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Arid Saudi could need ‘$50 billion’ in water investment

RIYADH: Arid Saudi Arabia could need more than $53 billion in water sector investment supported by private funds as demand grows, officials said on Sunday. The world's largest oil exporter, whose petroleum revenues fell 51 percent last year on declining crude prices, is pushing to diversify its economy through greater private sector investment and development of new industries. Among government agencies targeted for privatisation is the Saline Water Conversion Corporation (SWCC), which desalinates water from the Gulf…