International Financial Advisors (IFA) on Sunday confirmed news that it has received an award for the development and expansion of a sewage treatment plant in Umm El-Hayman Kuwait.
IFA’s contribution in the project, as part of a consortium, is 40%, it said in filings to Boursa Kuwait and the Dubai Financial Market (DFM).
It added that the total value of the project is KWD 245.115 million ($806.26 million), noting that each member of the consortium would get 20% of the project’s value.
Last week, CNBC reported that the Kuwait Authority for Partnership Projects (KAPP) had signed a deal with a consortium comprising Germany’s WTE Wassertechnik GmbH Group and Kuwait’s IFA to expand the Umm Al-Hayman (UAH) Wastewater Treatment Project and its related works.
The Umm Al-Hayman project will contribute to enhancing Kuwait’s overall water and wastewater sector infrastructure.