Amiantit unit wins key Saudi water maintenance contracts
RIYADH, December 10, 2023
Saudi Arabian Amiantit has announced that its key subsidiary, the International Water Distribution Company (Tawzea), has secured two contracts worth SAR233.4 million ($62.1 million) from National Water Company (NWC), for operation and maintenance of water networks in Dammam, Khobar and Makkah governorates.
Under the first contract worth SAR34.4 million, Tawzea, which is jointly owned by Amiantit and Saudi Industrial Services Company, will be providing the operation and maintenance services for the water network in Makkah and its governorates for a five-year period, said Amiantit in its filing to the Saudi bourse Tadawul.
On the second contract, Amiantit said it will be worth SAR34.4 million covering Dammam and Khobar areas and will be for a 18 month period.
The financial impact of the Makkah contracts is expected during the first quarter of 2024, while that of Dammam, and Khobar will be felt during Q4 2023.-TradeArabia News Service
