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Home MIDDLE EAST Alkhorayef Water signs new contracts worth over $267m in 2021: CEO

Alkhorayef Water signs new contracts worth over $267m in 2021: CEO

RIYADH: Alkhorayef Water & Power Technologies Company has signed contracts worth more than SR1 billion ($266.6 million) since the beginning of the year, CEO Rami Mousilli has revealed.

The firm struck deals with new customers including Riyadh Airports Company, Jeddah Municipality, and the Zakat and Tax Authority, with the contracts extending from 3 to 7 years, he said.

The company is also eyeing up the contracts that the National Water Company intends to offer in the future, which will cover the management of the entire water sector and services in the Kingdom, Moussilli told CNBC Arabia.

He added that Alkhorayef is also targeting the privatization projects proposed by the Saudi Water Partnerships Company, with the market for water utilities iexpected to grow by more than 40 percent over the next four years.

The alliance project with French Veolia will be financed through the two companies, separately, Mousalli said. 

The banks’ participation in the financing will be very small, because the project does not focus on fixed assets, but rather focuses on technical personnel and providing services to restructure the sector and improve the service in it.

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