NEOM seeks advisor for IWP project
Saudi Arabia’s NEOM invited international banks to submit proposals for a financial advisory role (FA) on a planned independent water producer (IWP) project at the NEOM development
Saudi Arabia’s NEOM has invited international banks to submit proposals for a financial advisory role (FA) on a planned independent water producer (IWP) project at the NEOM development.
According to sources in the kingdom’s utilities sector, the request for proposal (RFP) was only issued to banks for the FA contract.
While the scope of the project in the FA tender is not yet available, on NEOM’s website the client states it is planning to develop desalination capacity at the project in three or more stages “with an initial capacity of up to 330,000 cubic metres per day (cm/d), a second phase of 333,000 cm/d and a third phase delivering a total capacity of 1,000,000 cm/d.
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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