Saudi energy company has its eyes on MENA’s water sector
Water is a scarce resource in the deserts of the MENA region. With increasing demand, energy companies are looking to profit from the promise of the water sector.
Abdul Latif Jameel Energy is one such company that has signed two agreements to expand to Egypt and Bahrain. It’s water solutions unit, Almar Water Solutions has formed a joint venture with Hassan Allam Holding’s water unit, HA Utilities, to provide sustainable water infrastructure solutions to municipal and industrial clients across Egypt.
Fady Jameel, Deputy President and Vice Chairman of Abdul Latif Jameel, said, “The Middle East and Africa face some of the most pressing water challenges anywhere in the world as rapid development and growing populations put pressure on already scarce water resources.”
The global water market is expected to reach $914.9 billion in total valuation by 2023 (Global Water Intelligence). Almar Water Solutions has already won contracts for the world’s largest desalination projects in Al Shuqaiq on the Red Sea coast of Saudi Arabia, as well as one to develop Kenya’s first large-scale desalination plant. Considering 95% of the region’s water comes from desalinated sources, this is quite an accomplishment.
Read more about it here.