As part of Vision 2030, the Kingdom of Saudi Arabia aims to diversify its concentrated exposure to the oil prices and move the economy away from its heavy reliance on government spending. A key measure in this direction is to encourage Public Private Partnership (PPP) through Build-Operate-Own/Transfer (BOT) projects in the essential services.
We are moving towards partnering on the Saudi reform agenda to increase the private sector participation in the non-oil economy. A large number of opportunities have opened up to grow and diversify our business across regions and sectors.
The group envisions to be aligned with such futuristic opportunities and is partnering with the other credible groups in bidding for such projects. We are involved in those projects as financial investors as well as technical partners to ensure a solid foundation for similar projects in future. Two of the projects that the group has been at an advanced stage of discussion with the clients are;
60-Schools in Western Province
The group is part of a joint venture with Ajyad Knowledge, a local Saudi investment firm, to build, operate and transfer 60 schools for Tatweer Building Co., a Ministry of Education affiliate. Our role is not to be just financial investor but also to build the schools in 3 years that will be operated and maintained for 22 years. The project, which is valued at SAR 2 billion, has been awarded and necessary development and management agreements with the client have been signed. The work on the project is scheduled to begin in Q1-2021.
Jubail 3A Desalination Project
The group has partnered in a joint-venture with ACWA Holding, a Saudi based international water and power firm, to build the world’s largest desalination plant with a capacity of 600,000 m3/day. After completion, the JV will have the concession to operate the plant for 20 years and transfer the ownership to Saudi Water and Power Co.
Following a consistent and focused strategy, Rassmal has invested in various opportunities including Investment Advisory, Prime Real Estate, Industrials and Financial Services. It has advised on a number of investments including: Advance Emerging Capital in United Kingdom; Park Crescent West in Central London, UK; Ras Al Khaimah Cement Co. in the emirate of RAK, Listing of Methaq Takaful Insurance Company on Abu Dhabi Exchange, HDFC Bank in India, Nakheel ’09 bonds part of Dubai’s distressed debt, Palm Hills in Egypt, and the joint venture of ArcelorMittal in Saudi Arabia.