17 December 2023
ARAB NEWS
December 17, 2023
RIYADH: As part of Saudi Arabia’s efforts to ensure water security across the country, the sovereign wealth fund has signed a deal worth SR64.19 million ($17.02 million) for projects in the cities and villages of the Jazan region.
The Public Investment Fund signed the deal with Alkhorayef Water and Power Technologies Co., which will operate and maintain water projects in the region for 36 months, according to a bourse filing.
This move falls in line with AWTP’s mission to develop, deliver, and manage water, environmental, and energy solutions focused on sustainability, innovation, and excellence to exceed stakeholders’ expectations.
It also aligns well with the firm’s vision of leading the development of water, environmental, and energy solutions for the well-being of society.
Moreover, the financial impact resulting from the new contract started in the fourth quarter of 2023.
In November, AWPT was granted a 15-year contract worth SR2.2 billion by the Kingdom’s National Water Co. to operate and maintain sewage plants in Riyadh’s Heet and Al-Hayer.
According to a Tadawul statement released at the time, AWPT expected the project’s financial impacts to be reflected in the second quarter of 2024.
Under the deal, the company will design, rehabilitate, test, and maintain four sewage plants in Heet and Al-Hayer, with a combined treatment capacity of 780,000 cubic meters daily.
The company further noted that rehabilitation of these plants would occur in two phases over 36 months, while operation and maintenance would start from the contract’s inception.
Prior to that, in April, sewage plants in Riyadh were set to benefit from an SR1.62 billion operation and maintenance contract handed out to AWPT by NWC.
AWPT sealed the 15-year contract at the time to operate and maintain the Manfouha Northern, Manfouha Eastern, and Al-Manfouha sewage treatment plants.
Under the contract terms, AWTP will modernize the design of the facilities, as well as test and commission the three plants, according to a statement released at the time.
The statement also added that rehabilitation work was expected to be finalized in two phases within 36 months of the commencement of the contract.