Back to the complete issue
Wednesday, 21 October 2020

Hassan Allam, Abdul Latif Jameel water JV acquires Redwood Egypt

M&A WATCH- A joint venture between Hassan Allam Holding and Abdul Latif Jameel has acquired Ridgewood Egypt, which owns some 60 desalination plants across the country, Hassan Allam said in a statement. There were no details on the value of the transaction, which is the first addition to the JV’s portfolio, which was established in April 2019 to develop and invest in existing water projects. The JV has a long-term plan to develop water projects in Egypt under the build-operate-own (BOO) or build-operate-transfer (BOT) frameworks, the statement said. It currently “provides upstream solutions for municipal and industrial clients, including water desalination, as well as wastewater and industrial water treatment.”

Context: Investment in water infrastructure is a priority for the Sisi administration, which last year said it could spend more than USD 50 bn to combat water scarcity through 2037. Those projects will ensure alternative sources of drinking water as climate change is a growing threat to water security and as Ethiopia has started to fill the Grand Ethiopian Renaissance Dam. Private companies have been investing heavily, acting primarily as engineering, procurement and construction (EPC) contractors to build and then manage the facilities under operations and maintenance (O&M) agreements. We took a deep dive into the water strategy in a January issue of our weekly infrastructure vertical, Hardhat.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.