RIYADH: The Saudi Cabinet has reversed the decision to privatize Saline Water Conversion Corp. and to transfer its direct and indirect assets to Water Solutions Co., which is wholly owned by the Public Investment Fund.
Based in Riyadh, the SWCC is responsible for desalinating seawater and supplying various regions of the Kingdom with desalinated water.
In a tweet following the announcement, Saudi Minister of Environment, Water and Agriculture Abdulrahman Al-Fadhli said the decision will improve the level of services, contribute to sustainability and enable investments in the water sector.
He also described the decision as a turning point for the sector.
In a previous interview with Arab News, the governor of SWCC revealed that the company will open six desalination plants by 2024 in a phased manner, starting with the launch of two plants by the end of 2022.
Abdullah Al Abdulkarim added that these factories would be established in various cities of the Kingdom, including Al-Shuqaiq, Al-Shoaiba, Jubail and Alkhobar.
Earlier this year, Al Abdulkarim revealed that the company was on track to reduce its carbon emissions by 60%.
Saline Water Conversion Corp is the largest desalination company in the world.