Kuwaiti firm awarded $58mln water pipe deal

It comprises 4 pipelines in Mutlaa City

  
Image for illustrative purpose. An excavator operator helps construct an emergency pipeline to increase supplies of potable water in Willits, California February 25, 2014. Picture taken February 25, 2014.

Image for illustrative purpose. An excavator operator helps construct an emergency pipeline to increase supplies of potable water in Willits, California February 25, 2014. Picture taken February 25, 2014.

REUTERS/Noah Berger

A Kuwaiti company said on Thursday it has won a government contract to build a drinking water pipeline network for a residential city in West Kuwait with a value of around 17.6 million Kuwaiti dinars ($58 million).

Alimtiaz Group said in a bourse statement that one of its affiliated firms had been awarded the contract by the Ministry of Electricity and Water to build the network in Mutlaa City in Jahra governorate.

"The contract was awarded to one of the firms owned 50.69 percent by Almitiaz...it involves the construction of four pipelines to supply drinking water to Mutlaa city," it said.

The statement added that the firm is expected to make a net profit of 2-4 percent of the contract's value.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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