The Saudi Arabian Amiantit company has revealed that its key subsidiary, the International Water Distribution Company (Tawzea), has won two contracts worth $61.2 million from National Water Company (NWC), Trade Arabia reports.
The contracts include the operation and maintenance of water networks in Dammam, Khobar and Makkah governorates.
In the initial agreement valued at SAR 34.4 million, Tawzea, a joint venture between Amiantit and Saudi Industrial Services Company, has been awarded the contract for the operation and maintenance of the water network in Makkah and its surrounding governorates. This contractual arrangement spans a five-year duration, as reported by Amiantit in its submission to the Saudi bourse Tadawul.
The second contract, also totaling SAR 34.4 million, pertains to the Dammam and Khobar regions and is set for an 18-month timeframe, according to Amiantit's statement.
Anticipated financial impacts from the Makkah contracts are foreseen in the first quarter of 2024, whereas those related to Dammam and Khobar are expected to manifest in the fourth quarter of 2023.
