Acwa signs $478mln water purchase agreement for Dubai's Hassyan desalination project

By Staff Writer

Saudi-listed ACWA has signed a 1.79 billion Saudi riyals ($478 million) water purchase agreement (WPA) with Dubai Electricity and Water Authority (DEWA) for the Hassyan seawater reverse osmosis (SWRO) independent water project (IWP) in Dubai.

The project, located within the Hassyan Complex, will have a production capacity of approximately 272,000 cubic metres per day (m3/day), the company said in a stock exchange disclosure on Wednesday.

Under the 30-year agreement, the project company will develop, finance, construct and operate the desalination facility.

Acwa will hold a 40 percent stake in the project company.

The financial impact of the agreement is expected to begin in 2030, following successful completion of the project.

The disclosure did not identify the other project shareholders, engineering, procurement and construction (EPC) contractor or construction commencement date.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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