Tuesday 24 November 2020

Saudi Abdul Latif Jameel unit acquires 58 desal plants in Egypt

CAIRO, October 20, 2020

Saudi-based 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 through its  dedicated water solutions unit, Almar Water Solutions.
The deal was closed under the joint venture between Almar Water Solutions and HA Utilities BV  (HAU), part of Hassan Allam Holding (HAH), announced in 2019, and created to provide sustainable water infrastructure solutions to both municipal and industrial clients across Egypt. 
As part of this, the Almar Water Solutions JV has sealed a pact with the Ridgewood Group, taking ownership of assets with a total desalination capacity of 82,440 cu m of drinking water per day, from 58 desalination plants located across Egypt.
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," he stated.
Almar Water Solutions CEO Carlos Cosín said: "After months of work with the HAU team, 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 cu m/day of drinking water," he noted.
"The acquisition of the Ridgewood Group also cements Almar Water Solutions' entry into the Egyptian market, a strategic country for the company," he added.
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.
According to Cosin, 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 cu m/day wastewater treatment plant; and a major industrial services contract with Mantos Cooper following its acquisition of Osmoflo SpA in Chile.-TradeArabia News Service


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