The Ministry of Water and Irrigation has signed an agreement for the Deir Alla and Karameh water networks rehabilitation project in Balqa. 

The sixth phase of this project aims to drill 16 wells in the Abu Zyghan area, with a value of 97.24 million euros. 

The funding for this project comes from a loan provided by the European Investment Bank (EIB) as well as self-finance, while the studies, design, and supervision aspects were secured through a grant from USAID. 

The project’s goal is to improve the water supply across 17 areas in Deir Alla and Karameh districts through seven different packages. 

By adopting natural flow pumping techniques, the scheme aims to extend the operational longevity of water networks, enhance service efficiency, and promote equitable water distribution. 

Minister of Water and Irrigation Raed Abul Saud emphasized the ministry’s dedication to speeding up the deployment of these new networks to deal with the increasing pressures of demand. 

He also reaffirmed the ministry’s commitment to addressing the challenges posed by surging water demand across the Kingdom. 

The drilling of the 16 wells in Abu Zayghan, costing $13.550 million, includes an exploratory well designed to bolster water availability in Deir Alla and Karameh. 

Expressing gratitude for the international support received, the minister referred to the role of the European Union, particularly the EIB and USAID, in facilitating the financial funds necessary to implement projects to face challenges of the water sector in light of increasing demand. 

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Abu Dhabi-based developer Aldar Properties (ALDAR.AD) reported a 39% increase in Q4 profit, driven by higher sales.

Aldar Properties PJSC is a United Arab Emirates-based real estate development and investment company that undertakes and operates a portfolio of real estate projects in the United Arab Emirates.

The company also deals with development, sales, investment, construction, and management of the associated services for real estate.

Net profit increased to 1.4 billion dirhams (approximately $381 million) due to a 40% rise in revenue to 4.4 billion dirhams. This profit exceeded the analysts’ average estimate of 805 million dirhams, according to LSEG data.

Net profit for 2023 increased by 40% to 4.4 billion dirhams, driven by full-year sales of 27.9 billion dirhams and a focus on international expansion.

The company reported having 2.9 billion dirhams in free cash and 7.5 billion dirhams in unused credit facilities, indicating a strong liquidity position.

Aldar has announced plans to invest 5 billion dirhams in building new offices, retail, and hospitality facilities in Abu Dhabi by 2027 to address the strong corporate demand for Grade A office space.

Aldar Properties announced the awarding of 49 contracts worth $6 billion for infrastructure, residential, commercial, and mixed-use projects across the emirate in 2023, where nearly 50% of the total contract value will be reinvested into the local economy, insinuating growth of the national GDP.

The contracts awarded to Aldar Properties include residential villas, townhouses, apartments, offices, retail spaces, schools and major highways.

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