Saudi Arabia’s Alkhorayef Water and Power Technologies Co. (AWPT) was awarded a 60-month water sector operation and maintenance contract for the Red Sea city of Jeddah by the state-owned National Water Company (NWC).

The contract is worth 228.17 million Saudi riyals ($61 million), AWPT said in a statement to the Saudi stock exchange.

The financial impact of the contract is likely to appear on the balance sheet in the third quarter of 2022.

In June, the company signed a Sharia-compliant financing agreement worth 257 million riyals ($68 million) with Riyad Bank to finance its water network projects and reservoirs in Al Khobar.

In May, AWPT was selected among 17 prequalified bidders for the Juranah Independent Strategic Water Reservoirs project. The same month, the firm won the contract to construct  Phase 2 of sewage networks in Al Ruwaidaf and Al Jawharah districts, Taif city.

(Writing by D Madhura; Editing by Anoop Menon)