Mowah consortium successfully achieved the Financial Closure for Yanbu-4 IWP in March 2021. This milestone is achieved through the successful participation of partners from the relevant authorities such as Saudi Water Partnership Company (SWPC), the Supervisory Committee at the Ministry of Environment, Water and Agriculture (MEWA), developers and consultants. Currently, the project construction is in progress and will reach Commercial Operation Date (COD) by Nov 2023.
Yanbu-4 is an Independent Water Plant with a capacity of 450 thousand cubic meters per day to be built together with its Water Special Facilities (WSF) – Yanbu-Rayis water transmission pipeline with length of 39 km and capacity of 600 thousand cubic meters per day. The total estimated cost of the project is around 3.3 billion Saudi Riyals, to be built and operated by the private sector for a period of 25 years from the COD, while the WSF will be transferred to the Saline Water Conversion Corporation (SWCC) after construction.
As reported by SWPC, it is noteworthy that despite the obstacles caused by the Corona pandemic (Covid-19) which has obstructed most of the major projects and stopped domestic and international air traffic, the project under the leadership of the Saudi Water Partnership Company has succeeded in achieving this milestone.
The CEO of SWPC, Eng. Khaled AlQureshi, said: “Despite the fluctuations, liquidity crises and changing global market conditions, the Saudi Water Partnership Company and the Consortium succeeded in completing the financial closure procedures in close cooperation with the group of lenders, which indicates the company’s efforts to provide full support for investment projects, and to enhance private sector participation in sustainable development by providing the opportunity for local and foreign investors to participate in the implementation of these projects, thus achieving sustainable development, providing job opportunities for young people, and supporting local product and balanced development, in order to achieve the strategic objectives contained in “Saudi Arabia’s vision 2030” and the initiatives approved by the Saudi Council of Ministers to encourage private sector participation in economic development initiatives”.
AlQureshi added “Reaching this stage in the project and starting construction works under these difficult circumstances is a complete indication of investors’ confidence in the investment environment in the Kingdom of Saudi Arabia and the suitability of the investment environment for the private sector”.
Mowah CEO Mr. Sami Al Rayes stated: “Achieving the financial closer for Yanbu-4 IWP, regardless of the exceptional circumstances presented by COVID-19, is a remarkable success for this significant project that will help to meet growing water demand and contribute to socio-economic development in KSA.