MoU Signed to Build New Generation of Desalination Plant Powered by Renewable Energy in NEOM

ENOWA signs a Memorandum of Understanding (MoU) with ITOCHU and Veolia to collaborate to develop a first-of-its-kind selective desalination plant powered by 100% renewable energy in OXAGON. (SPA)
ENOWA signs a Memorandum of Understanding (MoU) with ITOCHU and Veolia to collaborate to develop a first-of-its-kind selective desalination plant powered by 100% renewable energy in OXAGON. (SPA)
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MoU Signed to Build New Generation of Desalination Plant Powered by Renewable Energy in NEOM

ENOWA signs a Memorandum of Understanding (MoU) with ITOCHU and Veolia to collaborate to develop a first-of-its-kind selective desalination plant powered by 100% renewable energy in OXAGON. (SPA)
ENOWA signs a Memorandum of Understanding (MoU) with ITOCHU and Veolia to collaborate to develop a first-of-its-kind selective desalination plant powered by 100% renewable energy in OXAGON. (SPA)

ENOWA, the energy, water, and hydrogen subsidiary of NEOM, signed a Memorandum of Understanding (MoU) with Japanese trading company, ITOCHU, and Veolia, a global leader in water, waste, and energy management solutions.

As part of the MoU, the companies have agreed to collaborate to develop a first-of-its-kind selective desalination plant powered by 100% renewable energy in OXAGON, NEOM's advanced manufacturing and innovation city.

Set to produce its early-water in 2024, the new facility will be key to realizing ENOWA's ambitions to create a sustainable, abundant water supply for residential, industrial, and commercial use.

Aligned with NEOM's commitment to developing a circular economy, the new state-of-the-art plant will use advanced membrane technology to produce separate brine streams. This enables ENOWA to produce brine-derived products, which will be developed and monetized downstream. Brine, which is usually considered a waste output of desalination, will be used to produce significant quantities of valuable industrial materials that can be used locally or exported internationally.

Commenting on the MoU, CEO of ENOWA, Peter Terium said: "Partnering with global leaders in sustainable water solutions is key to NEOM's ambition to become a global benchmark for integrated sustainable water systems. At ENOWA, our vision is to create a sustainable abundance of life's most essential elements, all in harmony with nature."

"We will be producing, treating, and reusing water in one of the most water-stressed regions in the world, through sustainable, innovative and integrated solutions. This new desalination plant is one example of the type of sustainable infrastructure and circular economy we are developing to meet our zero-carbon footprint and zero-waste goals."

The new plant will meet the water needs of NEOM with a production capacity of 500,000m3 of desalinated water per day by project completion in 2025, approximately 30% of NEOM’s forecasted total water demand.

In line with NEOM’s environmental goals, it will use advanced and innovative membrane separation technologies to produce water, as well as concentrated brine streams. This enables the brine to be classified as a product, rather than waste, therefore minimizing the plant’s environmental impact and redefining the entire business model for desalination facilities of the future.

Brine generated from the desalination plant will be treated by ENOWA to feed industries utilizing High Purity Industrial Salt, Bromine, Boron, Potassium, Gypsum, Magnesium and Rare Metal feedstocks.

CEO for Middle East Bloc of ITOCHU, Kenji Otsuka, said: "ITOCHU is honored and proud to collaborate with ENOWA and Veolia to develop this landmark desalination plant in NEOM which advances the concept of Zero Liquid Discharge."

"With our global experience, ITOCHU will enhance our contribution to sustainable living in line with the Kingdom’s and NEOM’s goal of creating a decarbonized, recycling-oriented and innovative society."

CEO of Near and Middle-East, Veolia Pascal Grante, said: "Veolia is delighted to partner with ENOWA and ITOCHU to support the development of NEOM. The project is aligned with the circular economy model that Veolia aims to deploy in all its projects worldwide."

The MoU supports ENOWA's ambition to develop advanced green desalination systems and create future water solutions to tackle global water scarcity. ENOWA's water team is changing the future of water supply through pioneering desalination systems and technologies.

