SISCO reaches preliminary agreement with Al Rajhi Bank to finance Taif plant: CEO

Saudi Industrial Services Co. (SISCO) reached a preliminary agreement with Al Rajhi Bank to fully finance the independent wastewater treatment plant project in Taif, CNBC Arabia reported on Tuesday, citing SISCO Chief Executive Officer, Mohammed Mudarres.

The financing deal is expected to be finalized by Q1 2020, said Mudarres, adding that the plant construction works are forecast to start during the second quarter of 2020 and will take up to 18-24 months.

“The details of the financing deal will be announced later,” Mudarres stated, indicating that the water segment expansions represent a strategic priority for the company.

SISCO and Saudi Arabian Amiantit Co. signed on Monday a contract with Saudi Water Partnership Co. (SWPC) to build an independent wastewater treatment plant in Taif.

The project includes designing, building, operating and maintaining the plant and transferring the ownership on BOOT basis, along with the development of infrastructure and related facilities, Argaam reported.

With an investment of SAR 315 million, the term of the contract is 25 years and will be financed through a Shariah-compliant Islamic facility.

In October 2018, SWPC selected the joint venture between International Water Distribution Co. (Tawzea), which is jointly owned by SISCO, Amiantit, and Spain’s Cobra, as the preferred bidder for the Taif Independent Sewerage Plant project.