Riyadh – Mubasher: The Saudi Water Partnerships Company granted ACWA Power Company a commercial operation certificate for the Jazlah Water Desalination Company in Jubail.
ACWA Power holds a 40.20% stake in Jazlah Water Desalination, according to a bourse disclosure.
The project, which is the first to be launched by Saudi Water Partnerships in the eastern region, has an annual operating capacity of 600,000 cubic metres of desalinated water.
As for the local level, the venture injected nearly SAR 850 million injected in the national economy.
This aligns with the private sector’s objectives to reinforce the local content and boost the development goals of the Saudi Vision 2030.
Meanwhile, the Tadawul-listed firm expected that the project will reflect on its income statements during the second quarter (Q2) of 2023.
In the January-December 2022 period, ACWA Power witnessed 102.96% higher net profits after Zakat and tax at SAR 1.54 billion, compared to SAR 758.79 million a year earlier.
