- This new contract marks the first successful portfolio addition by the joint venture created last April with Hassan Allam Utilities BV (HAU).
- With this new acquisition, Almar Water Solutions consolidates its global strategy of growing through the awarding of new projects and the acquisition of assets, while strengthening its services line, which will be responsible for operating and maintaining the plants.
Cairo, Egypt – October 20, 2020 – Almar Water Solutions, a leading global developer of water infrastructure solutions and part of Abdul Latif Jameel Energy, has closed a deal for the acquisition of a services company in Egypt dedicated to providing desalinated water to industrial clients and the tourism sector.
This new contract marks the first successful portfolio addition by the joint venture created last April with Hassan Allam Utilities BV (HAU), the public utilities and investment unit of the leading regional construction and engineering group Hassan Allam Holding (HAH).
The 58 assets have a total owned installed desalination capacity of 82,440 cubic meters of drinking water per day and were acquired through the purchase of Ridgewood Egypt. Most of the plants provide fresh water to the commercial, tourism and industrial sectors, which are dependant on the supply of safe drinking water to ensure their activities.
Following the signing of the contract, Carlos Cosín, CEO of Almar Water Solutions, 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) expanding and diversifying our 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”.
After Shuqaiq 3, (Saudi Arabia), Muharraq (Bahrain) and Osmoflo (Chile), the acquisition of Ridgewood consolidates the path of rapid and sustainable growth that Almar Water Solutions began at its creation, adding to a diversified portfolio. In addition to its offices in the Middle East, Europe, Africa and Latin America, Almar now has two regional platforms, Chile and Egypt, from which to continue its growth in markets with extensive water infrastructure needs.
The United Nations predicts that by 2025, Egypt could reach the level of “absolute water (availability) crisis”, dropping to levels of less than 500 cubic meters of water per capita, posing a serious problem both for the agricultural sector, which accounts for more than 80% of water use, and for the population in general (*).
The opportunities for private sector involvement in Egypt are becoming increasingly evident in water projects, particularly in desalination and wastewater. The development and private financing of desalination facilities has evolved considerably, largely due to the need to ensure water resources.
Almar Water Solutions, whose vision is to provide the municipal and industrial sector with potable water in areas that are experiencing shortages, remains firmly committed to the region, contributing experience and financial capacity to achieve greater water availability for all.
(*) Source: EGYPT Enabling Private Investment and Commercial Financing in Infrastructure, World Bank Group
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, visit 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, visit alj.com
About Hassan Allam Utilities:
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 www.hautilities.com.
About Hassan Allam Holding:
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.hassanallam.com.
For further information:
Almar Water Solutions
C/ María de Molina, nº 39
Planta 6ª 28006 Madrid
T: +34 917 026 712