Saudi Arabia’s economy has long been synonymous with oil, but a group of the kingdom’s business families have carved out a $9 billion fortune by investing in a far more essential resource: water. ACWA Power Co., their flagship company, began with a water and electricity plant designed to supply Mecca, Islam’s holiest site. Over time, the firm expanded into one of the largest desalination companies in the Gulf region, capitalizing on the desert nations’ critical need for fresh water.
The ongoing war in the Middle East has highlighted the region’s dependence on desalination. Governments have scrambled to ensure water supplies remain stable, even as some facilities faced attacks during the conflict. This has further emphasized the strategic importance of water infrastructure in the Gulf.
ACWA Power Co.’s success underscores a broader shift in Saudi Arabia’s economy, where water has emerged as a key commodity alongside oil. The company’s growth reflects both the region’s increasing demand for sustainable water solutions and the business opportunities arising from this necessity.