PIF-owned ACWA Power signs deal to integrate new technology in desalination

RIYADH: The Public Investment Fund-owned ACWA Power on Monday signed an industrial development agreement with Water Global Access, a research and technology development firm, to integrate hydraulic injection desalination, HID, technology at scale. Supplied
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Updated 12 September 2022
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PIF-owned ACWA Power signs deal to integrate new technology in desalination

RIYADH: The Public Investment Fund-owned ACWA Power on Monday signed an industrial development agreement with Water Global Access, a research and technology development firm, to integrate hydraulic injection desalination, HID, technology at scale. 

The deal was signed on the sidelines of the Future of Desalination International Conference in Riyadh.

The agreement comes six months after both companies signed a collaboration agreement to develop a roadmap for HID across ACWA Power’s projects, said a press release. 

The agreement will involve the implementation of a pilot project that includes HID in the Gulf Cooperation Council region, following research that has demonstrated that the technology has the potential to break the 2 kWhr barrier of energy consumption to produce 1 cubic meter of water from seawater. 

“With continued industrialization and demographic growth, water consumption across the world continues to rise at a rapid rate requiring urgent solutions. The potential emanating from water production utilizing cost effective, low carbon-intensive technologies is truly exponential and we are proud to pilot the ground-breaking HID technology, which is going to be a giant step forward in revolutionizing the desalination industry,” said Paddy Padmanathan, vice chairman and CEO of ACWA Power. 

Energy consumption in desalination plants is also referred to as the total specific energy consumption.

“With its low energy footprint, HID technology has the potential to lower operational costs for our desalination business, which we hope will lead to lower tariffs in the long term. For governments, this means that it is more affordable to produce water. For investors, this could mean higher profits per facility. And for communities, it means that they are getting usable water with the least impact on the environment.” he added

“Technical readiness tests confirm that the capacity of HID to break the 2kWh/m3 seawater desalination threshold, opening a new paradigm in the industry’s efficiency levels,” WGA CEO Eusebi Nomen.

“We also welcome ACWA Power’s commitment in this technology, which further cements their position as a global leader in high impact water innovation,” he added.


Closing Bell: Saudi main index closes in red at 10,947 

Updated 19 February 2026
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Closing Bell: Saudi main index closes in red at 10,947 

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25. 

The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated. 

The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71. 

The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated. 

The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34. 

Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51. 

On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39. 

National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50. 

On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co. 

In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.  

Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.  

Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.  

The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said. 

The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.