Wednesday 2 December 2020

PwC plays vital role in setting up new Saudi entity WTTCO

RIYADH, 13 days ago

PwC Middle East said it has played a major role in the establishment of Saudi Arabia's newest entity, Water Transmission and Technologies Company (WTTCO).
A leading advisory and tax services provider, PwC said it was engaged to facilitate the process of establishing the WTTCO through phases.
Phase One was initiated by defining and designing the digital operational strategy, a corporate governance framework and the upcoming policies and procedures. 
Phase Two was the operating phase, comprising critical technology implementation and assistance in the establishment and operations of the HR, Finance, Supply Chain, IT, and Information Security departments. 
The hand-over (and third) phase was a complete inspection of the infrastructure that would allow the transformation from government aligned processes to a commercially-run organisation that balances efficient processes with the right controls for their establishment life cycle.
Ismail Maraqa, the consulting partner at PwC Middle East, said:"We are proud to be part of this journey. We have worked hand in hand with the transition team with careful considerations to avoid the typical pitfalls of such an exercise and ensure that WTTCO is established based on leading practices."
Under the umbrella of its’ Vision 2030 programme', Saudi Arabia s aiming for a 65% increase in GDP contribution from the private sector over the next ten years. 
The kingdom is the largest single desalination market in the world and as such, a key opportunity in terms of privatisation. The water desalination industry in the kingdom is segmented into production, transmission, and distribution components. 
In alignment with the Vision 2030 objectives, the Ministry of Environment, Water, and Agriculture (MEWA) created the National Water Strategy, and one of it’s main pillars, the privatisation model that outlined the separation of the water production assets from the transmission assets.
Also the Saline Water Conversion Corporation (SWCC) was established as an independent government organisation that produces water and manages a bulk-water transmission network. 
Abdullah Abdelkarim, SWCC Governor and WTTCO Chairman, said: "In line with the objectives of the National Water Strategy, the focus of WTTCO is based on achieving operational excellence and optimal utilisation of resources to ensure growth and sustainability according to commercial principles to enhance spending optimisation through cost reductions and private sector involvement."
Ahmad Abu Hantash, Technology Partner at PwC Middle East pointed out that WTTCO had adopted the latest digital trends and will be paperless from its inauguration enabling a self-sustaining modern organisation that drives innovation and collaboration to operate effectively.
The forecasted outcomes of Saudi Arabia's privatisation programme encompasses a positive rise in non-oil revenues, public-private partnership investments, and private sector employment, also including the corporatisation of Saudi ports as well as the privatisation of the production sector at SWCC as examples. 
The privatisation programme aims to strengthen competition, raise the quality of services and economic development, improve the business environment, and remove obstacles that prevent the private sector from playing a bigger role in the Kingdom’s development, he added.-TradeArabia News Service 


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