Gavin Van Tonder, Executive Director of ENOWA Water Sector, commented: “ENOWA aims to provide a blueprint for green, sustainable water production, management, and treatment, which can be scaled throughout the world. The technology developed as part of this MoU and used in NEOM to provide water could be exported to other countries to tackle global water scarcity."

Launched in March 2022, ENOWA is committed to transforming nature’s abundance through design and technology by taking advantage of NEOM’s clean slate approach and establishing energy, water and hydrogen production and regulation using circular systems and sustainable economic framework, realizing substantial return on investment with zero footprint.



HUMAIN, Mistral Collaborate to Advance Sovereign AI in Saudi Arabia and Regionally

Guests at the booth of Saudi AI company HUMAIN during the Future Investment Initiative conference in Riyadh (Company photo)
Guests at the booth of Saudi AI company HUMAIN during the Future Investment Initiative conference in Riyadh (Company photo)
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HUMAIN, Mistral Collaborate to Advance Sovereign AI in Saudi Arabia and Regionally

Guests at the booth of Saudi AI company HUMAIN during the Future Investment Initiative conference in Riyadh (Company photo)
Guests at the booth of Saudi AI company HUMAIN during the Future Investment Initiative conference in Riyadh (Company photo)

Saudi Arabia’s HUMAIN and French Artificial Intelligence company Mistral have announced a strategic collaboration spanning AI infrastructure, advanced model development, and the deployment of AI solutions in Saudi Arabia and across the region.

“Together, the companies will pursue the development and localization of advanced AI models, with initial areas of focus including cybersecurity and voice,” HUMAIN said in a statement on Monday.

“The companies also plan to develop frontier models that perform strongly in Arabic language to help support the broader region. This represents a collaboration in the hundreds of millions of Euros.”

“As part of the collaboration, Mistral will explore using HUMAIN's data center infrastructure to support growing local compute needs,” said the statement.

It added that the two companies also plan to develop a joint go-to-market strategy in the Kingdom focused on bringing advanced AI solutions to regulated industries.

CEO of HUMAIN Tareq Amin said on X that “the collaboration spans AI infrastructure, advanced model development and AI solutions, including plans to develop and localize frontier models with strong Arabic-language capabilities.”

According to the HUMAIN statement, “the collaboration is designed to meet growing demand for sovereign AI: AI that keeps data, intelligence, compute, and operations under the customer's control.”

“That means data can remain within customer-defined boundaries, models can be adapted and owned on open weights, training and inference can run on infrastructure and in jurisdictions the customer chooses, and AI systems can be deployed, governed, observed, and improved over time without ceding control of the learning loop to an external platform.”

The statement stressed its importance in financial services, manufacturing, telecommunications, cybersecurity, and the public sector.


Oil Steadies as Investors Weigh Impact of Latest US Sanctions on Iran

 Tankers anchor near Venezuelan state oil company PDVSA's Jose terminal while waiting to load and discharge, in Puerto La Cruz, Venezuela August 9, 2026. (Reuters)
Tankers anchor near Venezuelan state oil company PDVSA's Jose terminal while waiting to load and discharge, in Puerto La Cruz, Venezuela August 9, 2026. (Reuters)
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Oil Steadies as Investors Weigh Impact of Latest US Sanctions on Iran

 Tankers anchor near Venezuelan state oil company PDVSA's Jose terminal while waiting to load and discharge, in Puerto La Cruz, Venezuela August 9, 2026. (Reuters)
Tankers anchor near Venezuelan state oil company PDVSA's Jose terminal while waiting to load and discharge, in Puerto La Cruz, Venezuela August 9, 2026. (Reuters)

Oil prices recovered ground on Tuesday after settling down more than 2% in the previous session, with investors assessing the impact of the latest US sanctions against Iran.

Brent crude futures rose 27 cents, or 0.3%, to $92.44 a barrel by 0330 GMT, while US West Texas Intermediate crude was up 37 cents, or 0.4%, at $85.38.

Both contracts settled lower on Monday, with US crude oil falling to a one-week low on profit taking after prices rallied over the previous two weeks.

