Shamal Az-Zour Al-Oula Power and Water Company said it received regulatory approval for its listing debut on Boursa Kuwait's premier market on August 16. The company is the first power generation and water desalination firm and the first private-public partnership project to be listed in Kuwait, it said in a statement on Saturday. NBK Capital served as the company's listing adviser. "The listing adds diversification to the [equities] market that will attract local, regional and international investors, it is a testament to the strength of the private sector and its ability to take the initiative for economic development and increasing non-oil revenues," Husam Abdullah Al Roumi, chairman of Shamal Az-Zour Al-Oula, said. The listing follows after the Kuwait Authority for Partnership Projects (KAPP)'s <a href="https://www.thenational.ae/business/first-kuwait-ppp-project-to-list-is-well-received-by-investors-1.945182">public offering of its stake</a> in Shamal Az-Zour Al-Oula to Kuwaiti citizens last year. The distribution of 50 per cent of the company's total shares to Kuwaitis during the last quarter of 2019 was oversubscribed by 1.27 times and attracted about 127,000 investors. The remaining 50 per cent of shares are owned by various public and private sector entities. Some 40 per cent is held by Azour North One Holding Company, owned by a consortium comprising Engie, Sumitomo and AH Al Sagar & Brothers. The Kuwait Investment Authority and the Public Institution for Social Security each hold a five per cent stake. “Shamal Az-Zour Al-Oula represents a unique opportunity for citizens to invest in a privately-operated infrastructure project," NBK Capital chief executive Faisal Abdullatif Al Hamad said. "The company operates in the resilient utilities sector, and benefits from a stable revenue outlook … as a result of a long-term contract with Kuwait’s Ministry of Electricity and Water.” The company operates the Az-Zour North One power and water plant, which began commercial operations in November 2016. The plant currently supplies about 10 per cent of Kuwait’s installed power capacity and 20 per cent of the country's water desalination capacity. Power and water produced by the company are entirely supplied to the national power and water grid operated by the Kuwait Ministry of Electricity and Water under a 40-year long-term Energy Conversion and Water Purchase Agreement.