EWEC, ACWA Power Sign Deal for Abu Dhabi Desalination Facility

FILE PHOTO: General view of Abu Dhabi, United Arab Emirates, January 3, 2019. Picture taken January 3, 2019. REUTERS/ Hamad I Mohammed/File Photo
FILE PHOTO: General view of Abu Dhabi, United Arab Emirates, January 3, 2019. Picture taken January 3, 2019. REUTERS/ Hamad I Mohammed/File Photo
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EWEC, ACWA Power Sign Deal for Abu Dhabi Desalination Facility

FILE PHOTO: General view of Abu Dhabi, United Arab Emirates, January 3, 2019. Picture taken January 3, 2019. REUTERS/ Hamad I Mohammed/File Photo
FILE PHOTO: General view of Abu Dhabi, United Arab Emirates, January 3, 2019. Picture taken January 3, 2019. REUTERS/ Hamad I Mohammed/File Photo

The Emirates Water and Electricity Company and Saudi Arabia’s ACWA Power have signed the water purchase agreement for the world’s largest sea water reverse osmosis desalination plant to be constructed at Taweelah Power and Water Complex, 50 km north of Abu Dhabi, at a cost of up to $900 million.

The Taweelah IWP will be the first stand-alone independent water project in Abu Dhabi.

Emirates Water and Electricity Company had awarded the project to ACWA Power in January 2019.

The project, when constructed, will set a world record by utilizing the lowest amount of energy per gallon of desalinated water produced.

“Our decision to bid for the Taweelah IWP demonstrates our confidence in the Emirates Water and Electricity Company as a reliable partner and confirms our commitment to contribute to the development of the United Arab Emirates by increasing our participation in the power generation and water desalination sectors,” said President and CEO of ACWA Power Paddy Padmanathan.

“Through the Taweelah IWP and the enabling environment provided by Abu Dhabi, we are proud to be setting new global bench marks in both the cost of desalinated water and the energy consumed in producing that water.”

Following the final award, construction of the project has started with the completion expected in October 2022. The plant is expected to deliver 909,200 cubic meter of water per day to support the industries and the community at Al Taweelah and the surrounding areas. The plant will also play a role in catering to Abu Dhabi’s peak water demand, which is expected to rise by 11 percent between 2017 and 2024.

“This is an especially significant project, not only because of its scale but also in its role in securing cost-effective and energy efficient potable water supply for Abu Dhabi,” said Chief Investment Officer of ACWA Power Rajit Nanda.

“This project is yet another testament to ACWA Power living its mission of reliably delivering electricity and desalinated water at the lowest possible cost.”



Saudi Arabia: Over 16% Growth in Mortgage Financing for Housing Support Beneficiaries in 2024

The Real Estate Development Fund’s pavilion at the Future of Real Estate Forum 2023 in Riyadh. (Real Estate Development Fund)
The Real Estate Development Fund’s pavilion at the Future of Real Estate Forum 2023 in Riyadh. (Real Estate Development Fund)
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Saudi Arabia: Over 16% Growth in Mortgage Financing for Housing Support Beneficiaries in 2024

The Real Estate Development Fund’s pavilion at the Future of Real Estate Forum 2023 in Riyadh. (Real Estate Development Fund)
The Real Estate Development Fund’s pavilion at the Future of Real Estate Forum 2023 in Riyadh. (Real Estate Development Fund)

The Saudi Real Estate Development Fund (REDF) announced on Monday a 16.4% increase in mortgage financing for beneficiaries of housing support programs in 2024, with total financing reaching SAR 62.9 billion ($16.7 billion). This marks a significant rise compared to SAR 54 billion ($14.4 billion) in 2023.

According to the Saudi Press Agency (SPA), December 2024 saw a notable 44% increase in the value of mortgage financing, reaching SAR 9.4 billion ($2.5 billion), compared to SAR 6.5 billion ($1.73 billion) in December 2023. This represents a growth of SAR 2.85 billion ($760 million). Additionally, the number of financing contracts surged by 52% during the same period.

Mansour bin Madi, CEO of the REDF, stated that the total financing in 2024 supported 89,000 financing contracts, compared to 74,000 in 2023—an increase of 15,000 contracts, or 20%.

Bin Madi highlighted that the REDF, in collaboration with the housing ecosystem and strategic partnerships with financing entities and real estate development sectors, is working to enhance homeownership opportunities by offering suitable housing products in the real estate market.

The self-construction product accounted for 14% of the total mortgage financing for beneficiaries of housing support programs. Meanwhile, under-construction housing units comprised 29%, and ready-to-move-in housing units made up 57%.

Bin Madi noted that December 2024 recorded the highest volume of mortgage financing for the year, with SAR 9.38 billion ($2.5 billion), financing approximately 12,340 contracts.

He reaffirmed the REDF’s commitment to strengthening its role in the mortgage financing market by providing diverse housing and financing solutions.

These efforts aim to meet beneficiaries’ preferences, facilitate easier homeownership for “Sakani” program beneficiaries, and align with Saudi Arabia’s Housing Program, he underlined. The program seeks to raise the homeownership rate among citizens to 70% by 2030.