Abdul Latif Jameel Energy forms new water projects unit

Saudi Arabia’s Abdul Latif Jameel has announced the establishment of a new company specialised in water infrastructure development.

Almar Water Solutions will construct and operate water desalination and purification treatment plants.

The plans follow Abdul Latif Jameel’s acquisition of solar photovoltaic provider Fotowatio Renewable Venture in 2015.

“The establishment of Almar Water Solutions demonstrates our continued efforts to become the leading developer of sustainable energy and water solutions,” said Mohammed Abdul Latif Jameel, chairman and CEO of Abdul Latif Jameel.

Almar will provide design, engineering, construction, financing, operation and maintenance for projects as well as asset and equity management.

The unit will focus on Latin America, the Middle East and Africa.

“We want to be a recognised leading player in the water sector, able to provide commercial solutions to the challenges of achieving sustainable development,” said Almar Water CEO Carlos Cosin.

Last year, Abdul Latif Jameel announced plans to invest $2bn in Saudi including expansion of its automobile network and a new headquarters.

Read: Abdul Latif Jameel to invest $2bn in Saudi, aims to create ‘thousands of jobs’