ACWA Power Khalladi opens capital to SAHAM

The Khalladi wind farm is located at Jbel Sendouq, 30 kilometers from Tangiers in Morocco.
Updated 11 March 2019
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ACWA Power Khalladi opens capital to SAHAM

ACWA Power Khalladi has announced SAHAM Assurances as a new shareholder that will hold 24 percent of the capital and will sit on the board of directors. 

Paddy Padmanathan, president and CEO of ACWA Power, said: “Bringing SAHAM into this asset as a shareholder is very much within our commitment to share our investments with credible value-adding local partners as we recognize the value of energizing the economic development of the countries in which we invest.”

ACWA Power will continue to have a controlling stake of 51 percent and will be in charge of the operations and maintenance through its affiliate NOMAC.

Inaugurated in June 2018, the Khalladi wind farm, developed by ACWA Power in collaboration with ARIF investment fund, is located at Jbel Sendouq, 30 kilometers from Tangiers in Morocco, and represents an investment of 1.7 billion dirhams ($170 million). 

This entirely privately funded investment was financed with equity from ACWA Power and ARIF, and with debt from the European Bank for Reconstruction and Development (EBRD) in collaboration with the Clean Technology Fund (CTF), and the Moroccan BMCE Bank of Africa (BMCE). 

Rajit Nanda, chief investment officer of ACWA Power, said: “SAHAM adds to the institutionalization of the shareholding structure of our assets in Morocco.”


Marriott hotel, apartments open in Riyadh’s DQ

Updated 21 March 2019
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Marriott hotel, apartments open in Riyadh’s DQ

Marriott International and Dur Hospitality this week celebrated the opening of the Riyadh Marriott Hotel Diplomatic Quarter and Marriott Executive Apartments Riyadh, Diplomatic Quarter. The complex is strategically located in the heart of one of the most sought-after areas in the city with easy access to key embassies and major corporate headquarters, and a 30-minute drive from King Khalid International Airport. 

“We are delighted to enhance our footprint in Saudi Arabia with the opening of two strategically important hotels that not only complement each other but also deliver very distinct brand experiences. Saudi Arabia continues to be one of our key markets and we are delighted to further strengthen our partnership with Dur Hospitality,” said Alex Kyriakidis, president and managing director, Middle East and Africa, Marriott International.

The hotel is inspired by Wadi Hanifa, a beautiful desert oasis running through Riyadh. The low-rise hotel resembles the smooth, dry canyon walls that make for a dramatic arrival experience. Once you step inside, the waterways guide the way into the building, ushering guests through the arrival court into the palm-dotted oasis in the hotel’s courtyard. Planted cacti, flowering vines, plentiful blooming desert flora and native date palm trees create a calming ambiance, providing shade from the desert sun. 

The complex is the first five-star full service hotel in the Diplomatic Quarter and features 80 spacious modern rooms, and 140 fully equipped apartments. The deluxe rooms feature modern décor and ample work space, allowing guests to stay connected with in-room technology, including high-speed WiFi and bedside USB outlets. Guests staying in one of the six Premium Suites or the Presidential Suite can enrich their experience in the M Club Lounge offering an international buffet, hors d’oeuvre and local specialties 24 hours a day. 

The Riyadh Marriott Hotel Diplomatic Quarter houses three dining venues, Goji Kitchen — an all-day dining destination, a la carte restaurant Mesquite and Agave Café located in the lobby. The hotel offers multiple recreational areas surrounded by lush greenery. 

Muin Serhan, general manager of Marriott Hotels in Riyadh, said: “The opening of Marriott Riyadh and Marriott Executive Apartments Riyadh Diplomatic Quarter is considered an important milestone in our developing journey in the hospitality field; we are keen to provide a very special experience to our valuable guests whatever they are traveling for — business or leisure.”

He added: “And we are very proud to be part of the new Marriott travel program ‘Marriott Bonvoy,’ built on the belief that travel enriches its members and the world around them. Launching in February 2019, Marriott Bonvoy replaces Marriott Rewards, The Ritz-Carlton Rewards and Starwood Preferred Guest (SPG).”