SAUDI ARABIA: The International Company for Water & Power Projects (ACWA Power) in a press release announced the official first closing of the Powervest Fund with commitments of circa SAR596 million (US$159 million). Domiciled in the Kingdom and managed by SAMBA Capital & Investment Management Company, the fund is said to be the first of its kind in the region, involving a dedicated captive infrastructure fund that has the right to co-invest with ACWA Power in various projects in the conventional power generation and water desalination space across the company’s investment regions. Additionally, the fund is also the first Shariah compliant specialized infrastructure investment vehicle in the Kingdom.