Established in terms of Royal Decree M/29 of 18 October 2000 (22 Rajab 1421 Hijra) as a joint-stock company, Marafiq is owned by its four major shareholders - the Royal Commission for Jubail and Yanbu (RC), Saudi Basic Industries Corporation (SABIC), Saudi Arabian Oil Company (Saudi Aramco), and the Public Investment Fund (PIF). Seven private-sector investors make up the remaining shareholders. Marafiq started operating as a private power and water utility company on 1 January 2003, with SR 2,5 billion of initial owner equity.

Marafiq's headquarters are in Jubail Industrial City on the Arabian Gulf, and the regional office is based in Yanbu Industrial City on the Red Sea. A representative office is located in Riyadh.

Marafiq's main objective, as stated in its charter, is to undertake the operation, maintenance, management, expansion and construction of seawater cooling systems, desalinated and treated water systems, sanitary and industrial wastewater systems and electric power systems to provide essential utility services to industrial, commercial and residential customers in the industrial cities of Jubail and Yanbu.