Search Site

Trends banner

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Water woes push GCC leaders to act

  • The GCC region is suffering from a water deficit of 20 billion cu m as of 2018 and it is likely to touch 50 billion cu m by 2030
  • This has made water more precious than the fossil fuels in the region and several companies are engaged in mineral water production

The Arab world may be awash in oil and other minerals, but it is lacking in that one commodity upon which the whole existence rests: water.

The GCC region is suffering from a water deficit of 20 billion cu m as of 2018 and it is likely to touch 50 billion cu m by 2030 if the governments do not take remedial measures.

This has made water more precious than the fossil fuels in the region and several companies are engaged in mineral water production to quench the thirst of over 54 million people inhabiting the region.

While Kuwait imports 100% of its water from other countries, Saudi Arabia produces around 2.3 billion cu m water per year through its resources in the country.

But the realization of water scarcity seems to be forcing governments across the region into fervent action. The Abu Dhabi -based Al Dahra Agricultural Company and Israel’s Watergen, which creates potable water from air, have signed a strategic partnership in the field of water security recently.

Both companies agreed to establish a permanent center in Abu Dhabi to produce and distribute machinery for producing water for drinking and irrigation in the region.

Another UAE company, Agthia Group, has launched a new ‘plant-based’ water bottle under its Al Ain brand.

The product is first of its kind in the region and features packaging that is completely made using plant-based sources, including the cap. The bottle is also biodegradable and compost-able within 80 days, the company said.

Saudi Arabia’s Saline Water Conversion Corporation (SWCC) too has created the world’s lowest energy consumption for a water desalination plant.

The plant is capable of producing a total of 1.4 million cu m per day but only consumes 2.271 kWh per cubic meter of desalinated water.

Dubai Electricity and Water Authority (DEWA) has signed a 35-year water purchase agreement for the Hassyan Sea Water Reverse Osmosis (SWRO) Plant, with a local firm Utico. 

The 120 Million Imperial Gallons per Day (MIGD) project will be built using the Independent Water Producer (IWP) model. It is expected to be completed by March 2024 at a total cost of US$410 million.