SAR 8.5 billion independent pipeline project finalized in partnership with Buhur Investment Company and Nesma Group
Riyadh, [Oct 31,2025] – Aljomaih Energy and Water Company, in partnership with Buhur Investment Company and Nesma Group, announced the successful financial close of the Jubail–Buraydah Independent Water Transmission Pipeline Project, with a total investment value of approximately SAR 8.5 billion ~ USD 2.26 billion.
The Jubail–Buraydah project will transmit 650,000 cubic meters of desalinated water per day, a storage capacity of 1,634,500 cubic meters, and will extend over a distance of 587 kilometers
The achievement follows the signing of the Water Transmission Agreement between the project company, Stream Water Transmission Company, and the Saudi Water Partnership Company (SWPC). The project ownership structure of the company is divided betweenAljomaih Energy and Water Company holdingat 45%, Buhur Investment Company holding at35%, and Nesma Group holding at 20%.
This milestone represents a major step forward in developing the Kingdom’s first independent water transmission project
This milestone represents a major step forward in developing the Kingdom’s first independent water transmission project, linking the Eastern Province with the Qassim Region, with the added capability of reverse pumping.
The financing was secured through a consortium of leading local and regional lenders, including Al Rajhi Bank, National Infrastructure Fund (infra), Abu Dhabi Commercial Bank, Saudi Awwal Bank, The Arab Energy Fund, First Abu Dhabi Bank, The Saudi Investment Bank, and Bank AlJazira. The financing structure will be based on a 100% Islamic financing making this unique for such large scale projects. This reflects strong confidence in the project sponsors and the strategic significance of this vital initiative.
The Jubail–Buraydah project will transmit 650,000 cubic meters of desalinated water per day, supported by a storage capacity of 1,634,500 cubic meters, and will extend over a distance of 587 kilometers. Developed under a Build, Own, Operate, and Transfer (BOOT) model, the project has a 35-year concession period with a 4-year construction phase. The operation commercial date is expected to commence in 2029.
This project underscores Aljomaih Energy and Water Company’s commitment to building essential infrastructure that enhances water sustainability and supports the objectives of the National Water Strategy 2030. Once operational, the project will serve more than two million beneficiaries, providing a reliable and sustainable source of desalinated water with an availability rate of up to 98% of its operating capacity.
Commenting on this achievement, Mr. Ibrahim Aljomaih, Chairman of the Board of Directors of Aljomaih Energy and Water Company, said:“The financial close of this strategic project reaffirms our commitment to supporting the Kingdom’s National Water Strategy and Vision 2030 objectives. Through this partnership, which combines local expertise with global standards, we aim to achieve long-term water security and develop a resilient infrastructure that connects the Eastern and Qassim regions. The project’s advanced storage systems and unique design will ensure a continuous supply of desalinated water, strengthening Aljomaih Energy and Water’s position as a leader in developing water and infrastructure projects across the Kingdom.”
Eng. Adnan Buhuligah, Acting CEO of Aljomaih Energy and Water Company, added:“This financial close reflects the strength of our consortium and the trust our partners place in our vision. Through strategic collaboration and innovation, we are contributing to the development of high-quality water infrastructure projects in the Kingdom and building a more sustainable future. The project aims to achieve a local content contribution of no less than 45% during the construction phase and increase it to 70% during operations.”
Mr. Mutlaq bin Damouk Al-Ghuwairi, Chairman of Buhur for Investment said, “Buhur for Investment is proud to participate in this consortium alongside Al Jomaih Energy and Water and Nesma Group, working jointly with the Saudi Water Partnership Company (SWPC) to develop a project that embodies the success of the public-private partnership model. It reflects our company’s commitment to actively contributing to major national and developmental projects. This project joins a portfolio of initiatives that Buhur is implementing in the water and energy sectors using the same model, in collaboration with local and international partners, with major investments, all of which are financed through Islamic instruments. The company takes pride in its qualified workforce and national leadership, who are driving and executing these projects, in a way that fulfills the objectives of local content and the goals of the Kingdom’sVision2030.”
Faisal Alturki, the president of Nesma Group added: “This achievement demonstrates what can be accomplished when national expertise unites behind a shared goal. Nesma is proud to contribute to a project that supports Saudi vision for sustainability, resilience, and long-term prosperity.”
The Saudi Water Partnership Company (SWPC) is the government entity responsible for overseeing the tendering of public-private partnership (PPP) projects and managing long-term contracts in the water sector, as part of its efforts to achieve the objectives of the National Water Strategy and Saudi Vision 2030.
About Aljomaih Energy and Water Company
Founded in 2007, Aljomaih Energy and Water Company is one of the leading local investors, developers, and operators in utilities and infrastructure projects, with a global presence. The company’s portfolio includes power generation projects with a total capacity of 13 GW, in addition to water production and transmission projects with a combined capacity of 1.3 million cubic meters per day across the Kingdom of Saudi Arabia, the Middle East, and Asia.
As a subsidiary of Aljomaih Holding Company, Aljomaih Energy and Water build on nearly 90 years of heritage, with a strong commitment to sustainability, delivering impactful infrastructure projects that align with Saudi Vision 2030.
About Buhur for Investment
Buhur for Investment Company as Saudi-based investment company is established in 2020 and has rapidly grown into one of the Kingdom’s active investors in infrastructure, utilities, and strategic industrial sectors. Since 2022, the company has worked tirelessly on a number of projects and achieved significant success, in consortium with leading partners, and have been awarded Mega Projects in power and water sectors with investments exceeding 23 billion SAR. The company aims to expand its services across vital and strategic investment in the kingdom of Saudi Arabia and beyond.
About Nesma Group
Established in 1979, Nesma is a leading privately-owned Saudi Arabian conglomerate active in the UAE, Egypt, and Turkey as well as having a large established presence in its home market of Saudi Arabia. Nesma’s activities span multiple sectors, with the business being increasingly active in large-scale infrastructure projects as a developer and long-term investor. Nesma is a key player in the growing Saudi economy and is proud to support the objectives and ambitions of the Saudi Vision 2030 program. Nesma aspires to be the most respected diversified company in all its countries of operation and is dedicated to bringing innovative ideas to life, in business as well as society.
About the Saudi Water Partnership Company (SWPC):
The Saudi Water Partnership Company (SWPC) is a government-owned entity under the Ministry of Finance, responsible for developing water infrastructure projects in the Kingdom through the Public-Private Partnership (PPP) model. Its mandate includes overseeing projects related to water desalination, wastewater treatment, water transmission, and strategic storage.SWPC serves as the primary off-taker of desalinated and treated water in Saudi Arabia and works with local and international partners to ensure the sustainability of water supplies and strengthen national water security.Through its strategic projects, SWPC contributes to achieving the objectives of the National Water Strategy and supports Saudi Vision 2030 by empowering the private sector and building an integrated and sustainable water sector.