Saudi Arabia Achieves Self-Sufficiency in Figs

17:11-4 August 2024 AD ـ 29 Muharram 1446 AH

Saudi Arabia Achieves Self-Sufficiency in Figs

The Ministry of Environment, Water and Agriculture (MEWA) declared on Sunday that the Kingdom has achieved total self-sufficiency in fig production, with annual output exceeding 28,000 tons on 1,421 hectares of cultivated land.

According to the ministry, the Jazan region leads fig production with 9,906 tons per year, followed by Riyadh with 8,010 tons, Aseer with 3,970 tons, Makkah with 1,635 tons, and several other regions that contribute smaller yet significant amounts.

The fig production season is from February to November. MEWA is working to increase the production, processing, and marketing of figs through the sustainable agricultural rural development program, by exploiting and investing in the available opportunities and resources and taking advantage of the natural resources and agricultural potential of different regions.

Figs are considered healthy, versatile fruits rich in nutrients. They are said to have benefits, like helping prevent Alzheimer's disease, regulate blood pressure, and strengthen bones.

The ministry advises consuming locally grown seasonal produce to maximize nutritional value.

The fig harvest season campaign aims to raise awareness about the Kingdom's diverse fruit options and to support farmers by improving marketing and distribution.

Business

ACWA Power’s Net Profit Reaches SAR927 Million in First Half of 2024

11:22-4 August 2024 AD ـ 29 Muharram 1446 AH

ACWA Power’s Net Profit Reaches SAR927 Million in First Half of 2024

Saudi-listed ACWA Power, the world’s largest private water desalination company, announced on Sunday its consolidated financial results for the six months ending June 30, 2024.

The company’s net profit – attributable to equity holders of the parent – reached SAR927 million, growing by 36% or SAR243 million versus the comparable period in 2023, said a statement from ACWA Power.

Operating income before impairment losses and other expenses reached SAR1,389 million in the same period, with an increase of SAR100 million.

As part of its operating income, the company reported a SAR402 million development business and construction management services gain on partial divestment of its Bash and Dzhankeldy wind projects in Uzbekistan.

During the first half of the year, the company continued to add new projects to its portfolio, including the addition of a record 10.5GW of renewable power generation capacity.

In May, the company signed a Power Purchase Agreement (PPA) with the National Electric Grid of Uzbekistan for up to 5GW Aral Wind with BESS project, which is Central Asia's largest wind farm and ACWA Power's 15th project in Uzbekistan.

In June, three PPAs were signed for large-scale PV solar projects at an aggregate total investment cost of SAR12.3 billion in Saudi Arabia with a combined capacity of 5.5GW as the fourth round of the ACWA Power-Public Investment Fund (PIF) Strategic Framework Agreement.

ACWA Power CEO Marco Arcelli stated: “Our financial results renew our confidence in pursuing our ambitious growth agenda and allow us to accelerate our mission of delivering low-cost and responsible water and power globally.”

ACWA Power CFO Abdulhameed Al Muhaidib said: “Despite the operational challenges witnessed in few assets, the diversity of our asset base as well as our business model has allowed us to grow our operating and net profit in the first six months of this year.”

ACWA Power has successfully reached financial close on three major projects, the Taiba and Qassim Combined Cycle Gas Turbine (CCGT) projects in Saudi Arabia, and the Hassyan IWP project in the UAE, with a total investment of SAR18 billion for all three.

Saudi Arabia Achieves Self-Sufficiency in Figs