PARIS, France, and ABU DHABI, UAE, Oct. 7, 2008 -- Mubadala Development Company and Veolia Water have announced their intention to create a joint-venture company that will focus on the areas of water production and waste water collection and treatment in the Middle East and North Africa (MENA) region. This activity could later lead to further joint ventures for other business sectors of the Veolia Environnement Group.
Today's announcement follows a decision by Abu Dhabi investment and business development company, Mubadala, and Veolia Water, a world leader in water and wastewater services, subsidiary of Veolia Environnement, to work together on municipal concessions and public private partnerships in the MENA region. The joint venture company will be owned 51% by Veolia Water and 49% by Mubadala.
This partnership brings together the expertise of a world leader in environmental services with the experience of the leading investment and development company in the region. It marks the first step for a long-term collaboration in future projects for the two companies.
Speaking on behalf of Mubadala, Chief Operating Officer, Waleed Al Mokarrab Al Muhairi, said: "As the region's economy continues to expand and diversify, high quality infrastructure will underpin this development. As part of this process, Mubadala is creating a diverse and sustainable range of businesses in the utilities sector by bringing new technologies, efficiencies and best practices to the region. Establishing partnerships with best-in-class international companies such as Veolia, which has over a century of experience in this field, will allow us to do just this."
For Veolia Water, Antoine Frérot, Chief Executive Officer, outlined the significance of the partnership, "this joint-venture is strategically important for Veolia Water as the MENA region is undergoing full economic, industrial and tourist growth which requires world-leading expertise in quality water services, solutions and technologies. Working with a leading investment fund will provide further capacity to expand and offer vital infrastructure solutions to local needs."
Mubadala Development Company (Mubadala) is a Public Joint Stock Company headquartered in Abu Dhabi, capital of the United Arab Emirates. Its focus is on developing and managing an extensive and economically diverse portfolio of commercial initiatives. It does this either independently or in partnership with leading international organizations. Mubadala's commercial strategy is fundamentally built on long term capital intensive investments that deliver strong financial returns.
The company manages a multi-billion dollar portfolio of local, regional, and international investments, projects and initiatives. Through its investment and development projects, Mubadala is both a catalyst for, and a reflection of, the drive for economic diversification of the Emirate of Abu Dhabi. Its impact is evident domestically and internationally in sectors such as energy, aerospace, real estate, healthcare, technology, infrastructure, and services.
Mubadala's sole shareholder is the Government of the Emirate of Abu Dhabi.
>> More information about Mubadala, its partnerships and activities
Veolia Water, the water division of Veolia Environnement, is a world leader in water and wastewater services.
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