Saudi ACWA Power Wins Water Desalination Project in Oman

Saudi ACWA Power Wins Water Desalination Project in Oman
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Saudi ACWA Power Wins Water Desalination Project in Oman

Saudi ACWA Power Wins Water Desalination Project in Oman

A consortium led by Saudi-based ACWA Power has been awarded the Salalah Independent Water Project by the Oman Power and Water Procurement Company.

The plant will be located in Salalah, Dhofar region and will have a capacity to generate 25 million gallons per day of desalinated water using reverse osmosis technology.

The consortium also includes Veolia, Veolia Middle East and Dhofar International Development & Investment Holding Co (DIDIC), a statement said on Monday.

The project is being procured by OPWP under a build-own-operate framework on the back of a 20 year water purchase agreement, it added.

Dhofar Desalination Company, the project company, will be owned by ACWA Power, Veolia Middle East and DIDIC.

Managing Director at ACWA Power Thamer Al Sharhan said: “Oman is a strategic country for ACWA Power – our portfolio of six plants can generate over 4,300 MW of power and 42 million gallons per day of desalinated water.”

“ACWA Power is committed to ensuring the success of this project while creating real value for the local communities," Sharhan added, stating that demand for water in Oman is expected to rise by about six percent per annum over the next seven years.

Paddy Padmanathan, president and CEO of ACWA Power, said: “Water is the most vital commodity for human life as well as a necessity for all enterprises. We are delighted to have been awarded this project and the opportunity to continue supporting Oman as a reliable supplier of desalinated water and power.”

The engineering, procurement, and construction of the plant will be handled by a consortium of Fisia Italimpianti and Abeinsa Infraestructuras Medioambiente while the operations and maintenance of the plant will be undertaken by a consortium of Veolia Middle East, NOMAC Oman and DIDIC.



Gold Gains as Dollar Slips on Trump Tariff Uncertainty

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Gains as Dollar Slips on Trump Tariff Uncertainty

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices rose on Tuesday as the US dollar eased due to uncertainty around President-elect Donald Trump's tariff plans, with further support coming from top consumer China's central bank adding to its gold reserves for a second straight month.

Spot gold was up 0.5% at $2,648.75 per ounce, as of 1218 GMT. US gold futures also rose 0.5% to $2,660.20.

"The main factor is the softening of the US dollar over the last two sessions, which has provided some relief for the precious metal," said Ricardo Evangelista, senior analyst at ActivTrades.

The dollar index eased towards a one-week low versus major peers as traders considered whether President-elect Donald Trump's tariffs would be less aggressive than promised following a report in the Washington Post, Reuters reported.

Trump however denied the report, deepening uncertainty about future US trade policies.

A stronger dollar makes bullion more expensive for other currency holders.

Traders are setting their sights on Friday's US jobs report for Fed policy clues, along with job openings data due later in the day, ADP employment and the minutes from the Fed's December meeting on Wednesday.

Fed Governor Lisa Cook on Monday said that the Fed can be cautious about any further rate cuts given a solid economy and inflation proving stickier than previously expected.

Bullion is considered a hedge against inflation, but high rates reduce the non-yielding asset's appeal.

Meanwhile, China's gold reserves stood at 73.29 million fine troy ounces at the end of December as the central bank kept buying gold for a second straight month, official data showed.

"By re-entering the market in December, Beijing signaled that its gold acquisition program remains active—a development likely to lend continued support to the precious metal's price," Evangelista added.

Gold prices gained about 27% in 2024, mainly boosted by robust central bank purchases and Fed rate cuts.

Spot silver gained 0.8% to $30.19 per ounce, platinum added 1.2% to $944.39 and palladium rose 0.9% to $928.38.