The Saudi Crown Prince introduced the awards in 2002 to reward scientific efforts contributing to sustainable availability of potable water and address the global issue of water scarcity.
The team of Rita Colwell of University of Maryland and Islam of Tufts University has been awarded this year's creativity prize for developing and testing a model that uses chlorophyll information from satellite data to predict cholera outbreaks at least three to six months in advance.
The prize is shared by two teams this year.
Peter J Webster of Georgia Institute of Technology, USA is the other recipient for his work on ocean-atmosphere interactions and their effect on monsoon strength, which is used to provide one to two-week lead time forecasts of monsoonal floods.
A professor at the Civil and Environmental Engineering at the Tufts University, he also heads the Water Diplomacy Programme at the university.
He maintains an active international consulting and training practice, including national water planning in Bangladesh and flood forecasting in India.
In 2012, the team of Bangladeshi scientist Abu Borhan Mohammad Badruzzaman of BUET and Charles Franklin Harvey of the MIT was awarded the PSIPW Groundwater Prize.
The award was given for developing a model for understanding and preventing the arsenic contamination of groundwater.