Water technology company Xylem signed a memorandum of understanding (MoU) with the Saudi Arabian General Investment Authority (SAGIA) at a total investment of $50 million (SAR 187.5 million), it said in a statement.
Under the MoU, Xylem will work with SAGIA to develop and localize advanced water and wastewater products and technologies to address water challenges in Saudi Arabia, as well as increase its footprint of service points and rental fleets across the Kingdom.
A core objective of the MoU is to accelerate adoption of digital water solutions and optimize utility networks across the Kingdom.
“As Xylem continues to lead the water sector’s digital transformation globally, this MoU presents an opportunity to leverage our market-leading portfolio and application expertise to advance water security in Saudi Arabia,” Steven Leung, Senior VP & President, Emerging Market, Xylem, said.
Xylem opened its office in Riyadh in 2017 as part of its $35 million (SAR 131.25 million) investment in the Middle East North Africa region.
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