On Sunday, August 10, 2025, the consortium of Gulf Investment Corporation (GIC) and ACWA Power signed an agreement with the Kuwait Authority for Partnership Projects (KAPP) and the Ministry of Electricity, Water and Renewable Energy (MEWRE) of the State of Kuwait to develop the Az-Zour North Independent Water and Power Project (IWPP) Phases 2 and 3.
The project comes as part of the State of Kuwait’s efforts to enhance private sector participation in vital infrastructure projects. The Project was awarded through a competitive tender under the public-private partnership (PPP) framework and will be implemented under a Build-Own-Operate-Transfer (BOOT) model with a concession period of 25-years.
Upon completion, the project will provide an output capacity of approximately 2,700 megawatts of electricity and 120 million gallons of water per day, making it one of the power generation and water desalination projects in the region.
Gulf Investment Corporation will hold an effective 16% in the project.
GIC’s participation in this strategic project reaffirms its leading role in supporting energy and water projects across the GCC countries. It also reflects its commitment to contributing to sustainable development and strengthening public-private partnerships in line with the national development goals of the State of Kuwait and the wider region.
