Saudi Arabia: Solar-powered Desal Plant to be Established in KAEC

Saudi Arabia: Solar-powered Desal Plant to be Established in KAEC
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Saudi Arabia: Solar-powered Desal Plant to be Established in KAEC

Saudi Arabia: Solar-powered Desal Plant to be Established in KAEC

KING Abdullah Economic City (KAEC) has signed a contract with Metito Saudi Ltd (Metito) for the design and construction of a seawater desalination plant powered by solar energy and valued at SR220 million.

The seawater treatment and desalination plant will start with the capacity to produce 30,000 cubic meters of drinking water per day, and expandable to 60,000 cubic meters per day. The development period of the project is 24 months, with a plan to start production in the first quarter of the year 2020, according to a report by KAEC.

The new plant will be the second desalination plant in KAEC with an objective to increase the production capacity of drinking water to meet the needs of new projects and the growing population in the city, especially with the pilot operation of Al Haramain Express train, which will link the cities of Makkah and Madinah via Jeddah and Rabigh.

Ahmed Ibrahim Linjawy, KAEC Deputy Group Chief Executive Officer, said: "This is vital to KAEC's water security and is consistent with the Kingdom's Vision 2030 for sustainable conservation of natural resources, water and clean energy use. The plant will also establish greater confidence between investors and the city, which continues to implement major projects to develop its infrastructure in all its different sectors, and will attract more investors to invest and gain a footing in KAEC knowing their water needs for industrial and commercial use is sustainably secured.”

King Abdullah Economic City (KAEC) is the largest privately-funded new city in the kingdom. It is situated on the west coast of the Kingdom of Saudi Arabia and covers an area of 181 square kilometers of land.



Bitcoin Drops to 11-day Low amid Tech Selloff

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
TT

Bitcoin Drops to 11-day Low amid Tech Selloff

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

Bitcoin fell below $100,000 on Monday, hitting its lowest in 11 days, in a move analysts attributed to a wave of caution after the surging popularity of a Chinese artificial intelligence model sparked a selloff in Western AI-related stocks.

The world's biggest cryptocurrency struggled to make gains last week, as a rally that had seen it break above $100,000 after US President Donald Trump's election ran out of steam, Reuters reported.

At 1156 GMT, bitcoin was at $98,852.17, down around 6% on the day, having fallen sharply in early trading to hit its lowest since Jan. 16.

Technology stocks plunged, as traders worried that Chinese AI startup DeepSeek could threaten Western companies' dominance of the sector, in a move some called AI's "Sputnik moment", referring to the former Soviet Union's launch of a satellite that marked the start of the space race in the late 1950s.

Bitcoin's losses are "seemingly driven by some risk-off sentiment circulating the markets currently due to DeepSeek," wrote eToro analyst Simon Peters.

Geoffrey Kendrick, global head of digital asset research at Standard Chartered, said a decline in Nasdaq futures had hurt crypto markets, but that disappointment over the Trump administration's announcement about a cryptocurrency stockpile had put digital assets more at risk of a sharp selloff.

Crypto failed to feature in Trump's day-one announcements after taking office last week, leaving some investors disappointed. In an executive order on Thursday, Trump created a working group to draft new crypto rules and explore a crypto stockpile, while the Securities and Exchange Commission (SEC) spiked accounting guidance that the industry said had stymied crypto adoption.

The prospect of interest rates staying higher for longer also hurt riskier assets, said Thomas Puech, CEO of digital asset hedge fund Indigo.

US Federal Reserve policymakers meet this week and are expected to keep interest rates on hold.