Almar Water Solutions, Abdul Latif Jameel Energy’s dedicated 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 closed under 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.
Speaking on the Ridgewood Group acquisition, Fady Jameel, Deputy President and Vice Chairman of Abdul Latif Jameel, said: “We are dedicated to the provision of global solutions that contribute to the sustainable development of the water sector. This acquisition is a significant addition to our growing portfolio of projects addressing the most pressing water challenges around the world. Egypt is one of our most important markets and this project will support the country’s economic development and water security in the long term.”
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".
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.