ACWA consortium wins Red Sea Project utilities contract

ACWA consortium wins Red Sea Project utilities contract
Energy at the Red Sea Project will be generated via solar panels and wind turbines to meet an initial demand of 210MW with the ability to expand in line with the development.
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Updated 18 November 2020

ACWA consortium wins Red Sea Project utilities contract

ACWA consortium wins Red Sea Project utilities contract

The Red Sea Development Company (TRSDC), the developer behind the world’s most ambitious regenerative tourism project, has awarded its highest-value contract to date to a consortium led by ACWA Power to design, build, operate and transfer the Red Sea Project’s utilities infrastructure.

The contract marks a significant step forward for the project, establishing it as the region’s first tourism destination powered solely by renewable energy. A tourism project of this size, powered solely by renewable energy, has never been achieved on this scale anywhere in the world.

“This is a pivotal moment for us as we seek to build a new kind of tourism destination in Saudi Arabia, aligned with Vision 2030. We’re committed to pushing the boundaries of what it means to be sustainable and investing heavily in renewables is helping us to set new global standards in regenerative tourism,” said John Pagano, CEO of TRSDC.

“This contract also signifies a noteworthy step change for us as the consortium brings foreign investment to the project, demonstrating international support and confidence for the vision that is becoming a reality along the Red Sea coast. At the same time, we are delighted to partner with a consortium leader that has its roots in the Kingdom and shares our ambition to accelerate the energy transition locally,” said Pagano.

All of the utilities will be delivered under a single agreement, unique for a contract of this kind, which includes the provision of renewable power, potable water, wastewater treatment, solid waste management and district cooling for the 16 hotels, international airport and infrastructure that make up Phase 1 of the Red Sea Project.

Mohammad Abunayyan, chairman of ACWA Power, said: “The Red Sea Project is a vital undertaking under the Saudi Vision 2030 and aims to be a global showcase of the Kingdom’s ability to develop ambitious giga-projects. Being selected to support this project marks another milestone in our impressive bid win trajectory, and we are honored and proud to support TRSDC’s ambition to deliver a tourist destination that limits the environmental impact through the provision of zero-carbon emitting and zero-waste generating utility services.”

Energy will be generated via solar panels and wind turbines to meet an initial demand of 210MW with the ability to expand in line with the development.

The agreement expects to generate up to 650,000 MWh of 100 percent renewable energy to supply the destination and other utility systems, whilst emitting zero CO2. The resulting saving in CO2 emissions to the atmosphere is equivalent to nearly half-a-million tons each year.

The ACWA Power consortium is financed by Saudi and international banks, including the UK’s Standard Chartered Bank and China’s Silk Road Fund, and marks a new stage for the development, in terms of securing external investment.


MITEF Saudi Arabia announces semifinalists

MITEF Saudi Arabia announces semifinalists
Updated 13 January 2021

MITEF Saudi Arabia announces semifinalists

MITEF Saudi Arabia announces semifinalists

The MITEF Saudi Arabia, a program of the global network of MIT Enterprise Forum, in collaboration with Bab Rizq Jameel, recently announced the semifinalists in the competition’s three tracks: Startups, Ideas, and Social Enterprises. The competition will be holding its closing ceremony virtually on March 6 under the patronage of Abdullah A. Al-Swaha, minister of communications and information technology.

The Ministry of Communications and Information Technology (MCIT) will be represented by Deputy Minister of Communications and Information Technology for Future Jobs and Digital Entrepreneurship Dr. Ahmed Altheneyan.

The semifinalists were selected by a jury composed of 100 business and academic experts from all over the world, who evaluated more than 500 projects against the competition criteria, which are creativity, potential to expand and the positive impact on the community.

The second round of judging will be held on Feb. 20 to announce the names of the finalists (27 teams). The third round will be held on March 3, after the virtual briefing sessions and the business accelerator from Jan. 9 to Feb. 13. A Startup Investment Forum will be held on March 4, 5 and 6.

Bayan Alghamdi, head of entrepreneurship programs and MITEF Saudi at Community Jameel, said: “This year, the MITEF Saudi Arabia competition saw remarkable progress in terms of the quality of entries in various categories and fields, including e-commerce, education technologies, consumer services, productivity applications, in addition to digital technologies and healthcare.

“The competition is organized in line with the Kingdom’s Vision 2030 to support small and medium enterprises. The total number of applicants since the launch of the competition in 2015 has reached more than 8,500 participants from all over Saudi Arabia, thanks to the support of all governmental and private companies. Despite the hard times we have gone through this year due to the global pandemic, entrepreneurs were able to overcome this challenge with a lot of creativity and innovation that contributed to curbing this pandemic, and we wish all the best for participants and good luck to the semifinalists.”

To qualify for the competition, applicants must present an innovative project that is scalable and capable of making a positive impact on the community.

The Saudi startups that qualified for the semifinals of the 5th MITEF Saudi Startup Competition are: Jirah, Nugttah, Grintafy, Future Platform, Winch, Meeza, Hudhud AI, LOGEXA, Linkers IoT, Tafeyette Inc., Spider Connect, Shgardi, BashQash, PhysioHome, and Hesba.

Semifinalists in the Ideas track included 15 teams: Genomez, Hydrojeen, Sawty, Estidama, Hakawati Game, Carissimi, Msaha, Themar, Qawam, SARsat, Aquash, Mthmr, White Helmet, Harreef, and Vending Machine Layer.