The UAE and other Gulf markets saw a flurry of IPOs over the past two years
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The budget was approved by Shaikh Sultan bin Mohammed bin Sultan Al Qasimi, Sharjah Crown Prince and Deputy Ruler and Chairman of Sewa's Board of Directors, at the board's meeting held recently in his office. The budget was decided in line with the instructions of His Highness Dr Shaikh Sultan bin Mohammed Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, to complete the development and upgrading projects, and to meet the requirements of comprehensive development.
Ali Abdullah Al Nooman, Sewa Director-General, describing the new budget as being ambitious, said that it would help boost development efforts. Mr Al Nooman said that the bulk of the new budget amounting to Dh1.78 billion will go towards the operational and current expenditures, while the remaining amount of Dh774 million will be spent on projects in the water and electricity fields.
Detailing the new and ongoing projects in the new budget and their costs, Mr Al Nooman said that an amount of Dh408 million will go for the projects of Al Layyah Power Generation and Water Desalination Plant, and will be distributed as follows: A total of Dh260 million for making adjustments to four gas turbines and other civil works, while Dh120 million will be spent on the installation of a new desalination unit at the plant which has a production capacity of eight million gallons of water per day and will be considered the biggest in the world. ‘Of the Dh408 million, around Dh28.25 will be allocated for the installation of a new filter system for the desalination Unit No. 9 in addition to upgrading the Unit No. 7 among other water projects at Al Layyah plant,’ Mr Al Nooman said.
The other projects at the plant also include the installation of two gas turbines frame 9 with a total power generation production capacity of 200MW at a cost of Dh225 million, in addition to allocating Dh102 million for different projects in the field of transmission of electricity and natural gas installations. ‘The projects on which the Dh102m will be spent include the installation of a plant in Al Qassimiah area at a cost of Dh30 million, the establishment of three stations for power generation in Sharjah city at a cost of Dh15 million, the installation of street lighting on the Sharjah-Kalba Road at a cost of Dh20 million, in addition to several other electricity projects,’ Mr Al Nooman said.
He added that the budget had an allocation of Dh8 million for establishing a new factory for Zulal Drinking water in Al Badee area which houses underground spring water. Mr Al Nooman also disclosed that a total of Dh19.26 million would be spent on water distribution and production in Sharjah and the Eastern Region in addition to Dh11.8 million for electricity projects in Khor Fakkan and Kalba.
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