Saudi's Abdul Latif Jameel Energy ramps up Egypt, Bahrain expansion
The renewable energy developer has inked two separate agreements for water, waste management in the Middle East
Saudi Arabia-headquartered Abdul Latif Jameel Energy has revealed it has ramped up its operations in the Middle East water sector with two separate agreements aimed at expanding its reach into Bahrain and Egypt.
Under the first agreement, a joint venture (JV) led by the Saudi firm’s water solution arm, Almar Water Solutions, and HA Utilities (HAU), a Hassan Allam Holding company, will together provide sustainable water infrastructure solutions to municipal, as well as industrial clients, in Egypt.
According to a statement on Abdul Latif Jameel Energy’s website, the JV will work on build-own-transfer (BOT) and build-own-operate (BOO) projects for water and waste water management in the north African country.
The JV will also act as a special purpose vehicle (SPV) investor and an operation and maintenance (O&M) supplier. It intends to pursue new greenfield projects and explore acquisitions of brownfield assets and O&M service companies.
Under a second agreement, Almar Water Solutions acquired Mubadala Infrastructure Partners' water investment in Muharraq STP Company (MSC) in Bahrain.
An emerging markets infrastructure fund manager, Mubadala Infrastructure Partners is a JV between Abu Dhabi government-owned Mubadala Development Company, General Electric (GE), and Credit Suisse
As part of the deal Almar Water Solutions will take over MSC's 29-year concession to build, own and operate a waste water treatment plant, which has a capacity of 100,000 cubic meter per day.
The company will also manage a sewer conveyance, which includes the first 16.5km deep gravity sewer trunk pipeline in the GCC and a wastewater collection network.
Speaking on the agreements, deputy president and vice chairman of Abdul Latif Jameel, Fady Jameel said: “These investments follow our strategy to own and operate water assets in the region and beyond.
“Almar’s expertise in desalination and waste-water management can deliver sustainable solutions and meet the growing demand for water in the Middle East and Africa,” he added.
In January 2019, Almar Water Solutions, through Abdul Latif Jameel Energy, won a $600m (SAR2.3bn) contract to develop a desalination plant in Shuqaiq on Saudi's Red Sea coast in line with Saudi Arabia’s Vision 2030 economic diversification agenda.
The project is expected to create more than 700 jobs in the Kingdom.