PROJECTS: Saudi's Alkhorayef Water achieves financial closure on Rayis

PROJECTS: Saudi's Alkhorayef Water achieves financial closure on Rayis–Rabigh IWTP project

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Staff Writer

Alkhorayef Water and Power Technologies Company-led (AWPT) consortium has achieved the financial closing on the 8.4 billion Saudi riyals ($2.24 billion) Rayis-Rabigh independent water transmission pipeline (IWTP) project.

The project will be completed in 30 months, with commercial operations starting by the second quarter of 2026, the company said in a statement to the Saudi stock exchange on Sunday.

The statement said the capital expenditure for the project's physical assets and infrastructure will be SAR 2.4 billion ($640 million).

AWPT owns 50 percent of the consortium, which includes Cobra Instalaciones y Servicios and Orascom Construction

The project will have a transmission capacity of 500,000 cubic metres per day (m3/day) and will stretch over 150 kilometres in length to provide Makkah and Madinah regions with drinking water.

In September 2023, AWPT-led consortium signed a 35-year Build-Operate-Transfer (BOT) agreement with state-owned the state-owned Saudi Water Partnership Company (SWPC) for the IWTP project

(Editing by Anoop Menon)

(anoop.menon@lseg.com)

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