A consortium made up of the Abu Dhabi National Energy Company, better known as Taqa, Vision Invest and the Gulf Investment Corporation (GIC) has won a bid to develop a Dh1.5 billion ($408 million) water reservoir project in Saudi Arabia’s Makkah region.
The companies will be responsible for building, owning and operating the Juranah Independent Strategic Water Reservoir Project (ISWR-1) for 30 years before transferring the ownership to the Saudi Water Partnership Company (SWPC), Taqa said in a statement on Tuesday.
The project will respond to emergency municipal water demand for all the kingdom's regions, while also handling peak demand in Makkah and Madinah during the Hajj season.
Taqa will be the lead member for the operations and maintenance activities through a standalone company, which will be co-owned by Vision Invest.
The Abu Dhabi-based utility will take a 35 per cent share in the project company and a 50 per cent stake in the operations and maintenance entity, it said.
Debt funding is expected to account for about 80 per cent of the total project cost.
“The project is the first of its kind in Saudi Arabia with the participation of the private sector,” said Khalid Al Qureshi, chief executive of SWPC.
It is expected to contribute to reduced levels of electricity consumption, as the project includes solar energy units, Mr Al Qureshi said.
Saudi Arabia, the Arab world’s largest economy, has allocated more than $80 billion for hundreds of projects to achieve the objectives of the National Water Strategy 2030.
The country, which has been looking to diversify away from oil exports, aims to restructure its water sector by making it more sustainable and efficient.
The water reservoir project aligns with Taqa's commitment to “sustainable development and innovation, and we look forward to delivering a robust and reliable water supply system for the community”, its group chief executive and managing director Jasim Thabet said.
In November, the company revised its growth targets to boost the size of its assets base as it committed Dh75 billion in infrastructure investments.
Taqa, which reported an almost 32 per cent jump in its third-quarter net profit, is aiming for 150 gigawatts of gross power generation by 2030 and plans a larger share of renewables within its portfolio by 2030.
“Winning the Juranah ISWR-1 project reinforces GIC’s role in supporting private sector participation in the development of the GCC economies,” said Meshary Al Judaimi, group head – principal investment at GIC.
“GIC is a leading investor in the infrastructure projects and intends to continue to play a major role in utilities projects in the GCC.”
Kuwait-based GIC, which is equally owned by the six-member states of the GCC, reported a net profit of $131 million in 2022.
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
AIR
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MATCH INFO
Champions League last 16, first leg
Tottenham v RB Leipzig, Wednesday, midnight (UAE)
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
KILLING OF QASSEM SULEIMANI
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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