• Progress part of a broader improvement trajectory across S&P Global and Sustainalytics

Riyadh, Saudi Arabia: Acwa, the world’s largest private water desalination company, a leader in the energy transition, and a first mover into green hydrogen at scale, announced that it has improved its MSCI ESG rating from ‘BBB’ to ‘A'. The upgrade recognizes progress made since 2023, following a structured effort to strengthen disclosures and enhance business practices and ESG reporting.

MSCI ESG Ratings assess companies on a seven-point scale based on exposure to financially material, industry-specific ESG risks and how well those risks are managed. An ‘A’ rating places Acwa in the upper half of the scale reflecting a meaningful step forward.

Dr. Samir J Serhan, Chief Executive Officer of Acwa, commented: “This improvement reflects a more disciplined and structured approach to how we report, disclose, and engage with ESG rating agencies, which is an area that is increasingly important to our investors. Three years ago, we identified gaps in our disclosures and took deliberate steps to close them, strengthening the transparency and consistency of our reporting. Moving from BBB to A is meaningful progress and reinforces confidence in our governance and long-term strategy. For a company headquartered in Saudi Arabia and operating across emerging markets, sustaining this trajectory is critical, not only to continue raising the bar on transparency and governance, but also to ensure we remain a credible and attractive partner for global capital.”

The improvement followed a deliberate process led by Acwa’s sustainability team, working with the Board, setting a clear objective in 2023 to raise the company’s MSCI rating. That required strengthening the scope, depth, and consistency of public ESG disclosures to better align with analyst expectations. In practice, the work involved collecting and validating 430 data points and more than 120 disclosure metrics across multiple business units, ensuring ESG performance was accurately represented and supported by robust internal processes.

The MSCI upgrade also sits within a broader improvement across Acwa’s ESG ratings. Over the same period, the company moved its S&P Global rating from below industry average to above industry average and shifted its Sustainalytics risk assessment from high-risk to medium-risk. Acwa is also aligned with, and compliant with, the principles and disclosure requirements of the UN Global Compact.

Beyond improved disclosures, governance maturity has been central to the shift. ESG considerations are now embedded into decision-making through clear accountability structures and cross-functional collaboration, marking a change in how Acwa both operates and reports.

About Acwa

Acwa (TADAWUL: 2082) is a Saudi-listed company and the world’s largest private water desalination company, the first mover into green hydrogen, and a leader in the global energy transition. Registered and established in 2004 in Riyadh, Saudi Arabia, Acwa employs over 4,000 people and is currently present in 15 countries in the Middle East, Africa, Central Asia, and Southeast Asia. As of March 31, 2026, Acwa’s portfolio comprises 109 assets in operation, advanced development, or under construction, representing SAR 455 billion (USD 121.3 billion) of assets under management and the capacity to generate 95.7 GW of power (of which 52.3 GW is renewables) and manage 9.7 million m³/day of desalinated water. The energy and water capacity generated by Acwa’s assets is delivered on a bulk basis to address the needs of state utilities and industries on long-term, off-taker contracts under utility services outsourcing and public-private partnership models.

For more information, please visit www.acwapower.com

Acwa Media Contacts:  
Halah Mohsen
Director Media Affairs & External Comms
hmohsen@acwapower.com
media.inquiries@acwapower.com