Waterfund to treat, supply, and distribute water in the Kingdom of Saudi Arabia.
RIYADH, SAUDI ARABIA: Waterfund LLC announced today that it has been granted an investment license by the Saudi Arabian General Investment Authority (SAGIA) to treat, supply, and distribute water in the Kingdom of Saudi Arabia. Waterfund Saudi Limited is the first foreign-owned company to be granted a license to supply and distribute water in the Kingdom; the company specializes in utilizing best-in-class wastewater treatment and desalination technology to supply industrial offtakers in the city of Riyadh, Saudi Arabia, whose population has more than doubled in the past 20 years.
VISION 2030 AND NATIONAL TRANSFORMATION PROGRAM
Scott Rickards, CEO of Waterfund and Chairman of Waterfund Saudi Limited, commented, “Waterfund Saudi was formed to capitalize on the positive changes enabled by Vision 2030, the ambitious plan enacted by Crown Prince Mohammad bin Salman to diversify the Saudi economy, reduce dependence on oil revenues, and develop public service sectors such as healthcare and infrastructure. Saudi Arabia has welcomed increased foreign participation in the water sector through the gradual reduction of industrial water subsidies and less restrictive foreign ownership and licensing procedures. We are delighted to invest in Saudi Arabia during a period of such immense and positive change.”
FOCUS ON SUSTAINABLE WATER USAGE
Paul Wood, General Manager of Waterfund Saudi Ltd., commented, “Depletion of the Arabian Aquifer from past overuse has resulted in the aquifer being highly restricted for withdrawals by private concerns. Waterfund Saudi focuses on rechargeable sources of brackish groundwater below the city that consist of condensation from local mountains, city wastewater, and runoff from seasonal rivers (wadis). Waterfund Saudi currently recycles all its reject water from reverse osmosis units for further treatment, thus reducing its reliance on groundwater. Wastewater from industrial clients is also re-treated, thus minimizing waste.”
Waterfund and IBM created the Water Cost Index (WCI) and the Waterfund Insights Service, a Cloud Business Solution, to provide national and local governments the ability to better understand and forecast the actual costs of water under different hydrological and financial scenarios, creating the financial transparency required to stimulate capital investment in fresh water. Waterfund is also a strategic investor and operator of select physical water opportunities globally. http://worldswaterfund.com
Daniel Hillman, Director.
© Press Release 2018