The consortium, which includes Abu Dhabi National Energy Company (TAQA), Vision International Investment Company, and the Gulf Investment Corporation, announced today the completion of a deal to finance the “Jirana Strategic Independent Water Reservoir” project in the Makkah Al-Mukarramah region in the Kingdom of Saudi Arabia. The consortium successfully completed all… Financing arrangements related to the project.
The completion of the financing deal comes after the companies “Taqa”, Global Vision Investment, and the Gulf Investment Corporation signed agreements with the Saudi Water Partnership Company on December 31, 2023.
The project, whose value is approximately 1.5 billion dirhams, was able to secure financing for approximately 82% of its value, from local and international banks, including Alinma Bank, Banque Saudi Fransi, Saudi Investment Bank, and Commercial Bank of Dubai, which reflects great confidence. The financing partners acknowledge the financial strength of this alliance, and the strategic importance of the project.
TAQA owns a 35% stake in the project company, in addition to a 50% stake in the operation and maintenance company, where TAQA will lead the operation and maintenance work.
The project is of pivotal importance in meeting the emergency demand for municipal water throughout the Kingdom, specifically in the regions of Mecca and Medina during the Hajj season, as the total storage capacity of the project’s tanks reaches two million cubic meters of water, which will be constructed according to the (build, operate) model. (Ownership and then transfer of ownership), in addition to an additional capacity for operating tanks of up to 500 thousand cubic meters, which will be designed according to the (design, construction, and transfer of ownership) model. The project aims to significantly improve the drinking water transportation and distribution system.
Omar Al Hashemi, CEO of the Transmission and Distribution Business Sector at TAQA, said that completing the financing deal for the “Jarana Water Reservoir” project is a major achievement for TAQA and its partners, and is in line with the company’s strategy aimed at expanding its business in the field of water and electricity transmission and distribution across the country. International.
He added that the project reflects Roya Investment Company’s commitment to focusing on efficiency and reliably meeting the needs of Saudi society, and highlights the role of the Gulf Investment Corporation in developing commercially viable infrastructure projects that are essential for the growth of the economies of the Gulf Cooperation Council countries.
#Completing #deal #finance #Juarana #Water #Reservoir #project #Makkah #AlMukarramah
