2005 News Story

Saudi-Malaysian consortium wins Shuaiba water contract

The Kingdom’s Water and Electricity Company (WEC) announced yesterday that a Saudi-Malaysian consortium had won the bidding for the construction of the Independent Water and Power Project (IWPP) at Shuaiba, on a ‘build, operate, own’ (BOO) basis. This is the first of four such projects to be implemented by the private sector in accordance with a decision of the Supreme Economic Council in June of 2002, the other three being Shuqaiq, Raz Azzour and Jubail.

The consortium will own 60 percent of the share capital, with 32 percent owned by the Public Investment Fund (PIF) and 8 percent by the Saudi Electricity Company (SEC). Minister of Water and Electricity Abdullah Al-Hosain affirms that the project has the government’s full support, commenting that Shuaiba will address the increasing demand for water and electricity for cities such as Jeddah, Makkah and Taif.