"The market seems largely unfazed by Washington's push for tighter economic pressure ‌on Iran, with ‌traders treating the US effort to nudge partners away from Iranian ‌trade ⁠as marginal rather than ⁠market moving," said ING commodity strategists in a note on Tuesday.

US Treasury Secretary Scott Bessent on Monday unveiled an expansion of sanctions to cut off Iran's economic lifeline, to force an end to the war between them, telling countries they would need to sever their business ties or risk being cut out of the dollar-based financial system.

However, he declined to identify the countries that would be targeted or reveal when those penalties would take effect, saying ⁠he would instead provide them time to comply with ‌the new directive.

While US Defense Secretary Pete Hegseth said ‌on Monday the US would not rule out using military force against Iran, the country is turning ‌towards more economic coercion, which analysts said removed concerns about threats to Middle ‌Eastern oil supply because of the war.

"Markets appear to be pricing economic pressure as a lower-risk path for physical supply than kinetic action, which is why the initial reaction was for oil to move lower rather than spike higher," said Tim Waterer, chief market analyst at KCM.

However, he warned, "Iran still ‌retains the ability to respond by disrupting shipping, which continues to keep a residual premium in the oil price."

Iran is still maintaining it should have control over the key Strait of Hormuz, which before the war started in February typically carried cargoes equal to about 20% of global oil use. On Monday, it named 45 tankers that had broken its rules on crossing the strait and threatened action against them, including confiscating their cargoes.

The supply disruptions as a result of the US-Israeli war on Iran that started on February 28 have caused countries to draw down their commercial and strategic reserves.

On Monday, the Department of Energy reported stocks of crude oil in the US Strategic Petroleum Reserve fell by about 3.7 million barrels to 289.7 million barrels last week, the lowest since November 1982.


Gold Steadies after Hitting over 3-month Peak, US Inflation Data Looms

A saleswoman adjusts gold jewelry displayed for sale in a shop in Lianyungang City, eastern Jiangsu Province, China (AFP)
A saleswoman adjusts gold jewelry displayed for sale in a shop in Lianyungang City, eastern Jiangsu Province, China (AFP)
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Gold Steadies after Hitting over 3-month Peak, US Inflation Data Looms

A saleswoman adjusts gold jewelry displayed for sale in a shop in Lianyungang City, eastern Jiangsu Province, China (AFP)
A saleswoman adjusts gold jewelry displayed for sale in a shop in Lianyungang City, eastern Jiangsu Province, China (AFP)

Gold held steady after hitting its highest in more than three months on Tuesday, as investor focus shifted to upcoming US inflation data and a speech later this week by Federal Reserve Chair Kevin Warsh.

Spot gold steadied at $4,645.67 per ounce by 0651 GMT, after scaling its highest since May 14 earlier. US gold futures rose 0.1% to $4,702.00.

"Looking ahead, we expect dips in gold to be well-supported from ⁠buyers looking for ⁠gold to make its way towards the next upside resistance at $4,900/$5,000," IG market analyst Tony Sycamore said.

Prices rose sharply last week after the US Treasury Department said it would double the size of liquidity support buyback operations for longer-dated notes and bonds. The announcement spurred currency debasement fears.

"These US ⁠dollar debasement fears should see gold be well-supported in the coming weeks, as the Fed has not been sending a clear signal it is ready to fight higher inflation," TD Securities said in a note.

"However, it's too early for the metal to surge to our $5,350/oz target, given the risk rates on the short term may eventually rise as crude grinds higher."

While gold is widely regarded as an inflation hedge, elevated rates can curb its appeal as it is a ⁠non-yielding asset.

Fed Chairman ⁠Warsh's debut speech at the annual Jackson Hole conference this week has taken on added weight as traders and analysts look for guidance about the recent jump in bond yields and for reassurance of his independence from the Trump administration.

The US Personal Consumption Expenditures report, the Fed's preferred inflation gauge, is due on Wednesday.

On the geopolitical front, Iran promised to retaliate against expanded US economic sanctions that Washington said would cut off Tehran's economic lifeline.

Among other metals, spot silver fell 0.7% to $68.43 per ounce, platinum lost 1.1% to $1,854.67 and palladium slipped 1.4% to $1,338.15.