Al Rajhi funding for Taif ISTP

Saudi-based Al Rajhi Bank said it will provide a SR258 million ($69 million) Islamic debt facility for the development of an independent sewage treatment plant (ISTP) coming up near Taif city in the Makkah province.

Saudi Water Partnerships Company (SWPC) and a consortium of Spanish utility developer Cobra and Tawzea had recently announced the financial closure for the 270,000-cu-m-per-day project, being implemented in a BOOT (build, own, operate and transfer) model.

As per the deal, the consortium will develop and finance the wastewater treatment plant and provide engineering, procurement, construction, implementation, ownership, operation and maintenance services, and then transfer the ownership to the Saudi utility. The work on the station will be completed as per schedule and operations will begin in the third quarter of 2022. 

Engie buys Saudi FM group

Engie Solutions, an international leader in providing low carbon energy and services, has acquired Allied Maintenance Company (AMC), a Saudi-based total facilities management company with a wealth of experience across numerous locations in the kingdom.

AMC has more than three decades of experience and with more than 1,300 staff, AMC currently manages multiple projects in strategic locations across Riyadh, Al Khobar, Dammam, Jubail, Khamis Mushayt, Taif, Jeddah and Tabuk.

Through the acquisition, Engie will expand its presence in Saudi Arabia by leveraging AMC’s countrywide coverage and client base, while also proving customers with its world leading low carbon energy services – particularly in the areas of energy efficiency and digitisation, said the the company.

Jabal Omar sells Makkah plot

Leading Saudi developer Jabal Omar Development Company (JODC) said it has reached an agreement with an investment company for the sale of a prime plot of land at the company’s project site in Makkah for SR830 million ($221 million).

As per the agreement, the buyer will have to bear the additional costs in the form of taxes for this real estate transaction and the value of the deal, said the top developer in its filing to the Saudi Tadawul.

One of the largest listed companies in the Saudi Tadawul Stock Exchange, JODC said the proceeds from the sale will be used to fund the company’s projects and restructure its existing loans.