Tycoons in world's largest desalination-producing country build $9B fortune from water

The Abunayyan and Al Muhaidib families together own at least 26.3% of a Saudi company valued at $34.9 billion, according to Bloomberg Billionaires Index calculations.

Their wealth illustrates how major private fortunes are being built beyond oil, the industry that made Saudi Arabia wealthy. The kingdom produces more than 11.1 million cubic meters of desalinated water daily, according to the Saudi Water Authority. Desalination removes salt and other impurities from seawater, making it suitable for drinking and other uses.

The technology is essential across the Gulf, where freshwater resources are scarce. About half of the world's installed desalination capacity is concentrated in the six Gulf Cooperation Council countries, including Saudi Arabia, the United Arab Emirates and Qatar, Bloomberg reported.

A desalination plant. Photo courtesy of ACWA Power

Founded in 2004 by three prominent Saudi business families, ACWA began developing a major water and electricity project in 2005 to supply Mecca, Islam's holiest city, where water demand surges during the annual Hajj pilgrimage.

Co-founder Mohammad Abunayyan brought experience from his family's irrigation business. His father helped pioneer the use of diesel-powered turbine pumps for agriculture, laying the groundwork for his son's expansion into desalination. Another founder, Sulaiman Al Muhaidib, came from a merchant family with interests in food, real estate and other industries. The third, Ahmad Al Rajhi, belonged to a prominent Saudi investment and industrial family.

ACWA has since grown into one of the world's largest private desalination companies, while expanding into electricity generation and renewable energy. According to its 2025 financial results, the company had 108 projects across 15 countries, with approximately $117 billion in investments under management. Its desalination portfolio had a combined capacity of 9.2 million cubic meters per day, including facilities already operating and projects under development.

ACWA reported net income of approximately 1.9 billion Saudi riyals ($507 million) in 2025. Saudi Arabia's Public Investment Fund was its largest shareholder, holding 44.2%.

The company's growth comes as rising demand for clean water, climate pressures and security threats increase the importance of desalination infrastructure across the Middle East. Prateek Bhatnagar, an analyst at U.S. investment bank Jefferies, said long-term water supply contracts help shield ACWA from short-term economic downturns, while its operations across multiple countries reduce the potential impact of disruptions at individual facilities.

Beyond Saudi Arabia, ACWA has expanded into markets including Morocco, Egypt, Uzbekistan and China, and is exploring opportunities in the U.S.