Saudi Arabia launches a series of giga-projects to accelerate progress towards its Vision 2030. Image Credit: Reuters

Dubai: The Saudi government-backed National Water Company (NWC) is seeking private investment this year to upgrade 113 existing water and sewage treatment plants, which will have a total capacity of 2.4 million cubic meters per day.

As part of its long-term operation and maintenance programs, NWC signed a 15-year contract worth $148 million (Dh543 million) with Spain’s Aguas de Valencia Company to rehabilitate, operate, and maintain sewage treatment plants in the Taif region.

NWC has awarded eight contracts under the long-term operation and maintenance programme as part of the kingdom’s national water strategy. The programme aims to attract major companies to rehabilitate existing assets for 15 years with capital investments at competitive prices.

Mohammed Al Jadaan, Saudi Minister of Finance and Chairman of the Board of the National Center for Privatisation and PPP, said that Saudi Arabia has privatised 30 projects over the last five years.

Saudi Arabia has launched a series of giga-projects to accelerate progress towards its Vision 2030 economic diversification goals.

The Saudi Vision 2030 is a programme launched by the government in 2016, with the main aim of diversifying its economy away from the oil sector. It has three main pillars - a vibrant society, a thriving economy, and an ambitious nation.

The country reported in November last year that it had signed off on $78 billion (Dh286 billion) of construction projects in the first 10 months of the year.