Advisor appointed for NEOM IWP project in Saudi Arabia
Sumitomo Mitsui Banking Corporation (SMBC) has been appointed as financial advisor (FA) for a planned independent water project (IWP) at the NEOM development in Saudi Arabia
Sumitomo Mitsui Banking Corporation (SMBC) has been appointed as financial advisor (FA) for a planned independent water project (IWP) at the NEOM development in Saudi Arabia.
Energy & Utilities reported in July that international banks had been invited to submit proposals for a planned desalination plant at the NEOM development, and according to sources close to the scheme SMBC has been appointed.
The desalination plant is expected to have a capacity of 500,000 cubic metres a day (cm/d) and is planned to have zero-brine discharge, which would add to the capital cost of the project.
NEOM is planning to use reverse osmosis (RO) membrane and hybrid technologies to achieve more than 60 per cent recovery, efficiencies and cost reductions.
The $500bn NEOM development on the Red Sea Coast of Saudi Arabia is a key part of Saudi Arabia’s Vision 2030 economic plan to diversify the kingdom’s economy away from a dependence on oil.
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