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Taqa-led consortium lands water infrastructure project in Makkah: The SAR 1.5 bn (AED 1. 47 bn) Juranah Independent Strategic Water Reservoir Project in Makkah will be developed by a regional consortium led by Abu Dhabi’s National Energy Company (Taqa), according to a joint statement out yesterday. The Saudi Water Partnership Company (SWPC) awarded the consortium the project under a build, own, operate, transfer (BOOT) agreement.
The consortium: The consortium comprises Taqa, Saudi’s Vision International Investment Company (Vision Invest) and the Gulf Investment Corporation (GIC). Taqa will act as the lead member overseeing operations and maintenance (O&M) through an independent specialized O&M company, equally co-owned with Vision Invest.
The initiative aims to address pressing water requirements throughout Saudi Arabia and manage peak demand for water in Makkah and Madinah during the Hajj season.
Financing and ownership: Around 80% of the financial support is set to be covered through debt, according to the statement. Taqa is acquiring a 35% share in the project company and a 50% stake in the O&M company. Details regarding the share distribution among the rest of the members of the consortium were not disclosed.
Timeline: The project is expected to kick off operations in 2Q 2027. After completing construction, the consortium will own and operate the water reservoir infrastructure for 30 years, after which ownership will be transferred to SWPC.
