Amiantit-SISCO’s TAWZEA achieves financial closure for Buraydah, Tabuk, Madinah sewage projects

Logo of TAWZEA

Saudi Arabian Amiantit Co. and Saudi Industrial Services Co. (SISCO) said their associate firm, International Water Distribution Co. (TAWZEA), achieved financial closure to establish independent sewage treatment plants in Madinah, Tabuk and Buraidah.

TAWZEA achieved the financial closure as part of the consortium – Saudi Water Partnerships Co. (SWPC) – in which TAWZEA holds a 35% stake along with Spain’s Acciona (35%) and Tamasuk Holding (30%).

The financing of the projects will be provided by local banks, where Tabuk and Buraidah plants have a cost of over SAR 1.4 billion, while the Madinah plant will cost SAR 966 million, according to bourse statements by SISCO and Amiantit.

The consortium also established three Saudi companies, which will manage and operate the stations after construction for a period of 25 years under public-private partnership, which is underlined in the Vision 2030 for privatization of infrastructure projects.

In September, Saudi Arabian Amiantit Co. and SISCO said the consortium, to which their equally-owned subsidiary TAWZEA is a party, signed a contract with SWPC to build Buraydah 2, Tabuk 2 and Madinah 3 independent sewage treatment plants, according to data compiled by Argaam.

SISCO and Amiantit each own 50% of TAWZEA capital of SAR 146 million.