From his own resources... Luminous lessons in leadership and humanity    Saudi, Omani foreign ministers visit Rub' Al-Khali border crossing    Royal Institute of Traditional Arts implements Saudi-Chinese cultural exchange program    Localization in Saudi military industries rises to 19.35%    Logistics park for vehicles worth SR300 million to be set up at Dammam port    Commerce Ministry recalls 6,500 Genesis cars due to risk of fire    HONOR KSA expands its presence with new flagship Experience Store in Riyadh HONOR's first flagship store in KSA provides visitors with a premium experience, exciting offers and free services    Al-Falih: Eastern Province hosts 700 investment opportunities worth SR330 billion    Putin announces three-day Russian ceasefire in Ukraine from 8 May    Prince Sultan University launches first bachelor's program in language and media    Pakistani military says it killed 54 militants attempting to cross border from Afghanistan    Suspect charged after Vancouver car ramming leaves 11 dead    Eight hundred Houthi targets hit after weeks of strikes, says US    Rock & Roll Hall of Fame picks Outkast but not Oasis    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Al Ahli cruise past Buriram into AFC Champions League Elite semi-finals    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Marafiq and partners reach the financial closing of Jeddah Sewage Treatment Plant
Published in The Saudi Gazette on 13 - 09 - 2020

Marafiq (Power and Water Utility Company for Jubail and Yanbu) is the lead developer in Jeddah Airport 2 ISTP (Independent Sewage Treatment Plant) and has a wealth of experience as an integrated utility service provider to major industrial cities in Saudi Arabia.
The Jeddah Airport 2 ISTP was awarded under the Build, Own, Operate and Transfer (BOOT) concession model, and will be developed under a 25-year Public-Private Partnership (PPP) model. Marafiq has partnered with Veolia, an Amwal AlKhaleejiah, who will support the development, financing, engineering, procurement, construction, implementation, ownership, operation, maintenance, and transfer of the Jeddah Airport 2 ISTP (Independent Sewage Treatment Plant).
Despite the COVID-19 pandemic consortium's teams have issued a notice to proceed with the EPC contractor as per the agreement with SWPC. Stage one will treat 300,000 m3 per day, scheduled to be commissioned on Jan. 31, 2023. Stage two might add another 200,000 m3 per day when the new STP capacity exceeds specific utilization rates.
The $280m total project costs have been structured as non-recourse project finance, with funding sourced from a combination of senior project finance loans by the National Commercial Bank (NCB) and equity contributions from shareholders. During these unprecedented times, SWPC and the Marafiq's consortium team have driven the entire project flawlessly and have now brought it to its financial close.
Marafiq's consortium has also succeeded in establishing a Saudi-based company to serve the project, the Jeddah Althaniya Water company, which will operate the plant for 25 years as part of an exemplary partnership between the public and private sectors.
Marafiq's President and CEO Abdullah K. Al-Buainain, said, "Marafiq is proud that it has shifted from a conventional utility service provider to a lead developer. Marafiq demonstrates its strength amongst Saudi corporations as it maintains reliable services that benefit the nation and support Vision 2030.
"Marafiq is honored to have trusted relationships with local and international developers, as well as fiscal institutes. Marafiq is pleased to be able to support and strengthen the Saudi economy even during such challenging times. We are grateful to our partners Veolia and Amwal AlKhaleejiah, who have assisted us in reaching this stage in the project.''
SWPC's CEO, Khaled Z. Al-Qureshi highlighted that "the successful financial closing of Jeddah Airport 2 ISTP, shows the robustness and the efficiency of Private-Public-Partnerships, and we expect to see more of these type of projects as part of the Vision 2030".
Amwal Chairman, Ammar A. AlKhudairy, said, "We are proud to have been able to achieve financial close for the project during globally challenging times of the pandemic, particularly that the Bank financing for the project was raised locally in its entirety."
The CEO of Veolia Middle East, Sébastien Chauvin, stated, "The Jeddah Airport 2 ISTP is an ambitious and exemplary Public-Private partnership that aims to achieve the Kingdom's 2030 Vision of high service quality for citizens and environmental compliance for the water sector. All the principles of the Circular economy will be put in place, allowing the reduction of sludge and enhancing the beneficial reuse of recycled water for irrigation or industrial use". — SG


Clic here to read the story from its source.