Saudi-listed Acwa has signed a 1.79 billion Saudi riyals ($478 million) water purchase agreement (WPA) with Dubai Electricity and Water Authority (DEWA) for the Hassyan Sea Water Reverse Osmosis (SWRO) Independent Water Project (IWP) in Dubai.

The project, located within the Hassyan Complex, will have a production capacity of approximately 272,000 cubic metres per day (m3/day), the company said in a stock exchange disclosure on Wednesday.

Under the 30-year agreement, the project company will develop, finance, construct and operate the desalination facility. Acwa will hold a 40 percent stake in the project company.

The financial impact of the agreement is expected to begin in 2030, following successful completion of the project.

The disclosure did not identify the other project shareholders, engineering, procurement and construction (EPC) contractor or construction commencement date.

Acwa is developing the first phase of Hassyan SWRO IWP with a capacity of 818,280 m3/day at an investment of 3.377 billion UAE dirhams (919.54 million). 

In January 2026, DEWA had announced in a press statement that 90 percent of the first phase was complete, adding that that plant is scheduled to be completed in the first quarter of 2027.

DEWA commissioned the 272,765 m3/day Block A within Phase 1 in the first half of 2026, according to its H1 2026 consolidated financial results statemment. During 2026, the uitility expects to add an additional 120 MIGD of SWRO capacity, the statement said.

DEWA had received record-low bid of $0.36536 per m3 of desalinated water for Phase 1.