Riyadh – Mubasher: Power and Water Utility Company for Jubail and Yanbu (Marafiq) has received an acceptance letter from Miahona Company, approving its inclusion in its consortium with N.V. BESIX S.A. Sharjah branch for the Al-Haer independent sewage treatment plant project in Riyadh.
Marafiq will join the consortium as a member and will own 35% of the Project Company, while Miahona will maintain a 45% stake in the company, according to a bourse filing.
With a total cost of SAR 1.50 billion, the project was previously awarded to the consortium and was executed on 10 March 2024, with the Saudi Water Partnership Company (SWPC).
The project aims to develop an independent sewage treatment plant in Al Haer with a treatment capacity of 200,000 cubic metres (m3) per day.
It also includes treated sewage effluent (TSE) special facilities, consisting of an approximately 32-kilometre-long treated sewage effluent transmission system with a capacity of 400,000 m3/day, a TSE pumping station, and TSE storage tanks with a capacity of 200,000 m3.
Over a duration of 25 years, the project is aimed at supporting and maximising the use of the treated sewage effluent in the kingdom.
The positive financial impact of the operation of the project on is expected to be reflected in Marafiq’s financial results starting from the first quarter (Q1) of 2027.
Meanwhile, the financial impact from the project is expected to be positive on Miahona’s results starting from the date of financial close.
In Q1-24, Marafiq posted a 59.90% year-on-year (YoY) plunge in net profit to SAR 42.79 million from SAR 106.72 million.
