- From: Vol 13, Issue 2 (February 2012)
- Category: Brief
- Region: Middle East
Iraq, Israel, Oman, Qatar and United Arab Emirates
- Related Companies: Amiad, Arkal Filtration Systems, Banque Saudi Fransi, Energoprojekt Entel, Eversheds, General Electricity & Water Corporation (Kahramaa), HSBC, Marafiq, PwC and SMN Power Holding Co
Iraq’s Ministry of Water Resources is looking into deploying desalination plants to treat and reuse the brackish water runoff passing through the huge Main Outfall Drain (MOD) in the middle of the country.
It has issued a request for expressions of interest from potential advisors on a feasibility study, with a deadline of 5th March. At peak times, the MOD currently deposits about 220m3/second (19 million m3/d) of saline water into the Gulf via the Shatt al-Arab river.
* SMN Power, the company that owns the Barka 2 IWPP in Oman, reported a 26% rise in yearly pre-tax profits to OMR5.3 million ($13.7 million) for 2011, with an operating revenue of OMR82 million ($212 million). It is the company’s first results announcement since a 35% IPO in October 2011.
* Saudi utility Marafiq has agreed terms on a 15-year, SAR4.5 billion ($1.2 billion) Islamic loan to fund its investment plans in power, water and wastewater services for the industrial cities of Jubail and Yanbu. HSBC and Banque Saudi Fransi advised on the deal.
* Israeli filtration specialist Amiad Water Systems has issued a trading update predicting a 30% rise in annual revenue to $116 million in 2011, following the successful integration of Arkal Filtration Systems in 2010. It is looking to achieve strong international growth in 2012 from its new subsidiary in Brazil, Amiad Sistemas de Agua Ltda.
* Qatari power and water supplier Kahramaa has appointed PwC, Eversheds and Energoprojekt ENTEL to advise on the financial, legal and technical aspects of its strategy for improving and expanding the capacity and provision of its utilities. Qatar is looking to expand its water and power assets significantly as the country goes through a period of rapid growth.
* Abu Dhabi’s national energy company, Taqa, blamed additional ‘unavoidable’ external costs for a 26% drop in yearly net income to AED752 million ($205 million) in 2011. However, revenue rose 14% to AED24.4 billion ($6.6 billion). Taqa owns majority stakes in most of the emirate’s power and water assets, and also invests in projects outside the emirate.