Abdul Latif Jameel Energy has improved 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 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 concluded in 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.
“We are dedicated to provide global solutions that contribute to the sustainable development of the water sector,” said Deputy President and Vice Chairman of Abdul Latif Jameel Fady Jameel.
“This acquisition is a significant addition to our growing portfolio of projects addressing the most pressing water challenges around the world,” he added.
Jameel stressed that Egypt is one of the most important markets, noting that the project will support the country’s economic development and water security in the long term.
CEO of Almar Water Solutions Carlos Cosin 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), he explained.
According to Cosin, the company seeks expanding and diversifying its 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.”
He also stated that 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.