- JV agreement between Almar Water Solutions and HA Utilities will work on developing water BOT and BOO projects in the country.
Cairo, Egypt – 10 April 2019
Almar Water Solutions (“Almar”), a leading water infrastructure development company and part of Abdul Latif Jameel Energy, has formed a joint venture with Hassan Allam Utilities (HAU), the utilities and investment arm of leading regional construction and engineering group Hassan Allam Holding (HAH).
Leveraging on the experience of both Almar Water Solutions and HA Utilities management teams in water infrastructure development, the JV will work on developing water BOT and BOO projects in Egypt, with an active role as both a Special Purpose Vehicle (SPV) investor and an Operation and Maintenance (O&M) supplier. The JV strategy will also include acquisitions of brownfield assets and O&M service companies to accelerate recurring cash flow generation.
The JV is currently studying a number of greenfield projects of different sizes with various offtakers.
Commenting on the joint venture, Carlos Cosin, CEO of Almar Water Solutions, said: “We are thrilled to be partnering with a company with such a strong foothold in an extremely exciting market like Egypt, which we feel has significant untapped potential in terms of water infrastructure development. Our partnership with HAU allows us to strengthen our contribution to socio-economic development of the MENA region by extending innovative solutions and expertise within water treatment and desalination across both the municipal and industrial markets.”
Menatalla Sadek, CEO of HA Utilities, added: “Our business model is highly embedded in utilizing our in-house experience and the capabilities of HAH to support and develop the full spectrum of a project, from development and financing to operations and management. Almar’s highly experienced team draws on decades of experience in the industry. This winning combination is exactly what we look for when pursuing JV opportunities and we’re confident that with this partnership, we will be able to further unlock the potential in one of our core sub-platforms, water desalination and treatment.”
About Almar Water Solutions
Almar Water Solutions is a company specializing in the development, promotion, financing, design and operation of water infrastructure. Its team of professionals, with over two decades of experience in 25 countries leading major water infrastructure projects, works tirelessly to develop integral solutions that meet growing needs for water in the municipal and industrial sectors. For more information, please visit http://www.almarwater.com/
About Abdul Latif Jameel
Abdul Latif Jameel refers broadly to distinct separate and independent legal entities whose interests encompass automotive distribution, auto parts manufacturing, financial services, renewable energy, environmental services, land and real estate development, logistics, electronics retailing and media services. Abdul Latif Jameel positions itself as a preferred business partner primarily for inward investment into the Middle East, North Africa and Turkey (MENAT) region. For more information, please visit https://www.alj.com/
About Hassan Allam Holding
Hassan Allam Holding is a leading Egyptian engineering and construction group whose primary operations include infrastructure, power, industrial, petrochemical and special building projects in Egypt and the MENA region. The founders of Hassan Allam Holding commenced operations in 1936, making it one of the oldest construction groups in the MENA region with a solid reputation, superior technical capabilities, and a diversified portfolio. With a legacy of identifying and investing in attractive infrastructure projects, in the past five years it has delivered over 70 projects worth over USD 3 billion and has a current backlog of around USD 3.5 billion as of May 2018. For more information, visit http://www.hassanallam.com.
About Hassan Allam Utilities
HA Utilities is an asset developer and investment platform for power, renewables, and water-related opportunities that address the underserved energy market and growing demand for infrastructure in Egypt and the region. Established in 2017, the platform focuses on partnerships to develop and operate renewable power as well as water desalination and treatment projects. For more information, visit www.hautilities.com.
For further information
Almar Water Solutions
C/ María de Molina, nº 39
6th Floor – 28006 Madrid
T: +34 917 026 712
Hassan Allam Utilities
Investor Relations Director
T: +20 2 2265 9027