Amiantit, SISCO JV Tawzea wins SAR 199.5 mln project from NWC

Logo of Saudi Arabian Amiantit Co.

Saudi Arabian Amiantit Co. and Saudi Industrial Services Co. (SISCO) joint venture International Water Distribution Co. (Tawzea) was awarded, on Sept. 26, a project by the National Water Co. (NWC) at a total value of SAR 199.48 million (excluding VAT).

The project aims at operating and maintaining the water network in Makkah and its governorates, the companies said in separate statements on Tadawul.

The contract has a term of 60 months, with financial impact expected to materialize starting from Q1 2024, the statements added, indicating that there are no related parties in the deal.

Any future developments in this regard, the date of signing the contract, and receiving and signing the final version of the contract by all the parties concerned, will be disclosed in a timely manner, they further noted.

According to data compiled by Argaam, Amiantit and SISCO each owns a 50% stake in Tawzea’s total capital of SAR 146 million.