Media & Downloads
Press Releases

15 November 2005


Khazanah Nasional Berhad (“Khazanah”) is pleased to announce that on 15 November 2005, Khazanah and its wholly owned subsidiary, Desaru Investments (Cayman Island) Limited (“Desaru”) as part of a Saudi-Malaysian consortium has signed the Power and Water Purchase Agreement and Land Lease Agreement relating to Shuaibah Phase 3 Independent Water and Power Project (“the Project”) with The Kingdom of Saudi Arabia’s Water and Electricity Company LLC (“WEC”) and Saline Water Conversion Corporation (“SWCC”) respectively.

The consortium, the Saudi-Malaysia Water & Electricity Company Limited (“SAMAWEC”) is jointly owned by a consortium of Malaysian and Saudi companies respectively, with both holding 50% of the equity. The ownership of the Malaysian consortium in turn consists of Khazanah and Malakoff Berhad which holds a 40% stake respectively, while Tenaga Nasional Berhad owns the remaining 20%. SAMAWEC will hold 60% interest in the Project Company with the balance 40% interest in the Project Company to be held by Government of Saudi Arabia related entities. Tenaga Nasional is the technical investor for the project, as designated by the Saudi authorities.

Khazanah’s participation in this historic transaction marks its first direct investment by the state investment arm of Malaysia in Saudi Arabia and the Middle East, and reflects the strong links between the governments of the two countries. Khazanah’s Managing Director, Dato’ Azman Mokhtar says “Khazanah is pleased to be part of this landmark transaction, being the first ever privatisation of a water and power project in Saudi Arabia and views this project as being both highly strategic as well as financially attractive.”

Dato’ Azman further adds, “Khazanah views the Shuaibah 3 project as being a significant win-win transaction for both the consortium members and The Kingdom of Saudi Arabia as it reflects the efficiently managed bid process which resulted in a robust project economics and believes that it will serve as a working template for similar transactions in the future.”

Other Press Releases
6 July 2022

Khazanah’s Investments in Türkiye Underscore th...

Read more  

10 June 2022

Khazanah launches sustainability framework and tar...

Read more  

5 June 2022

Khazanah celebrates World Environment Day at Taman...

Read more  

20 May 2022

Khazanah forms strategic partnership to grow Cenvi...

Read more  

15 April 2022

Khazanah raises RM 535.5 million from CIMB Group H...

Read more  

2 March 2022

Khazanah continues growing its portfolio value, an...

Read more  

20 December 2021

Khazanah and Yayasan Hasanah pledge RM7.5 million ...

Read more  

29 October 2021

Statement by Dato’ Amirul Feisal Wan Zahir, Mana...

Read more  

10 September 2021

Khazanah raises RM664.5 million from CIMB Group sh...

Read more  

12 August 2021

Khazanah ready to play its role under PERKUKUH...

Read more