Septech expands into KSA
Water infrastructure firm anticipating 30% growth by 2013
Water infrastructure firm Septech has announced it is expanding into KSA to form a Septech Saudi Arabia joint venture.
Under the deal, Saudi local partner Mawrid Holdings will own 30% of the venture, while Septech will hold the remaining 70%.
“We are excited about Septech’s entry into Saudi Arabia. We look forward to introducing our water reuse and desalination expertise to address the country’s water challenges,” said Septech CEO David Heffernan.
The company is hoping to capitalise on the Saudi wastewater market, which according to Global Water Intelligence water expert Christopher Gasson will be worth US $3.4 billion between 2009 and 2016, making it the largest water reuse market in the world after the United States and China.
“There is great potential in the water reuse market in Saudi Arabia,” said Mawrid Holdings vice chairman Mansour Swaidan. “We are confident that Septech can bring the technology and expertise, which are key solutions in addressing Saudi Arabia’s water challenges.
Heffernan projected that Septech forecasts its turnover to exceed US $53.3 million (SAR200 million), with an anticipated growth rate between 20 to 30 percent in two to three years, respectively.
“We are confident that we will exceed our targets and establish Septech as a key player in the country’s water infrastructure sector because we are poised to introduce new technologies that were not available before and will have a significant impact on the market,” said Heffernan.