Aqua Saudi Arabia, listed on the main market, has signed a significant water purchase agreement with Dubai Electricity and Water Authority (DEWA) for the Hassyan Independent Sea Water Desalination Project. This facility will employ reverse osmosis technology and is set to produce approximately 272,000 cubic meters of water daily.
Financial Details of the Agreement
The value of the agreement is estimated at $478 million, which equates to around 1.79 billion Saudi Riyals. The agreement encompasses the development, financing, construction, and operation of the project for a period of 30 years. Aqua will hold a 40% stake in the project, which is part of the Hassyan Complex located in Dubai, United Arab Emirates.
Strategic Partnership for Energy Sector Investments
In addition to the desalination agreement, Aqua Saudi Arabia has established a strategic partnership with EIG Partners to invest in the US energy infrastructure sector. This collaboration aims to develop energy generation and storage assets, as well as make strategic acquisitions.
Under this partnership, Aqua will own a 49% stake while EIG will hold 51%. Capital infusion will adhere to agreed governance frameworks and investment standards, with each transaction subject to individual approvals. The partnership will focus on identifying acquisition opportunities and direct development within the US energy infrastructure sector, leveraging Aqua Power’s operational development expertise alongside EIG’s investment and financing capabilities.
Long-term Commitment and Future Outlook
Aqua stated that this long-term partnership is governed by an agreement with no definitive end date. They indicated that the signing of this agreement is not expected to have a significant financial impact; however, the financial implications of any future transactions will be assessed and communicated separately.
EIG is recognized as a leading institutional investor in the global energy and infrastructure sectors, managing assets valued at $27.1 billion as of 30 June 2026. Aqua has a longstanding commitment of over 44 years, having invested more than $55 billion in the energy sector, through 429 projects or companies across 44 countries on six continents.