46. ACWA Power

Country: Saudi Arabia
Sector: Utilities
CEO: Marco Arcelli
Market Value: $30.5 billion
Sales: $1.4 billion
Profits: $394 million
Assets: $13.1 billion

As a developer, investor, and operator of power generation, water desalination, and green hydrogen plants, ACWA Power is responsible for fulfilling 30% of Saudi’s water needs. In 2022, the company added 2.4 million cm3/day of water desalination capacity through four desalination plants in the kingdom, Bahrain, and the U.A.E. ACWA Power’s global network extends to 12 countries. The company’s overall portfolio of power generation and water desalination projects was worth $74.8 billion as of March 23, 2023. In February 2023, the company raised $480 million through a Sukuk offering under its $1.3 billion Sukuk program.