Saudi economy expected to grow strongly in fourth quarter and grow 7.3% in 2022: Capital Economics

RIYADH: At the macro level, China’s electric car exports more than doubled in May as pandemic lockdowns gradually ease.

Zooming in, ACWA Power has signed an agreement to restructure the Shuaibah 3 independent water and power project which will produce 600,000 cubic meters of water per day.

Looking at the big picture:

• China is expected to continue to lead in global liquefied natural gas regasification capacity additions, with 26% of additions between 2022 and 2026, according to GlobalData forecasts.

The data and analytics firm’s latest report forecasts that China will add 3.805 billion cubic feet of new LNG liquefaction capacity by 2026.

• China’s electric car exports more than doubled in May as pandemic shutdowns gradually end, Bloomberg reported.

Automakers in the Asian country shipped electric passenger vehicles, worth $1.2 billion, a 122 percent increase from a year earlier.

Through a micro lens:

• Saudi ACWA Power signed an agreement with Saudi Water Partnership Co. and Shuaibah Water Electricity Co. to restructure the Shuaibah 3 independent water and power project.

The project will be converted from an energy-intensive thermal power generation and desalination facility into a new reverse osmosis seawater desalination plant, Trade Arabia quoted a statement as saying.

When completed, Shuaibah 3 IWP will produce 600,000 cubic meters of water per day, meeting the water demand of Jeddah and Makkah.

• Japanese automaker Toyota has partnered with Tesla co-founder Redwood Materials to recycle car batteries, according to Bloomberg.

The partnership aims to tackle rising battery prices and material shortages that are expected to accompany the global shift to electric vehicles.