Alkhorayef Water announces financial closing for Rayis-Rabigh pipeline project

24/03/2024 Argaam
Logo ofAlkhorayef Water and Power Technologies Co. (AWPT)

Logo of Alkhorayef Water and Power Technologies Co. (AWPT)

Alkhorayef Water and Power Technologies Co. (AWPT) said the company-led consortium achieved the financial closing for the Rayis-Rabigh Independent Water Transmission Pipeline Project (IWTP), according to a statement to Tadawul today, March 24.

 

The 35-year contract was signed with Saudi Water Partnership Co. (SWPC) at a total value of nearly SAR 8.4 billion and construction costs of SAR 2.4 billion for the development of the IWTP.

 

The project is the first build, operate, transfer (BOT) contract in the Kingdom with a transmission capacity of 500,000 cubic meters per day and will stretch over 150 kilometers in length, providing Makkah and Madinah regions with drinking water.

 

Construction will run for 30 months, after which commercial operations will kick off by the second quarter of 2026 and will last 35 years.

 

AWPT owns 50% of the consortium. The contract included no related parties.

 

In September 2023, AWPT announced that the company-led consortium signed the BOT contract worth nearly SAR 7.8 billion with SWPC for the development of Rayis-Rabigh IWTP, Argaam reported.

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