Almar Water and Hassan Allam Utilities form Joint Venture to Develop Water Projects in Egypt
Joint venture agreement between Almar Water Solutions and HA Utilities will work on developing water BOT and BOO projects in the country.
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.”
Source: Almar Water Solutions