ACWA Power wins USD680M deal to build desalination plant in Sharjah

2024-09-05 06:06:00

(MENAFN) Saudi Arabia's ACWA Power has announced a major new project with the signing of an agreement to construct a water desalination plant in the Emirate of Sharjah, UAE. The deal, valued at approximately 2.56 billion riyals (about USD680 million), marks a significant investment in the region's water infrastructure. The announcement was made through a statement to the Saudi Stock Exchange on Wednesday.

According to ACWA Power, the company’s subsidiary, Hamriyah Developers Holding Company Limited, in which ACWA Power holds a 45 percent stake, has entered into a water purchase agreement with the Sharjah Electricity, Water and Gas Authority (SEWA). This agreement is for the development of the Hamriyah Desalination Project, which will have a production capacity of about 410,000 cubic meters of desalinated water per day. The plant will be situated in the Hamriyah area of Sharjah, underscoring the company’s commitment to enhancing water resources in the UAE.

This project highlights ACWA Power’s strategic expansion into crucial infrastructure sectors within the region. By leveraging its expertise and financial resources, ACWA Power aims to address the growing demand for water in Sharjah while supporting the emirate's sustainability goals.

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