State-owned Saline Water Conservation Corporation (SWCC) has awarded a financial advisory mandate to Banque Saudi Fransi (BSF) for two greenfield projects, said a report.
The Riyadh-based SWCC is the largest desalinating corporation in the world besides being the second-largest power provider in Saudi Arabia.
The SWCC, which has over 30 desalination plants and 14 transmission lines across the kingdom, currently produces about 20 per cent of the world’s desalinated water.
The bank is committed to contributing to Saudi Vision 2030 with the objective of developing and delivering high-quality services to the private and government sectors, said a senior official.
The Saudi bank has assembled a team of professionals with vast experience in advisory, privatisation and financial structuring, said Patrice Couvegnes, BSF managing director.
With the Kingdom’s new 2030 vision, BSF’s role as a leading bank and a major financial institution has become more prominent, and the responsibility it carries has increased, he added.