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Saudi Arabia’s Marafiq and its partners obtained $280 million in financing to develop a sewage treatment plant in the kingdom’s commercial city of Jeddah.
The project costs have been structured as non-recourse project financing from National Commercial Bank and equity contributions from shareholders, according to a statement. Veolia Environnement SA and Amwal AlKhaleejiah are partners in the Jeddah Airport 2 ISTP project.
- Marafiq consortium set up Jeddah Althaniya Water Co. to operate the plant for 25 years
- Stage 1 will treat 300,000 m3 per day, scheduled to be commissioned on Jan. 31, 2023
- Stage 2 might add another 200,000 m3 per day when the new plant capacity exceeds specific utilization rates
Marafiq’s shareholders include the Public Investment Fund, Saudi Arabian Oil Co. and Saudi Basic Industries Corp.