Abu Dhabi-listed utilities company TAQA is part of a consortium to develop the AED 1.5 billion ($408 million) Juranah Independent Strategic Water Reserve Projecct (ISWR-1) in Saudi Arabia.
The project, in the Makkah region, is the first of its kind in the kingdom, built under the Build Operate Own Transfer (BOOT) model, reflecting private sector involvement in water infrastructure projects, TAQA said in a statement to Abu Dhabi Securities Exchange (ADX).
The contract was signed with Saudi Water Partnership Company (SWPC).
Also in the consortium are Saudi’s Vision International Investment Company (Vision Invest) and Kuwait’s Gulf Investment Corporation (GIC).
TAQA will be the lead member for the operations and maintenance (O&M) activities through a specialised standalone O&M company, which will be co-owned by Vision Invest.
The total project cost is estimated at AED 1.5bn, with debt funding expected to account for approximately 80%, the statement said.
TAQA is taking a 35% share in the project company and a 50% stake in the O&M company.
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