Saudi Arabia Launches Bids For the Construction of Dams

Saudi Arabia is working on developing dams and investing in the surrounding areas (Asharq Al Awsat)
Saudi Arabia is working on developing dams and investing in the surrounding areas (Asharq Al Awsat)
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Saudi Arabia Launches Bids For the Construction of Dams

Saudi Arabia is working on developing dams and investing in the surrounding areas (Asharq Al Awsat)
Saudi Arabia is working on developing dams and investing in the surrounding areas (Asharq Al Awsat)

The Saudi Ministry of Environment, Water and Agriculture revealed that it has launched an investment initiative, the first of its kind, to offer bids for the construction of water dams.

The ministry announced the launch of four water dam projects in the Asir region (southern of the Kingdom) for investment by the private sector, with the aim of developing and protecting the areas surrounding the dams, promoting recreational activities, and preserving water reserves.

Saudi Arabia seeks to exploit all opportunities to achieve water security and provide the necessary capabilities to protect the country’s water resources in line with the goals of Vision 2030.

The four dams are located in the Southern Asir province and they will be built in separate areas.

The Environment, Water and Agriculture Ministry said bidding from experienced private sector firms would end after nearly three months.

“These projects constitute an opportunity for the private sector to contribute to the development of the Southern region,” the Ministry said in a statement.

“The projects are intended to conserve water in that region and at the same time support plans to develop recreational activities,” it added.

In March, the Saudi government decided to assign the tasks of establishing, operating, maintaining and reconstructing dam water and groundwater purification plants to the Saline Water Conversion Corporation (SWCC).

Eng. Abdullah Al-Abdul Karim, SWCC governor, said that the cabinet decision would seek to harness all the technical, engineering and research capabilities to ensure the sustainability of water supply in all regions of the Kingdom.

He added that the corporation will manage, operate and maintain purification plants built on wells and dams, while the pumped water will remain under the management and supervision of the Ministry of Environment, Water and Agriculture.



Bitcoin Rises Above $94,000 for First Time

FILE PHOTO: A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration/File Photo
FILE PHOTO: A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration/File Photo
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Bitcoin Rises Above $94,000 for First Time

FILE PHOTO: A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration/File Photo
FILE PHOTO: A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration/File Photo

Bitcoin rose to a record high above $94,000 as a report that Donald Trump's social media company was in talks to buy crypto trading firm Bakkt boosted expectations of a crypto-friendly regime under his incoming administration.
Bitcoin, the world's biggest and best-known cryptocurrency, has more than doubled this year. It was last at $93,521 on Wednesday, having hit a high of $94,078 in early Asian trading hours.
The Financial Times said Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, which is backed by NYSE-owner Intercontinental Exchange.
"Trump's seeming interest to push further into crypto on a personal level has contributed to optimism that crypto will be a top priority when Trump takes office," said Stéphane Ouellette, chief executive officer of crypto trading firm FRNT Financial.
Earlier this week, the Wall Street Journal reported Trump was meeting privately with the crypto exchange CEO Brian Armstrong, further aiding sentiment.
Cryptocurrencies have soared since the Nov. 5 US election as traders bet President-elect Trump's promised support for digital assets would lead to a less restrictive regulatory regime.
Options trading over BlackRock's spot bitcoin ETF on the Nasdaq made a strong debut on Tuesday with a bullish call-to-put ratio of 4.4:1, according to QCP Capital.
"We expect these options to be popular and, in turn, may positively influence trading volumes of these ETPs (exchange traded products) as the underlying," said Kenneth Worthington, analyst at J.P.Morgan.
The growing excitement has taken the global cryptocurrency market's value above $3 trillion to a record high, based on analytics and data aggregator CoinGecko.
US spot bitcoin exchange traded products have attracted about $4.2 billion in inflows since Trump's election victory, about 15% of the total inflows since the products were launched on US stock exchanges in January, Reuters reported.
Chris Weston, head of research at Australian online broker Pepperstone, said there is real underlying buying pressure for bitcoin, and "another kick higher should bring in a fresh chase from those who like to buy what's strong".