In Riyadh, the sovereign wealth fund has inked a contract valued at SR64.19 million ($17.02 million) to support water projects in Jazan’s cities and villages, aimed at enhancing water security nationwide.
The agreement, signed with Alkhorayef Water and Power Technologies Co., spans a period of 36 months and involves the operation and maintenance of water projects in the region, as disclosed in a stock market filing.
This initiative is consistent with AWPT’s mission to develop, manage, and deliver sustainable water, environmental, and energy solutions, underscoring a commitment to excellence and innovation to surpass stakeholders’ expectations. It also aligns with the company’s vision of spearheading the advancement of water, environmental, and energy solutions for societal well-being.
The financial ramifications of this new contract commenced in the fourth quarter of 2023.
Previously in November, AWPT secured a 15-year contract valued at SR2.2 billion from the National Water Co. to manage and maintain sewage treatment plants in Heet and Al-Hayer regions of Riyadh. The financial impacts of this project are expected to materialize in the second quarter of 2024.
As part of this agreement, AWPT will undertake the design, rehabilitation, testing, and maintenance of four sewage plants, collectively capable of treating 780,000 cubic meters of sewage daily in Heet and Al-Hayer. The rehabilitation process will unfold in two phases over 36 months, with operation and maintenance commencing upon contract commencement.
Prior to this, in April, AWPT secured an SR1.62 billion contract from the National Water Co. to operate and maintain sewage treatment plants in Riyadh. The 15-year contract encompasses the modernization of Manfouha Northern, Manfouha Eastern, and Al-Manfouha sewage treatment plants. Rehabilitation activities are slated to be completed in two phases within 36 months from the contract’s initiation.
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