Saudi private companies have captured 82% of contracts signed by the Saudi Development Fund over the past three years, with a total value exceeding $3bn, according to Abdulmohsen Al-Khayyal, Executive Director of Local Content at the fund.

Al-Khayyal told Al-Eqtisadiah during the opening of the Global Water Exhibition and Forum that the fund currently finances more than 800 development projects in around 100 countries, with a total value approaching $100bn, including water sector projects.

He said the water sector represents one of the most vital areas of global concern, particularly given challenges related to drought and desertification. The exhibition featured more than 300 exhibiting companies from 25 nationalities, presenting the latest technologies for utilising seawater, groundwater and stagnant water to produce potable water.

The fund serves as an important financing entity for developing countries and places special emphasis on the water sector, funding desalination projects and water transport from areas of abundance to regions in need, Al-Khayyal said.

He noted that the fund possesses expertise in financing water projects, particularly in Africa, and continues funding new projects that contribute to solving water crises and drought challenges.

The fund seeks to expand partnerships with Saudi private sector companies for project implementation outside Saudi Arabia, Al-Khayyal said.

He described meetings with several Saudi companies operating in the sector as opportunities to enhance cooperation and achieve greater progress in water management whilst confronting drought and desertification challenges.

Regarding future plans, Al-Khayyal said the fund's key strategies include covering developing countries' needs and helping them implement projects, whilst seeking opportunities that benefit the Saudi market through national companies' participation abroad.

The fund aims through its exhibition pavilion to attract more Saudi companies and sign memorandums of understanding with them, depending on company size and efficiency in project implementation, he said.