VA Tech WABAG Limited (WABAG) has formalized a Memorandum of Understanding (MoU) with Al Jomaih Energy and Water (AEW), a leading developer of energy and water projects in the Middle East, as announced via an exchange filing on Monday, reports Free Press Journal.
The MoU was signed during the India-Saudi Investment Forum held on the 10th and 11th of September, coinciding with the G20 Summit. The objective was to explore collaborative opportunities in water project development across Saudi Arabia and the broader Middle East region.
Regarding the partnership, both WABAG and AEW will collaborate on various fronts, encompassing Engineering, Procurement, and Construction (EPC), project development, and feasibility assessments for potential water projects.
This strategic partnership aims to harness the collective expertise of both organizations to address the pressing water challenges in the region. AEW will offer crucial support related to local market intelligence, business development, and engagement with potential customers, offtakers, regulators, ministries, lenders, and suppliers in the region. WABAG will contribute technical and commercial expertise required for feasibility assessment and project development.
Pankaj Malhan, Deputy Managing Director & Group CEO of WABAG, stated, "The MOU will facilitate collaboration and exploration of the feasibility of development and investment opportunities in Water Projects in the Kingdom of Saudi Arabia and other geographies in the Middle East. We believe this aligns with the strategy of KSA Vision 2030 and aids the country in achieving its sustainable goals."
The MoU symbolizes a strategic partnership aiming to cater to the escalating demand for sustainable water solutions in the Middle East. Through this collaboration, AEW and WABAG will combine their resources and expertise to drive innovation and contribute to the development of water infrastructure in the region.
