SHUQAIQ3 RECEIVES “CONTRACT OF THE YEAR” AWARD
The Shuqaiq 3 desalination project, awarded to the consortium formed by Almar Water Solutions (through Abdul Latif Jameel Commercial Development Company), Acciona, Marubeni Corporation and Rawafid Alhadarah Holding Co, this Wednesday received the iAgua “Contract of the Year” award. The prize, which was accepted by Manuel García Calvo, head of business development for the Middle East at Almar Water Solutions, and Francisco Javier Nieto, project manager at Acciona Agua, was given in recognition of the importance of the project in the area and the speed in reaching financial close.
The Shuqaiq 3 desalination plant is currently under construction and will have a capacity of 450,000 cubic meters per day, supplying drinking water to more than 1.8 million people. The project, arranged under a 25-year BOO (build, own, operate) scheme, is scheduled for completion in the fourth quarter of 2021.
The financial close of the operation, valued at more than 600 million dollars, involved both the Saudi national bank and international organizations. Samba and NBC participated on behalf of the Saudi Arabian bank, while the international players were MUFG (Agent), Crédit Agricole, Norinchukin and SMBC, reaching an agreement just three months after the water purchase contract was signed.
When accepting the award, Manuel said that “this project has been a challenge as well as a great satisfaction because of the results that we’ve achieved in such a short time. It is incredible that the financial close of one of the largest desalination plants in the world was reached in just three months. This is a feat worthy of mention”. Manuel also thanked the teams from both Almar Water Solutions and Abdul Latif Jameel for their collaboration and commitment, and also thanked all of the members of the consortium and the iAgua publication for recognizing the work of all of the people behind this emblematic project.
According to the “MENA Desalination Market” report by Ventures Onsite, investment in the water desalination market in the Middle East and North Africa (MENA) region has increased substantially, accounting for 48% of global desalination projects, and new investment is expected to stimulate the market to $4.3 billion by 2022. Almar Water Solutions, with offices in Jeddah and Dubai, has specialized teams in the region from which it analyzes the water needs of the area and addresses project development.