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Saudi Water Company Signs $587 Million Jeddah Tower Deal

April 29 (Bloomberg) -- Saudi Arabia’s national water company agreed to a 2.2 billion-riyal ($587 million) supply deal with Jeddah Economic Co. for the Kingdom tower project in the Red Sea port of Jeddah, Saudi Press Agency reported.

The state-owned news agency said the 25-year agreement to supply 156,000 cubic meters of treated and drinking water a day, enough for 62 Olympic-size pools, was signed by the chief executive of the Jeddah-based developer, Waleed Batraji, and Loay al-Musallam, head of National Water Co.

Jeddah Economic Co. is developing the Kingdom Holding project, which includes plans to build a 1 kilometer-high (0.62 mile) skyscraper in Jeddah that would surpass the Burj Khalifa in Dubai as the world’s tallest tower.

Saudi Arabia, the biggest oil producer with the Arab world’s largest economy, plans to build the biggest desalination plant in Rabigh on the Red Sea. National Water plans to spend $66 billion on water projects over 10 years.

To contact the reporter on this story: Deema Almashabi in Riyadh at dalmashabi@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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