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DEWA, ACWA Power reach financial close of AED 3.4bn desalination project

DEWA, ACWA Power reach financial close of AED 3.4bn desalination project
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Dubai – Mubasher: Dubai Electricity and Water Authority (DEWA) and ACWA Power Company have announced the financial closing of an AED 3.37 billion seawater reverse osmosis (RO) desalination project in Hassyan.

With a capacity of 180 million imperial gallons per day (MIGD), the project comes in line with DEWA’s strategy to enhance Dubai’s water desalination capacity, according to a bourse filing.

Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, said: “As part of our commitment to enhancing water security in Dubai through sustainable means, we have successfully reached the financial close for the Hassyan Complex project.”

Al Tayer highlighted water security as a top national priority under the UAE Water Security Strategy 2036, ensuring reliable access during all conditions.

He noted that DEWA's adoption of seawater reverse osmosis technology aims to reduce energy usage, supporting sustainability goals toward achieving 100% clean energy production capacity by 2050.

Mohammad Abunayyan, Founder and Chairman of ACWA Power, stated: “This partnership serves as a model for fruitful projects that we operate and manage in cooperation with DEWA, as part of our commitment to contributing to Dubai’s Clean Energy Strategy 2050.”

DEWA recorded a net profit of AED 7.93 billion in 2023, down 1.40% from AED 8.04 billion in 2022.