Dubai: The Abu Dhabi holding company Alpha Dhabi Holding has taken a majority stake in Metito Holdings, a specialist firm in the water and wastewater space.
The deal is awaiting regulatory approvals and marks Alpha Dhabi’s 'strategic entry into the water and wastewater domain'. In recent past, the entity has made its appearance - or bolstered its presence - in multiple sectors, including, most notably, in real estate. (It has a significant stake in Aldar, the Abu Dhabi master-developer.)
Metito has through the years has built quite the track record in sustainability-linked projects, including the new seawater treatment facility being built in Abu Dhabi.
"The acquisition sees Alpha Dhabi purchasing the majority stake from selling shareholders Mitsubishi Corporation, Mitsubishi Heavy Industries, and Gulf Capital," said the statement.
The Ghandour family - who are Metito’s founding shareholders - will retain their leadership roles, 'ensuring the company’s foundational principles of impact, sustainability, and innovation remain intact'.
By 2025, an estimated 3.5 billion people could be 'living in water-scarce regions'.
The MENA region is home to 7 per cent of the world’s population but has just 1 per cent of its freshwater resources. This makes it the 'most water-stressed' region anywhere.
"A staggering 83 per cent of its population - approximately 500 million people across 25 countries - are using over 80 per cent of their renewable water supply," said the statement."The World Bank projects that by 2050, water scarcity could cost the MENA region between 6-14 per cent of its GDP. These alarming statistics underscore the urgent need for innovative solutions and impact investments in the water sector."
According to Hamad Salem Al Ameri, CEO and Managing Director of Alpha Dhabi, “With nearly half the world’s population projected to face water scarcity by 2025, the need for sustainable water solutions has never been more critical.
"Our partnership with Metito is a decisive step towards addressing this pressing challenge. Together, we are committed to pioneering solutions that not only cater to immediate needs but also ensure a sustainable future for generations to come.
"This collaboration is more than a strategic business move; it’s a testament to Alpha Dhabi’s dedication to driving impactful change in the water sector and our broader vision of sustainable growth and global impact."