Abu Dhabi National Energy Company, known as Taqa, is part of a consortium that won bid to develop 1.5 billion dirham (Rs 34,02,06,80,490) water reservoir project in Saudi Arabia’s Makkah region.
In a statement Taqa said, the consortium includes Saudi-based Vision International Investment Company (Vision Invest) and Kuwait-based Gulf Investment Corporation (GIC)
The contract was awarded by the Saudi Water Partnership Company (SWPC).
The Juranah Independent Strategic Water Reservoir Project (ISWR-1) is Saudi Arabia’s first of its kind, under a BOOT (build, own, operate, transfer) model for active private sector involvement in water infrastructure development.
The companies will be responsible for the construction, holding, and operation of the water reservoir infrastructure for 30 years before transferring the ownership to SWPC.
The project’s commercial operations are set to commence in the second quarter of 2027.
The project will be financed by approximately 80 percent of its total cost through debt funding.
Taqa will lead operations and maintenance activities through a specialized standalone company co-owned by Vision Invest.
Taqa is set to acquire a 35 percent stake in the project company and a 50 percent stake in the operations and maintenance entity.
Strategic tanks with 2 million cubic meters storage capacity and operational tanks with 500,000 cubic meters capacity will be developed to support potable water distribution system.
The initiative aims to address emergency municipal water demand for all the Kingdom’s regions – and peak demand in Makkah and Madinah during the Haj season.
Khalid Al-Quraishi, CEO of SWPC, said, “The project is the first of its kind in Saudi Arabia with the participation of the private sector, which comes after the launch of the National Water Strategy. The project will operate under the ownership, operation, and asset transfer system.”
“This project aligns with TAQA’s commitment to sustainable development and innovation, and we look forward to delivering a robust and reliable water supply system for the community,” said Jasim Husain Thabet, TAQA’s group CEO and managing director.
