A new partnership agreement between two prominent Saudi Arabian firms is set to have a positive impact on the country's water infrastructure. The state-owned Water Transmission and Technologies Company (WTTCO) has joined forces with Hassana Investment Company, a significant player in the world of investments with assets exceeding SR1.2 trillion under management, reports Arab News.
This collaboration aims to explore investment opportunities for advanced projects related to water transportation and storage within the Kingdom, with a projected value of SR30 billion ($7.99 billion).
WTTCO, responsible for overseeing water transmission, storage, and dispatch systems throughout Saudi Arabia, will work alongside Hassana to enhance cooperation in these crucial areas. By leveraging their respective technological expertise, resources, and shared vision, both companies are expected to play a crucial role in realizing Saudi Arabia's Vision 2030 for the water sector, contributing to its sustainable development.
The memorandum of understanding signed by Ahmed Al-Qahtani, the regional chief investment officer of Hassana Investment Company, and Tariq Al-Naeem, CEO of WTTCO, outlines their commitment to pursuing strategic investment opportunities. These initiatives will further advance the development of water transportation and storage projects across the Kingdom.
In line with these efforts, Deputy Minister for Water at the Ministry of Environment, Water and Agriculture, Abdulaziz Al-Shaibani, disclosed during the UN 2023 Water Conference in New York that Saudi Arabia has dedicated over $80 billion to fund numerous water projects in the years ahead. This budget allocation is part of the nation's drive to ensure universal access to safe and affordable drinking water for its population.
Given that the Kingdom's water demands, initially calculated at 24.8 billion cubic meters in 2015, continue to rise steadily at an annual rate of 7 percent, the Minister stressed the importance of addressing these needs through sustainable measures.
Moreover, Saudi officials highlighted at the conference the Kingdom's ongoing efforts to provide safe and affordable drinking water for all. They emphasized the development of integrated approaches to recycling and managing resources, aiming to reduce the environmental impact associated with water usage.
