Saudi's SAGIA, Xylem ink $50m MoU to address water challenges
Xylem will work with SAGIA to develop and localise advanced water and wastewater products and technologies
Saudi Arabian General Investment Authority (SAGIA) has inked a $50m (SAR187.5m) memorandum of understanding (MoU) with water technology firm Xylem to accelerate the adoption of digital water solutions, optimise utility networks across the kingdom, and expand Xylem’s manufacturing footprint into the nation.
As part of the MoU, Xylem will work with SAGIA to develop and localise advanced water and wastewater products and technologies to address water challenges in Saudi Arabia.
The proposed multimillion-dollar investment is expected to build a strong local supply chain, and see Xylem bringing additional commercial opportunities into the Kingdom, with the wider aim of improving water solutions locally.
The agreement is in line with the goals of Saudi Vision 2030 to promote economic diversification through investments in localisation that will also contribute to the export of ‘Made in Saudi’ products.
The MoU was signed on the sidelines of the Future Investment Initiative (FII) by the governor of SAGIA, HE Ibrahim A. Al-Omar, and the senior vice president of Xylem, Steven Leung, in the presence of senior officials from both entities.
Commenting on the agreement, HE Al-Omar said: “As Saudi Arabia welcomes investors and decision-makers from across the globe to this annual global investment platform, the agreements exchanged here reflect the strength and diversity of the economy.”
HE Al-Omar added: “Under Saudi Vision 2030, Saudi Arabia is undergoing an ambitious program of economic reform, and the world is taking notice. This month, Saudi Arabia climbed 30 places in the World Bank’s Doing Business 2020 report, becoming the most improved economy globally. The indicators are clear: Saudi Arabia is not only open for business, it’s the economy of the future.”