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Kuwait Establishes Project Company for Al-Zour IWPP Project

Kuwait has officially established a new public joint stock company, the Gulf Alliance for Power & Water Company, to manage phases two and three of the Al-Zour North IWPP project, which includes a 2,700 MW power plant and a 120 million imperial gallons per day (MIGD) desalination plant, with a total value of approximately $4 billion.

The project, developed by the Acwa Power–Gulf Investment Corporation consortium, will follow a build-operate-transfer model with a 25-year power and water sales agreement.

The authorized share capital amounts to 197 million Kuwaiti dinars ($639 million). This capital is divided into 1.97 billion shares, each with a nominal value of 100 fils. The paid-up capital at the time of establishment is KD 49.2mn.

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