Mubadala, Veolia Water set up JV

Oct 08, 2008 (Middle East and North Africa Business Report - McClatchy-Tribune Information Services via COMTEX) -- VE | Quote | Chart | News | PowerRating -- Mubadala Development Company (Mubadala) and Veolia Water have signed agreements to create a joint-venture company that will focus on water production and waste water collection and treatment in the Middle East and North Africa (MENA) region.

Today's announcement follows a decision by Abu Dhabi business development and investment company, Mubadala, and Veolia Water, the water and wastewater services subsidiary of Veolia Environnement, to work together on municipal concessions and public private partnerships. The 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 one of the leading investment and development companies in the region. It marks the first step for long-term collaboration between the two companies on future projects.

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 its 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 that."

For Veolia Water, Antoine Frerot, Chief Executive Officer, outlined the significance of the partnership, "This joint venture is strategically important for Veolia Water. The tremendous growth in the MENA reqion, in terms of the economy, industry and tourism, will require world-leading expertise in quality water services, solutions and technologies. Working with a leading investment and business development company like Mubadala will provide further enable us to expand and offer vital infrastructure solutions to suit local needs."

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