Saudi Arabia's ACWA Power Begins Commercial Operations at Hassyan Power Complex

Model of the Hassyan Power Complex in Dubai. (ACWA power)
Model of the Hassyan Power Complex in Dubai. (ACWA power)
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Saudi Arabia's ACWA Power Begins Commercial Operations at Hassyan Power Complex

Model of the Hassyan Power Complex in Dubai. (ACWA power)
Model of the Hassyan Power Complex in Dubai. (ACWA power)

The Saudi company ACWA Power announced on Sunday the start of commercial operation of the Hassyan Power Complex, which has a capacity of 2,400 megawatts.

In a disclosure published on the Saudi Stock Exchange (Tadawul), the company received the commercial operation certificate from the Dubai Electricity and Water Authority (DEWA).

The last 600 MW power unit followed three other 600 MW units that had previously begun commercial operations.

The Hassyan Power Complex project in Dubai is one of the largest power stations in the region.

The project comprises four GE/Alstom 600 MW power units gross of ultra-supercritical boilers, steam turbines, and generators.

The plant was initially designed to operate on coal, but subsequently, based on a decision by DEWA, the off-taker, with the blessing of the Chairman of the Dubai Supreme Council of Energy on 2nd February 2022, it was switched to operate on natural gas.

It will avoid approximately 30 million tons of CO2 emissions by 2030.

The project specifications require the plant to be constructed carbon capture ready, meaning that the installation of carbon capture equipment in the future should be without the need for any modification to the plant or hinder the plant availability.

ACWA Power owns 26.95 percent of the Hassyan Power Complex.

The company said that the financial impact of operating the project at total operational capacity is expected to become clear starting from the last quarter of this year.



Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.