The cost of producing desalinated water is set to drop to a record low, thanks to a new reverse osmosis plant that will come up in Abu Dhabi.
The facility in Al Taweelah will be the biggest of its kind in the world when completed in 2022.
It will be able to produce desalinated water at about half the current cheapest price.
Paddy Padmanathan, CEO of the Saudi power company ACWA, shared the details with ARN News.
He also explained how reverse osmosis technology works.
Emirates Water and Electricity Company (EWEC), a subsidiary of Abu Dhabi Power Corporation (ADPower) and ACWA Power, announced the successful financial closing of the Taweelah project earlier this week.
It will cost more than AED 3 billion, with funding sourced from a combination of loans worth a total of AED 2.71 billion, in addition to equity contributions from shareholders and operating cash flow from pre-operations.
ADPower and Mubadala Investment Company hold a 60 per cent equity interest in the project, while ACWA holds the remaining 40 per cent.
The UAE and Argentina have announced the launch of negotiations for a Comprehensive Economic Partnership Agreement (CEPA), marking a new step in efforts to deepen trade and investment relations.
Meraas, part of Dubai Holding Real Estate, has awarded a contract worth nearly AED 1 billion to GCC Contracting to build 272 villas and townhouses in Phase 7 of Nad Al Sheba Gardens.
Meta CEO Mark Zuckerberg on Wednesday has unveiled a small handheld gadget called Meta Charm for using its new Muse AI assistant, taking the company's hardware efforts beyond its successful smart glasses.
The Central Bank of the UAE has imposed strict enforcement measures on the UAE branches of Bank Melli Iran following violations of regulatory requirements, including legislation related to anti-money laundering and combating the financing of terrorism and proliferation financing.
A free trade agreement between India and New Zealand, signed in April, will come into force on October 20, Indian trade minister Piyush Goyal said on Monday, as New Delhi seeks to boost exports and attract investment amid shifts in global trade.
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