Saudi Arabia is targeting around $2.93B in investment by 2033 to develop a local water technology industry, according to the Saudi Press Agency.
The Kingdom’s Water Industries and Services Localization Program covers 18 investment opportunities spanning about 90% of the water sector’s core components. Domestic demand for these products is expected to exceed $4B through 2033, while the wider MENA market is estimated at $17.3B.
Six opportunities have entered the industrial implementation phase, including five new projects. Three localization agreements have been signed and two factories inaugurated, bringing total investment across the six opportunities to $747M and supporting seven factories.
Targeted technologies include reverse osmosis membranes, high-pressure pumps, energy recovery devices, membrane-cleaning chemicals and industrial control systems. The projects are also relevant to the energy, mining, agriculture and food sectors.
The program requires at least 70% of specialized roles under the agreements to be filled by Saudi employees. The company said the initiative is focused on technology transfer and skills development, not only local production.
The six projects are expected to contribute $1.16B to GDP through 2033, create 3,090 specialized jobs and reduce the cost of targeted products by 20% to 30%. Saudi Arabia has already achieved self-sufficiency in reverse osmosis membrane production and exports the technology to 27 countries.
Source: Fast Company Middle East
