MENA Project Tracker— ACWA bids on PPP projects; Kahramaa EOI on new project; Iraq requests bids on water dam

ACWA Power has been going strong with bids on many projects, such as a solar photovoltaic independent power plant project in Uzbekistan. (Shutterstock)
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Updated 15 August 2022
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MENA Project Tracker— ACWA bids on PPP projects; Kahramaa EOI on new project; Iraq requests bids on water dam

CAIRO: Saudi-based ACWA Power has submitted a bid to develop the Amaala Utilities Public-Private Partnership as part of the Amaala giga-tourism project in Saudi Arabia, reported Zawya.

ACWA Power has been going strong with bids on many projects, such as a solar photovoltaic independent power plant project in Uzbekistan, an independent water plant project in Saudi Arabia, and many more.

While the prolonged war has caused disruptions in the project's progress, ACWA said it is confident that its work will experience only a very minor delay.   

Kahramaa EOI on new project

Kahramaa— Qatar state utility General Electricity & Water Corporation—has received expressions of interest from developers for the planned Facility E independent water and power producer project.

While two consortiums and two other companies withdrew their EOI, Japan-based Marubeni Corp. has committed to its bid.

Moreover, Kahramaa is considering swapping out the original project for an independent water project instead, according to MEED.

Iraq requests bids on water dam

Iraq's Water Resources Ministry has requested bids from three companies— Serbian-based Energoprojekt, Italy’s Hydronova, and the Dutch Deltares Co.—for the construction of its $3.7 million water dam on the Southern Shatt Al-Arab River.

“The Ministry asked those companies to submit their bids for the first phase of the project before September 25,” according to Zawya.

 


Gold rises on Iran war safe-haven bid; firm dollar limits upside

Updated 05 March 2026
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Gold rises on Iran war safe-haven bid; firm dollar limits upside

BENGALURU: Gold prices rose on March 5, lifted by safe-haven demand amid an escalating war in the Middle East, while a stronger dollar and concerns around the US Federal Reserve’s monetary policy capped gains.

Spot gold was up 0.6 percent at $5,168.43 per ounce, as of 11:55 am Saudi time. US gold futures for April delivery were up 0.9 percent at $5,179.20.

Israel launched a large wave of strikes on Tehran on March 5, targeting what it said was infrastructure belonging to the Iranian authorities, after Iranian missiles sent millions of Israelis rushing into bomb shelters.

“On the one hand, there may be greater safe-haven demand for gold given the ongoing conflict in the Middle East. On the other hand, the risk of a prolonged period of higher energy prices that takes rate cuts off the table, and adds to the chance of rate hikes, could be capping further gains,” said Hamad Hussain, a climate and commodities economist at Capital Economics.

The US dollar rose about 0.3 percent after briefly retreating from three-month highs, as the fallout from the war roiled global markets and kept sentiment fragile.

Concerns about energy supply continued to drive up oil prices and stoke inflation fears.

Gold is considered a hedge against inflation in the long run, but also tends to thrive when interest rates are lower, as it is a non-yielding asset.

President Donald Trump, on March 4, officially nominated former Federal Reserve Governor Kevin Warsh to be the US central bank’s next chair.

US economic activity grew slightly, prices continued to increase and employment levels were stable in recent weeks, the Federal Reserve said on Wednesday in its latest “Beige Book” report.

Markets expect the Fed to keep rates steady at its next policy meeting on March 18, according to CME Group’s FedWatch tool.

Investors are looking out for the weekly US jobless claims data, due later today, and the US employment report for February on March 6 for further clues on monetary policy this year.

Spot silver rose 0.5 percent to $83.80 per ounce. Platinum gained 1.1 percent to $2,172.20, while palladium lost 0.7 percent to $1,662.07.