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FINANCIAL NEWS
Saudi Arabia to invest $53b in water projects
31 Mar 2010
(MENAFN) The Chief Executive of Saudi Arabia’s National Water Company said that the Kingdom is planning to invest $53.33 billion in water projects over the coming 15 years, Reuters reported.
Around 70 percent of the investment will be for sewage and waste water treatment projects in the kingdom, Loay Al Musallam said on the sidelines of a MEED conference in Dubai.
The company also plans to increase the utilization of sewage water which only contributes 6-7 percent to the water used across Saudi Arabia, Musallam said.
In 2008, Saudi Arabia set up the firm to oversee privatization of expensive sewerage services and efforts to save dwindling water resources.
The firm controls of all the kingdom’s groundwater wells and sewage and desalination plants, which were previously in the hands of various government bodies in a convoluted system.
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