Modon awards water distribution contract to TAWZEA

The Saudi Industrial Property Authority (MODON) has awarded a contract to improve and manage the water utility services in Jeddah 2nd & 3rd industrial cities to Saudi International Water Distribution Company (TAWZEA).

The duration of the contract is five years, extendable to 25 years as of the execution date, Saudi Arabian Amiantit Company and Saudi Industrial Services Company (SISCO) – which jointly own TAWZEA – said in statements to Tadawul on Wednesday.

Total revenue is expected at SAR100 million over a period of five years.

Financial impact will appear on the two companies’ results by the end of Q1 2018, Amiantit and SISCO said, adding that the contract will be self-financing.