The Saudi Export-Import Bank (Saudi Exim Bank) has signed a $75 million financing agreement with ACWA Power to construct and operate the Hassyan Water Desalination Project with a production capacity of 818,280 cubic meters per day in Dubai, United Arab Emirates.
Through this agreement, the bank aims to enable local developers to implement and operate major projects globally, and empowering Saudi content in international projects. This enhances non-oil Saudi exports and its competitiveness while contributing to stimulating projects that align with sustainability principles.
On this occasion, the CEO of Saudi Exim Bank, His Excellency Eng. Saad bin Abdulaziz Al-Khalb, stated: "This agreement is an extension of the bank's role in enhancing Saudi export development and increasing its competitiveness by incorporating Saudi content of goods and services in international projects, contributing to the development of the non-oil national economy. We are proud to be part of the global movement to enhance water resources and utilize the latest technologies and innovative solutions by financing such qualitative projects that create a positive impact on sustainable regional and global economic growth."
ACWA Power had previously announced that its has been declared as the Preferred Bidder by Dubai Electricity and Water Authority (DEWA) to implement and operate the first phase of the Hassyan Water Desalination Plant Seawater Reverse Osmosis technology, setting a new record by offering the lowest water tariff at 0.365 US cents per cubic meter.
It is worth mentioning that the Saudi Export-Import Bank is a developmental bank affiliated with the National Development Fund, contributing to the development of non-oil Saudi exports by bridging financing gaps and reducing export risks, in line with the objectives of Saudi Vision 2030 aimed at enhancing non-oil Saudi exports through various financial and insurance products and services it provides.
