Dubai: Utico, a services provider of private utility in the UAE, is planning to invest over Dh4 billion in the country’s infrastructure over the next 3-5 years, the company has said.
Utico has so far invested Dh2.5 billion in the UAE in infrastructure including in water, power plants, and networks, is planning to increase that going forward.
The company serves over 600 industries in Ras Al Khaimah as well as around 10,000 residential units, two major sea ports, and consumers in Umm Al Quwain, Ajman, and Sharjah.
Richard Menezes, chief executive officer of Utico, said that in 2020, the company expects to boost its focus on sustainability initiatives, and has already earmarked a significant portion of its investments for relevant projects that will contribute to the protection of the environment. This will be through renewable energy developments.
Utico is now in discussions with the Sharjah government to set up a large desalination plant, which will be the world’s largest independent water project without government guarantees and will have the lowest tariff.
It is also planning to increase the number of farms it supports in Ras Al Khaimah through free and subsidized water to 3,000 farms from the current 500 farms.