According to statistics, the demand for water in the GCC is set to grow 62% by 2025
Global water technology company Xylem Inc. has signed a memorandum of understanding (MoU) with the Saudi Arabian General Investment Authority to work together to develop and localize advanced water and wastewater products in the kingdom, the two entities announced this week.
Representing an investment of $50 million, the agreement will also see the two work to increase Xylem’s footprint of service points and rental fleets across the system, as well as accelerate the adoption of digital water solutions and optimize utility networks in the country.
Steven Leung, Xylem’s senior vp and president, emerging markets, said that the MoU “presents an opportunity to leverage our market-leading portfolio and application expertise to advance water security in Saudi Arabia.”
“Through our investment of US$50 million, and with our strong presence in Saudi Arabia, backed by our dedicated office and team, we are committed to creating in-Kingdom value through our investments and partnerships,” he added.
According to the GCC Water and Wastewater 2019 market outlook report by MEED, the demand for water is set to grow by 62 percent by 2025.
Saudi Arabia, with the largest population and ongoing investment in agriculture and industries, is the largest market within the GCC. The kingdom needs to boost its installed seawater desalination capacity by 785 MIGD to meet predicted demand.
Xylem opened its dedicated office in the Kingdom, located in Riyadh, in 2017 as part of its US$35 million investment in the Middle East North Africa region.For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.