• Acquisition follows joint venture with HA Utilities in Egypt, created to tackle country’s urgent water security challenges 

Cairo, Egypt: Abdul Latif Jameel Energy has reinforced its investment in the Middle East and Africa water sector with the acquisition of a major desalination services company in Egypt. 

Almar Water Solutions, Abdul Latif Jameel Energy’s dedicated water solutions unit, and HA Utilities BV (HAU), part of Hassan Allam Holding (HAH), have finalized a deal with the Ridgewood Group, taking ownership of assets with a total desalination capacity of 82,440 cubic meters of drinking water per day, from 58 desalination plants located across Egypt.

The deal was closed under the joint venture between Almar Water Solutions and HA Utilities BV, announced in 2019, and created to provide sustainable water infrastructure solutions to both municipal and industrial clients across Egypt. 

Speaking on the Ridgewood Group acquisition, Fady Jameel, Deputy President and Vice Chairman of Abdul Latif Jameel, said: “We are dedicated to the provision of global solutions that contribute to the sustainable development of the water sector. This acquisition is a significant addition to our growing portfolio of projects addressing the most pressing water challenges around the world. Egypt is one of our most important markets and this project will support the country’s economic development and water security in the long term.”

Following the signing of the contract, Carlos Cosín, CEO of Almar Water Solutions, said that "after months of work with the team from Hassam Allam Utilities BV, we are proud to say that the agreement is a complete success, and we look forward to developing new projects together in the future.  With this new contract, Almar Water continues to expand rapidly beyond its portfolio of new, ‘greenfield’ projects under development with assets already in operation (or so-called ‘brownfield’ projects) expanding and diversifying our services, with additional capacity of over 80,000 m3/day of drinking water.  The acquisition of the Ridgewood Group also cements Almar Water Solutions' entry into the Egyptian market, a strategic country for the company".

The majority of the desalination plants provide fresh drinking water to Egypt’s tourism sector, a vital industry for the economic development and prosperity of the country.

The acquisition of Ridgewood consolidates the path of rapid and sustainable growth that Almar Water Solutions and Abdul Latif Jameel Energy have achieved in recent years.  Its diversified portfolio includes the development of one of the world’s largest desalination projects in Al Shuqaiq on the Red Sea coast of Saudi Arabia; Kenya’s first large-scale desalination plant in Mombasa; the acquisition of Muharraq in Bahrain to operate a 100,000 cubic meters/day wastewater treatment plant; and a major industrial services contract with Mantos Cooper following its acquisition of Osmoflo SpA in Chile.

-Ends- 

About Abdul Latif Jameel Energy

Abdul Latif Jameel Energy was formed in 2012, and today is a leading, independent power producer, and a premier service provider of operations and maintenance in the renewable energy and water infrastructure sectors, with interests in 16 countries worldwide with capabilities in renewable energy including solar photovoltaic, wind and environmental solutions including desalination, water and waste water treatment.

For more information, please visit:  www.alj.com/energy  

About Abdul Latif Jameel

Abdul Latif Jameel refers broadly to distinct separate and independent legal entities whose interests encompass automotive distribution, auto parts manufacturing, financial services, renewable energy, environmental services, land and real estate development, logistics, electronics retailing and media services. Abdul Latif Jameel positions itself as a preferred business partner primarily for inward investment into the Middle East, North Africa and Turkey (MENAT) region.

For further information, visit www.alj.com  

About Almar Water Solutions

Almar Water Solutions, part of Abdul Latif Jameel Energy, is a company specializing in the development, promotion, financing, design and operation of water infrastructure. Its team of professionals, with over two decades of experience in 25 countries leading major water infrastructure projects, works tirelessly to develop integral solutions that meet growing needs for water in the municipal and industrial sectors.

For more information visit: www.almarwater.com 

© ALJ Global Energy DMCC.  All rights fully reserved.  The Almar Water Solutions name and logotype and the Abdul Latif Jameel name, and the Abdul Latif Jameel logotype and pentagon-shaped graphic are trademarks, or registered trademarks of Abdul Latif Jameel IPR Company Limited.

The term “Abdul Latif Jameel” refers broadly to several distinct, separate and independent legal entities. Abdul Latif Jameel is not itself a corporate entity, association or conglomerate run by an overarching parent company but merely refers to a group of distinct and wholly separate legal entities that are collectively referred to as Abdul Latif Jameel. Abdul Latif Jameel is not a corporate group as defined in section 1161(5) of the Companies Act 2006.

This document may contain forward-looking statements.  Forward-looking statements are statements regarding matters other than historical fact, such as future results, events, activities, developments or circumstances or the beliefs, plans or expectations of Almar Water Solutions or Abdul Latif Jameel entities or their respective managements.  Forward-looking statements often can be identified by the use of words such as ‘expect’, ‘project’, ‘anticipate’, ‘plan’, ‘estimate’, ‘believe’, ‘predict’, ‘intend’, ‘potential’, ‘possible’, ‘probable’, ‘likely’, ‘forecast’, ‘guidance’, ‘outlook’, ‘goal’, ‘target’, ‘may’, ‘will’, ‘should’ or ‘could’ or other similar terms or phrases.  However, the absence of such words does not mean that a particular statement is not forward looking.

Forward-looking statements are based on expectations and assumptions at the time of such statements and are subject to numerous risks and uncertainties, many of which are outside the control of Almar Water Solutions or Abdul Latif Jameel entities.  Should any of such expectations or assumptions prove incorrect, or should any of such risks or uncertainties materialize, actual future results, events, activities, developments or circumstances may differ materially from those expressed in or implied by forward-looking statements. 

Further, any forward-looking statement speaks only as of the date on which it is made, and neither Almar Water Solutions nor Abdul Latif Jameel assumes, and hereby disclaims, any obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.  All forward-looking statements made by Almar Water Solutions, Abdul Latif Jameel, or by any person on behalf of any of them, whether communicated in writing, electronically or orally, are qualified in their entirety by the foregoing cautionary statements.

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