The Project was awarded to the consortium of Miahona Company and N. V. BESIX S.A Sharjah Branch “the Consortium” and the Project Agreement was executed on 10 March 2024 with the Saudi Water Partnership Company (SWPC).Marafiq shall join the consortium and shall hold 35% shareholding in the Project Company while Miahona, the lead member, shall maintain 45% of the Project Company.

Project Agreements were executed on 10 March 2024, while Marafiq’s inclusion in the Project is 16-07-2024. Project Agreements shall be amended and/or novated accordingly, subject to stakeholder requirements.

The value of the Project cost, excluding the cost of financing, is estimated to be one billion, five-hundred million Saudi Riyals (SAR 1,500,000,000).

The Project aims to develop an Independent Sewage Treatment Plant (ISTP) in Al Haer with a treatment capacity of 200,000 m3/day. It also includes Treated Sewage Effluent Special Facilities (TSESF), consisting of an approximately 32 km-long Treated Sewage Effluent (TSE) transmission system with a capacity of 400,000 m3/day, a TSE Pumping Station, and TSE storage tanks with a capacity of 200,000 m3. The goal is to support and maximize the use of the treated sewage effluent in the Kingdom.

The Project Agreement duration is 25 years.

The positive financial impact from the Project is expected to appear on the Company's financial position starting from the date of financial close, expected in third quarter of 2024, and from Operations starting on the first quarter of 2027, as planned.