater—removing salt and impurities to make it drinkable and usable for other needs—serves as a vital utility in the Gulf region, where natural freshwater is exceptionally scarce. Roughly half of the world’s installed desalination capacity is concentrated across six member states of the Gulf Cooperation Council, including Saudi Arabia, the United Arab Emirates, and Qatar.
Founding and Expansion Across International Markets
ACWA was established in 2004 by three prominent Saudi business families. The enterprise launched large-scale water and electricity projects in 2005 to supply Mecca, Islam’s holiest city, where municipal water demand surges dramatically during the annual Hajj pilgrimage.
Co-founder Mohammad Abunayyan brought irrigation experience from his family’s enterprise, where his father helped pioneer the use of diesel-powered turbine pumps for agriculture. Fellow co-founder Sulaiman Al Muhaidib hailed from a trading family with operations spanning food, real estate, and industry. A third co-founder, Ahmad Al Rajhi, originated from a family prominent in Saudi investment and industrial sectors.
The enterprise has since grown into one of the largest private desalination operators globally, while diversifying into power generation and renewable energy assets. Financial reports for 2025 show ACWA holds 108 projects across 15 countries, representing a total investment footprint of approximately $117 billion. Its combined desalination portfolio reaches 9.2 million cubic meters per day across operating facilities and projects still under development.
ACWA Reports 1.9 Billion Riyals Net Profit
ACWA reported a net profit of approximately 1.9 billion Saudi riyals ($507 million) for the 2025 financial year. The Public Investment Fund of Saudi Arabia remains the company’s largest shareholder with a 44.2% stake.
Prateek Bhatnagar, an analyst at U.S. investment bank Jefferies, noted that long-term water supply contracts help insulate ACWA from short-term macroeconomic downturns, while its geographic diversification cushions the enterprise against localized facility disruptions.
Beyond its domestic operations, the company has expanded into Morocco, Egypt, Uzbekistan, and China, while actively evaluating new market opportunities in the United States.
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