Abdul Latif Jameel forms water infrastructure firm
Almar will provide design, engineering, construction, financing, operation, and maintenance for water projects as well as asset and equity management
Saudi Arabian firm Abdul Latif Jameel has announced the formation of a new enterprise dedicated to water infrastructure development.
Almar Water Solutions will construct and operate water desalination and purification treatment plants, Gulf Business reported.
The plans follow Abdul Latif Jameel’s acquisition of solar photovoltaic provider Fotowatio Renewable Venture in 2015.
Mohammed Abdul Latif Jameel, chairman and CEO of Abdul Latif Jameel was quoted saying: “The establishment of Almar Water Solutions demonstrates our continued efforts to become the leading developer of sustainable energy and water solutions.”
Almar will provide design, engineering, construction, financing, operation, and maintenance for projects as well as asset and equity management.
The unit will focus on Latin America, the Middle East and Africa.
“We want to be a recognised leading player in the water sector, able to provide commercial solutions to the challenges of achieving sustainable development,” said Almar Water CEO Carlos Cosin.
In 2016, Abdul Latif Jameel announced plans to invest $2bn (SAR7.5bn) in Saudi including expansion of its automobile network and a new headquarters.