Saudi Water Partnerships Company successfully achieved financial close for Madinah-3 ISTP with the participation of success partners from the relevant authorities such as the Supervisory committee at the Ministry of Environment, Water and Agriculture, developers and consultants.
Madinah-3 is an Independent Sewage Treatment Plant with capacity of 200,000 m3 per day with total cost around SAR 960 million, to be built and operated by the private sector for a period of 25 years from the Commercial Operation Date, noting that the winning consortium of the project consists of Acciona, Tawzea and Tamasuk.
It is noteworthy that despite the current conditions and obstacles caused by the Corona pandemic (Covid-19), as this pandemic has obstructed most major projects and stopped domestic and international air traffic, the Saudi Water Partnership Company succeeded in closing the project.
The CEO of Saudi Water Partnership Company, Eng. Khalid AlQureshi, said: “Despite the fluctuations, liquidity crises and changing global market conditions, the SWPC and the Consortium succeeded in completing the financial closure procedures in close cooperation with the group of lenders, which indicates the company’s efforts. Saudi Water Partnership to provide full support for investment projects, and to enhance private sector participation in sustainable development by providing the opportunity for local and foreign investors to participate in the implementation of these projects, thus achieving sustainable development, providing job opportunities for young people, and supporting local product and balanced development, in order to achieve the strategic objectives contained in “Saudi Arabia’s vision 2030” and the initiatives approved by the Saudi Council of Ministers to encourage private sector participation in economic development initiatives”.
AlQureshi added “Reaching this stage in the project and starting construction works under these difficult circumstances is a complete indication of investor confidence in the investment environment in the Kingdom of Saudi Arabia and the suitability of the investment environment for the private sector.”
