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FINANCIAL NEWS
Saudi Arabia to spend $800m for water projects in 2011
16 Dec 2010
(MENAFN) Loay Al Mussalam, Chief Executive Officer at Saudi Arabia’s state owned utility, National Water Co. (NWC), unveiled the Kingdom’s plans to put $800 million projects into operation by 2011, in order to improve its water use efficiency, Bloomberg reported.
According to Al Musallam, the mentioned projects will be funded by the finance ministry, however, Saudi Arabia needs $33.3 billion in project investments, and wants the private sector to take part in managing water networks in order to conserve resources and ensure consistent supplies as population growth spurs demand.
Statistics show that the world’s largest oil supplier gets about 100 millimeters of rain annually, and most of that evaporates due to temperatures that can reach 50 degrees celsius in the summer. As a result, the Saudi government is studying raising tariffs on consumption to better conserve water.
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Mr. Yaser Alsharifi completes Harvard Business School Presidents’ Program in Leadership
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