Western Asia

Saudi Arabia has agreed to provide a one-billion-dollar investment guarantee to the federal government, which will be used to build a desalination plant in Karachi to address the city’s water supply problems.

Prime Minister Shehbaz Sharif made the announcement at CM House, where he was invited by the Karachi Chamber of Commerce and Industry on Friday to discuss “key issues of the economy” and “suggest measures to meet the current challenges,” which have crippled the country’s financial system and put the newly-formed coalition government at a crossroads.

During his speech, the Prime Minister announced the new development as well as his “successful” talks with Saudi Arabia, which had promised the Pakistani government a one-billion-dollar investment.

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Acwa Power, a leading Saudi developer of power generation and water desalination plants, has a total of 65 projects worth SR253.4 billion ($67.4 billion) in the operation, construction or advanced development stage across the globe, said its top official.

These projects, which are mostly focused at providing sustainable solutions, will be generating 43.4 GW of electricity and producing 6.4 million cu m per day of desalinated water, remarked its Chairman Mohammad Abunayyan while releasing the Q1 results yesterday (May 18).

The other major operational highlights for the first quarter of 2022 include:

•Neom green hydrogen project, the world’s largest at-scale green hydrogen and ammonia project, has now moved into the construction phase. A Limited Notice to Proceed (LNTP) for SR3.4 billion was signed in relation to the EPC contract by Acwa Power and its consortium of partners.

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