Acwa signs SAR 1.79B water purchase deal in Dubai

Acwa signed a 30-year water purchase agreement with Dubai Electricity and Water Authority (DEWA) for the Hassyan Seawater Reverse Osmosis (SWRO) independent water project in Dubai, the company said in a statement to Tadawul on Wednesday.

The agreement is valued at $478 million (SAR 1.794 billion) and covers the development, financing, construction, and operation of the plant.

The project, located in the Hassyan Complex, will have a daily desalination capacity of about 272,000 cubic meters. Acwa holds a 40% stake in the project.

The financial impact is expected to begin in 2030, following the completion of the project. The agreement involves no related parties, the company said.