VA Tech WABAG Limited (WABAG), a leading pure-play Water Technology Indian Multinational Group, has entered into a Memorandum of Understanding (MoU) with Al Jomaih Energy and Water (AEW), a leading developer of energy and water projects in the Middle East, the company on Monday announced through an exchange filing.
MoU signed during India-Saudi Investment Forum
This MoU was signed during the India-Saudi Investment Forum held on the 10th and 11th of September, on the occasion of the G20 Summit, aiming to explore collaborative opportunities in water project development across Saudi Arabia and the broader Middle East region.
About the partnership
Under this strategic partnership, both WABAG and AEW will cooperate on various aspects, including Engineering, Procurement, and Construction (EPC), project development, and feasibility assessments for potential water projects.
This collaboration will leverage the combined expertise of both organizations to tackle the pressing water challenges in the region. AEW will provide critical 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.
"The MOU will help both the organizations in the development collaboration and exploring the feasibility of development and investment opportunities in Water Projects in the kingdom of Saudi Arabia and other geographies in Middle East. We feel that we have aligned ourselves with the strategy of KSA Vision 2030 and also help the country to achieve its sustainable goals," said Pankaj Malhan, Deputy Managing Director & Group CEO of WABAG.
The MoU signifies a strategic partnership that aims to address the growing demand for sustainable water solutions in the Middle East. Through this collaboration, AEW and WABAG will pool their resources and expertise to drive innovation and contribute to the development of water infrastructure in the region.
VA Tech Wabag Ltd shares
The shares of WABAG at 10:00 am IST were at Rs 479.85, up by 3.72 percent.
