Saudi utility major Aljomaih Energy and Water Company, in partnership with its consortium with Buhur Investment Company and Nesma Group, has announced the successful financial close of the Jubail–Buraydah Independent Water Transmission Pipeline Project, with a total investment value of SAR8.5 billion ($2.3 billion).

The achievement follows the signing of the Water Transmission Agreement between the project company, Stream Water Transmission Company, and the Saudi Water Partnership Company (SWPC).

The project ownership structure of the company is divided between Aljomaih holding at 45 per cent, Buhur Investment Company with 35 per cent and Nesma Group with 20 per cent.

This milestone represents a major step forward in developing the kingdom’s first independent water transmission project, linking the Eastern Province with the Qassim Region, with the added capability of reverse pumping, said Aljomaih.

The Jubail–Buraydah project will boast 650,000 cu m of desalinated water per day capacity, supported by a storage capacity of 1,634,500 cu m, and will extend over a distance of 587 km.

Developed under a build, own, operate and transfer (BOOT) model, the project has a 35-year concession period with a four-year construction phase. Commercial operations are expected to commence in 2029 and the project will serve more than two million beneficiaries.

On the financing, Aljomaih said it was secured through a consortium of leading local and regional lenders, including Al Rajhi Bank, National Infrastructure Fund (infra), Abu Dhabi Commercial Bank, Saudi Awwal Bank, The Arab Energy Fund, First Abu Dhabi Bank, The Saudi Investment Bank, and Bank AlJazira.