Miahona signs SAR 394M water treatment PPP in Uzbekistan

Miahona Co. signed a public-private partnership agreement with Uzbekosuvtaminot JSC to develop a water treatment plant in Uzbekistan, the company said. The contract is valued at SAR 394 million.

The partnership calls for Miahona to design, build and operate the facility. The agreement was executed on June 18, Miahona said in a statement. The plant will serve the local water supply network.

Miahona provides water and wastewater treatment services. The Uzbekistan project is its first international venture, according to the company. The Saudi firm did not disclose the plant's capacity or a timeline for completion.

The deal follows a broader push by Saudi water companies into Central Asia. stock market analysis participants have been watching for cross-border infrastructure contracts as the region modernizes its utilities.

The agreement is a straight forward engineering, procurement and construction plus operating contract. The project does not involve any special financing structures beyond the PPP framework. Miahona said the plant will meet Uzbekistan's drinking water standards.

The announcement did not change Miahona's share price on the Saudi Exchange on Wednesday. The stock closed unchanged at SAR 27.80.