https://arab.news/cjtcp
RIYADH: Saudi Arabia’s water infrastructure is on track to benefit from a new deal signed between two of the Kingdom’s leading firms to jointly explore investments for advanced projects expected to be worth SR30 billion ($7.99 billion).
The state-owned Water Transmission and Technologies Co. has signed a memorandum of understanding with Saudi Arabia’s social security and pension fund manager Hassana Investment Co., with the aim of enhancing cooperation opportunities in the transportation and storage of water within the Kingdom, the Saudi Press Agency reported.
The coming together of WTTCO, which is responsible for water transmission, storage, and dispatch systems across the Kingdom, and Hassana, one of the world’s largest investment allocators with over SR1.2 trillion assets under management, is expected to pave the way for achieving the Kingdom’s Vision 2030 for the water sector.
Under the MoU, both firms will pursue strategic investment prospects to further develop water transportation and storage projects across the Kingdom.
Technology expertise, resources and the shared vision of both companies are expected to play a pivotal role in transforming the water sector while ensuring a sustainable future.
The agreement was signed by Ahmed Al-Qahtani, the regional chief investment officer of Hassana Investment Co., and Tariq Al-Naeem, CEO of WTTCO.
In March, Deputy Minister for Water at the Ministry of Environment, Water and Agriculture Abdulaziz Al-Shaibani revealed during the UN 2023 Water Conference in New York that Saudi Arabia has allocated a budget of more than $80 billion to implement hundreds of water projects in the coming years.
At the time, Al-Shaibani explained that the allocation is part of efforts to achieve universal access to safe and affordable drinking water for all.
This is mainly attributed to the fact that the Kingdom’s water requirements, estimated at 24.8 billion cubic meters in 2015, are witnessing a steady annual increase of 7 percent, the minister stressed at the time.
Also speaking at the conference, Saudi officials said that the Kingdom is working to provide safe and affordable drinking water for all by developing ways to recycle and manage resources in an integrated manner that reduces the environmental impact.