Giza Systems, one of B Investments’ portfolio companies, has been awarded the largest smart water meters project in the northern and northwestern regions in Saudi Arabia for a value of $30 million, according to a statement by the company issued on Thursday.
B Investments Holding S.A.E (B Investments, or BINV.CA on the Egyptian exchange) is one of Egypt’s leading private equity companies and owns 45 percent of Giza Systems.
In its efforts to achieve the Saudi vision of 2030, the Saudi Arabian Ministry of Environment, Water and Agriculture, in collaboration with the National Water Company (NWC) and the Civil Works Company, has awarded Giza Systems the project to supply, install, and replace the existing metres in the aforementioned regions, according to the statement.
"The project is crucial for the Kingdom, as it is one of most important water waste reduction projects in the Kingdom’s National Transformation Programme," the statement said.
"[The project] will position Saudi Arabia at the forefront of smart cities by 2020, as it goes towards automating city water systems and reducing water losses. In addition, the project will allow for the constant monitoring of real estate feed networks to ensure the delivery of water to customers during scheduled pumping periods, as well as ensure that proactive measures are in place."
The statement added that the project will reduce operational costs, enable the requisite infrastructure needed for advanced technological systems, and optimise the use of data systems, which will enable the Kingdom to address the water shortages faced and the unsustainable consumption issues.