WTTCO’s future project portfolio valued at SAR 60 bln: acting CEO

Khalid Al-Habib, acting CEO of WTTCO

Water Transmission and Technologies Co. (WTTCO) holds SAR 1.1 billion in capital and will operate on a commercial basis through signing agreements, so as to become financially-independent to self-fund its projects and services, acting CEO Khalid M. Al-Habib told Argaam.

The company’s future project portfolio is valued at SAR 60 billion, divided into new transmission systems, water storage projects and enhancement of the existing transmission systems. These investments will be offered to the private sector, and other government entities.

WTTCO also aims to achieve operational reliability and independence ahead of offering its shares to the public, after obtaining the necessary regulatory approvals, Al-Habib said, noting that the company is owned by the Saudi government, which will set the offering size.

The company will be offered as a state-owned asset.

Commenting on the cooperation agreement signed with Saline Water Conversion Corporation (SWCC) for outsourcing management services, Al-Habib underlined that the deal is “very important,” as it will allow the company to proceed with its operations in transmission, outsourcing, maintenance, and operation of water transmission systems across the Kingdom.

The agreement will also boost the company’s technical and administrative abilities, and help it close more deals to operate on a commercial basis in partnership with the private sector.

In September 2019, Saudi Arabia’s Cabinet approved setting up WTTCO as a state-owned entity, Argaam reported.