Saudi Arabia seeks adviser for water network sale: report

Saudi Arabia’s National Water Co. (NWC), which is wholly-owned by the Public Investment Fund, is seeking to hire financial advisers to partly privatize its water distribution network, Bloomberg reported, citing unnamed sources with knowledge of the matter.

No further details were disclosed about the size of the planned stake.

The planned offering could raise several billion dollars, depending on the stake size and parties involved in the process.

The government-owned company hopes to complete the deal next year, the sources added.

The Saudi Saline Water Conversion Corporation (SWCC) is also planning to privatize its desalination business, as part of a mega program to privatize several government institutions across the Kingdom.