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.



China to Boost Exports, Imports in 2026, Seeking ‘Sustainable’ Trade, Official Says

A woman walks in Ritan park one day after a heavy snowfall in Beijing on December 13, 2025. (AFP)
A woman walks in Ritan park one day after a heavy snowfall in Beijing on December 13, 2025. (AFP)
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China to Boost Exports, Imports in 2026, Seeking ‘Sustainable’ Trade, Official Says

A woman walks in Ritan park one day after a heavy snowfall in Beijing on December 13, 2025. (AFP)
A woman walks in Ritan park one day after a heavy snowfall in Beijing on December 13, 2025. (AFP)

China plans to expand exports and imports next year as part of efforts to promote "sustainable" trade, a senior economic official said on Saturday, state broadcaster CCTV reported.

The trillion-dollar trade surplus posted by the world's second-largest economy is stirring tensions with Beijing's trade partners and drawing criticism from the International Monetary Fund and other observers who say its production-focused economic growth model is unsustainable.

"We must adhere to opening up, promote win-win cooperation across multiple sectors, expand exports while also increasing imports to drive sustainable development of foreign trade," Han Wenxiu, deputy director of the Central Financial and Economic Affairs Commission, told an economic conference.

China will encourage service exports in 2026, Han said, pledging measures to boost household incomes, raise basic pensions and remove "unreasonable" restrictions in the consumption sector.

He restated the government's call to rein in deflationary price wars, dubbed "involution", where firms engage in excessive, low-return rivalry that erodes profits.

The IMF this week urged Beijing to make the "brave choice" to curb exports and boost consumer demand.

"China is simply too big to generate much (more) growth from exports, and continuing to depend on export-led growth risks furthering global trade tensions," IMF Managing Director Kristalina Georgieva told a press conference on Wednesday.

Economists warn that the entrenched imbalance between production and consumption in the Chinese economy threatens its long-term growth for the sake of maintaining a high short-term pace.

Chinese leaders promised on Thursday to keep a "proactive" fiscal policy next year to spur both consumption and investment, with analysts expecting Beijing to target growth of around 5%.


UK Economy Unexpectedly Shrinks in October

People exit the London Underground station at Bank, outside the Bank of England (L) and the Royal Exchange building (back R) in central London on December 12, 2025. (Photo by HENRY NICHOLLS / AFP)
People exit the London Underground station at Bank, outside the Bank of England (L) and the Royal Exchange building (back R) in central London on December 12, 2025. (Photo by HENRY NICHOLLS / AFP)
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UK Economy Unexpectedly Shrinks in October

People exit the London Underground station at Bank, outside the Bank of England (L) and the Royal Exchange building (back R) in central London on December 12, 2025. (Photo by HENRY NICHOLLS / AFP)
People exit the London Underground station at Bank, outside the Bank of England (L) and the Royal Exchange building (back R) in central London on December 12, 2025. (Photo by HENRY NICHOLLS / AFP)

Britain's economy unexpectedly contracted again in October, official data showed Friday, dealing a blow to the Labour government's hopes of reviving economic growth.

Gross domestic product fell 0.1 percent in October following a contraction of 0.1 percent in September, the Office for National Statistics said in a statement.

Analysts had forecast growth of 0.1 percent.

Manufacturing rebounded in the month as carmaker Jaguar Land Rover resumed operations after a cyberattack that had weighed on the UK economy in September, AFP reported.

But analysts noted that businesses and consumers reined in spending ahead of Britain's highly-expected annual budget.

"Business and consumers were braced for tax hikes and the endless speculation and leaks have once again put a brake on the UK economy," said Lindsay James, investment manager at Quilter.

Prime Minister Keir Starmer's Labour party raised taxes in last month's budget to slash state debt and fund public services.

At the same time, Britain's economic growth was downgraded from next year until the end of 2029, according to data released alongside the budget.

Finance Minister Rachel Reeves raised taxes on businesses in her inaugural budget last year -- a decision widely blamed for causing weak UK economic growth and rising unemployment.

She returned in November with fresh hikes, this time hitting workers.
Analysts said that Friday's data strengthened expectations that the Bank of England would cut interest rates next week.


Gold Hits Seven-week High on Safe-haven Demand; Silver Notches Peak

FILE PHOTO: A goldsmith works on a gold necklace at a workshop in Ahmedabad, India, October 8, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith works on a gold necklace at a workshop in Ahmedabad, India, October 8, 2025. REUTERS/Amit Dave/File Photo
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Gold Hits Seven-week High on Safe-haven Demand; Silver Notches Peak

FILE PHOTO: A goldsmith works on a gold necklace at a workshop in Ahmedabad, India, October 8, 2025. REUTERS/Amit Dave/File Photo
FILE PHOTO: A goldsmith works on a gold necklace at a workshop in Ahmedabad, India, October 8, 2025. REUTERS/Amit Dave/File Photo

Gold prices rose to a seven-week high on Friday, bolstered by a soft dollar, expectations of interest rate cuts and safe-haven demand prompted by geopolitical turbulence, while silver hit a record high.

Spot gold rose 0.7% to $4,311.73 per ounce by 0945 GMT, its highest level since October 21, and set for a 2.7% weekly gain, Reuters reported.

US gold futures gained 0.7% to $4,343.50.

The dollar hovered near a two-month low, and was on track for a third straight weekly drop, making bullion more affordable for overseas buyers.

Additionally, "the sharp rise in US weekly jobless claims as well as US-Venezuela tensions are underpinning gold and keeping haven demand strong," said Zain Vawda, analyst at MarketPulse by OANDA.

US jobless claims rose by the most in nearly 4-1/2 years last week, reversing the sharp drop seen in the previous week.

The US Federal Reserve trimmed rates by 25 basis points for the third time this year on Wednesday, but indicated caution on additional cuts.

Investors are currently pricing in two rate cuts next year, and next week's US non-farm payrolls report could provide further clues on the Fed's future policy path.

Non-yielding assets such as gold tend to benefit in low-interest-rate environment.

On the geopolitical front, the US is preparing to intercept more ships transporting Venezuelan oil following the seizure of a tanker this week.

Meanwhile, India saw widening gold discounts this week as demand remained subdued despite the wedding season, while high spot prices also dented demand in China.

Spot silver rose 0.5% to $63.87 per ounce, after hitting a new record high of $64.32/oz, and is headed for a 9.5% weekly gain.

Prices have more than doubled this year, supported by strong industrial demand, dwindling inventories and its inclusion on the US critical minerals list.

"Silver is supported by industrial demand amid fears of shortages, a continued tight market, and the speculative frenzy, mostly from retail investors which has helped drive inflows to Silver ETFs," said Ole Hansen, head of commodity strategy at Saxo Bank.

Elsewhere, platinum was up 0.8% at $1,708.11, while palladium climbed 2.2% to $1,516.95. Both were headed for a weekly rise.