Naqi Water signs SAR 2.7M contract to purchase, install elevators

Logo of Naqi Water Co.

Naqi Water Co. signed on Jan. 12 a SAR 2.67 million contract, excluding value-added tax, with Middle East Machinery Factory Co. Ltd. (MEMCO) to purchase, supply, and install industrial elevators.

The company said the contract will be fully funded through internal resources, without external financing, according to a statement to Tadawul.

Naqi Water expects the financial impact of the contract to begin in the second half of 2026.

The company said the project is aimed at enhancing operational efficiency and optimizing storage space at its factory by supporting the movement of raw materials and finished products between different production levels.

The elevators will be used to handle pallets of raw materials and finished goods, improving internal logistics efficiency and completing the factory’s infrastructure and equipment, it added.

The contract is classified as a related-party transaction, as a major shareholder of MEMCO owns a 50% stake in the company and also holds 50% of Saqi United Group, which in turn holds a 35% stake in Naqi Water.

The deal was approved in accordance with the company’s approved policies and related-party transaction procedures, in compliance with applicable laws, regulations, and market rules, the statement added.