GCC countries have the highest water desalination capacity of 81 per cent in the world while running production of around 40 per cent of total global water desalination,” said a top official of Sharjah Electricity and Water Authority (Sewa).
Abu Dhabi: Abu Dhabi Power Corporation, a state-owned entity with a mandate to generate value through active asset management of key utilities’ investments in Abu Dhabi, entered into a strategic partnership with Mubadala Investment Company and Abu Dhabi Future Energy Company (‘Masdar’); a subsidiary of ‘Mubadala’, during a signing ceremony held at Abu Dhabi Sustainability Week 2019.
The strategic partnership supports the UAE’s efforts to grow the power and water sector, while supporting Abu Dhabi’s long-term sustainable development objectives. Mubadala’s contribution as an experienced investor in utilities illustrates its support to the future development of power and water generation in Abu Dhabi.
One of its newer and larger plants, the Mirfa Independent Water and Power Plant, which has a power capacity of 1.6 GW and produces 52.5 million gallons of water per day, integrates the newest iterations of power generation and desalination technologies.
The three plants will be built in Ras Al Khaimah, Umm Al Quwain and Fujairah by the Federal Electricity and Water Authority and MDC Power Holding Company, which is owned by Mubadala Investment Company.
Abu Dhabi Oil Refining Company, an affiliate of UAE’s state-run oil firm Abu Dhabi National Oil Company (ADNOC), has placed two separate orders to Samsung Engineering in lump-sum turnkey contracts, the company said in regulatory filings.
The bond would come less than two weeks after the launch of a $3 billion project bond by a subsidiary of Abu Dhabi National Oil Company (ADNOC) which, having attracted orders in excess of $11 billion while it was being marketed, showed investors’ appetite for these issues. Such debt instruments are relatively new financing tools in the Middle East, where projects have traditionally been financed through bank loans because of banks’ high liquidity before oil prices dropped three years ago. Citigroup and HSBC are expected to lead the transaction, said the sources. The desalination plant, called Fujairah 1 Independent Water and Power Plant, is jointly owned by Abu Dhabi Water & Electricity Authority (ADWEA) with a 60 percent stake and Sembcorp Gulf Holding Co, a unit of Singapore’s Sembcorp Industries, with a 40 percent stake. HSBC declined to comment. ADWEA and Citi did not respond to requests for comment.