Abdul Latif Jameel Energy, a key developer of utility-scale renewable energy projects, said one of its units, Almar Water Solutions, has signed a deal with UAE-based Mubadala Infrastructure Partner to acquire a major stake in Muharraq STP Company, Bahrain.
Almar Water Solutions is a dedicated water solutions unit of Abdul Latif Jameel Energy.
The Muharraq STP Company has a 29-year concession to build, own and operate a state-of-the-art wastewater treatment plant and sewer conveyance system in the kingdom that boasts a 100,000 cu m/day capacity, said a statement from Abdul Latif Jameel Energy.
The conveyance system includes the first 16.5 km deep gravity sewer trunk pipeline in the GCC region and a wastewater collection network, it added.
In another development, Almar Water Solutions has joined hands with HA Utilities, part of Hassan Allam Holding (HAH), to set up a new company that will provide sustainable water infrastructure solutions to municipal and industrial clients across Egypt.
Drawing on the extensive sector experience of both companies, the JV will work on developing sustainable water solutions, including water and wastewater management, and BOT (build-operate-transfer) and BOO (build-own-operate) projects in Egypt.
The JV also intends to take an active role as a special purpose vehicle (SPV) investor and an operation and maintenance (O&M) supplier, as well pursuing new greenfield projects, and exploring acquisitions of brownfield assets and O&M service companies.
With these two deals, Abdul Latif Jameel Energy, a major provider of specialist expertise and solutions in water infrastructure development, including financing, design and operation, has stepped up its active participation in the Middle East’s water sector.
Speaking on the agreements, Deputy President and Vice Chairman Fady Jameel said: "Governments across the region are pursuing ambitious policy programmes, such as Vision 2030 in Saudi Arabia, and sustainable development and resource management is key to their success."
"These investments follow our strategy to own and operate water assets in the region and beyond. The Middle East and Africa (MEA) faces some of the most pressing water challenges anywhere in the world as rapid development and growing populations put pressure on already scarce water resources," noted Jameel.
"Almar’s expertise in desalination and waste-water management can help meet this growing demand," he added.
These transactions mark further significant steps forward for Almar Water Solutions and Abdul Latif Jameel Energy’s growth across the region, stated Jameel.
"We had recently won contracts to develop one of the world’s largest desalination projects in Al Shuqaiq on the Red Sea coast of Saudi Arabia, and Kenya’s first large-scale desalination plant in the county of Mombasa, which together will supply drinking water to close to three million people," he added.-TradeArabia News Service
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