Saudi Arabia’s Jubail-Buraydah Independent Water Transmission Pipeline has emerged as a landmark Islamic project in the region.
Conceived to bolster water security across the Kingdom, the 587-kilometre conduit will carry up to 650,000m3 of desalinated water a day from the industrial hubs of the east to population centres in the centre, knitting together two key economic regions and de-risking supply for decades to come.
Structured on a build, own, operate, transfer (BOOT) basis, the concession gives the private sector full responsibility for building, owning and operating the asset before eventual transfer, mirroring Riyadh’s wider push to mobilise private capital for critical infrastructure under Vision 2030.
Financial close was achieved in October 2025. The project has a total investment value of approximately SAR8.5 billion ($2.26 billion), including senior debt of approximately $1.7 billion. The financing was structured on a Shariah-compliant basis and provided by a syndicate of local and regional lenders and funding institutions.
[The project was] conceived to bolster water security across the Kingdom … knitting together two key economic regions and de-risking supply for decades to come
The borrowing vehicle, Stream Water Transmission Company, is backed by an all-Saudi sponsor group of Al Jomaih Energy & Water, Buhur Investment and Nesma, each contributing sectoral expertise and local execution capacity. Their consortium is expected to leverage lessons from Jubail-Buraydah to pursue a pipeline of transmission projects as the Kingdom intensifies investment in water resilience.
HSBC Saudi Arabia, working through Saudi Awwal Bank, acted as mandated lead arranger, initial istisna financier, hedge provider and market-risk execution bank for the profit-rate swaps underpinning the facility.
