Riyadh: The National Water Company (NWC) signed a long-term operation and maintenance contract (LTOM) with Spanish company Aguas de Valencia to rehabilitate, operate, and maintain two wastewater treatment plants in Taif Governorate for 15 years.

The aim is to attract the private sector to participate in investment opportunities to rehabilitate, maintain, and operate the company's existing strategic assets to achieve environmental sustainability and increase investment in the water sector.

The contract was signed by NWC chief executive Dr. Fouad Al Sheikh Mubarak and Aguas de Valencia General Manager Severino Ramos at NWC headquarters in Jeddah in the presence of senior officials from both sides.

The contract, valued at over SAR555 million, or $148 million, involves a tariff level of SAR 0.67 per cubic meter, or about $0.18 per cubic meter. It involves rehabilitating, operating, and maintaining two wastewater treatment plants in Taif Governorate with a total treatment capacity of 147,000 cubic meters per day.

The deal is part of the company's plan to sign contracts for 113 existing wastewater treatment plants with a total capacity of 2.4 million cubic meters per day, starting in 2024, to offer investment opportunities for local and international companies.

NWC aims to support the national economy, promote growth in the water sector, and provide investment opportunities and long-term partnerships with the local and global private sectors.

The innovative model aims to attract modern technologies, transfer knowledge to national cadres, and initiate partnerships that interest operating companies in the sector within local and global alliances.