Oman gov't-owned Majis Industrial Services announces major investment in UAE's Utico
UAE-based private utility, Utico, has announced signing an investment agreement with Majis Industrial Services, a Government of Oman-owned entity with an investment deal value of $400 million.
The company said the total value of investments secured by Utico over the past three years is about $740 million, which includes sovereign investments from the governments of Saudi Arabia, Bahrain and Brunei and Spain’s utility leader, Grupo Cobra,
Announced on the sidelines of the World Future Energy Summit in Abu Dhabi, Utico said the deal was arranged by Emirates NBD Capital.
“The Majis investment is one more testament of trust from our investors in our unique business model, expertise and the tremendous growth potential of the company. It is also an endorsement of our contribution to the social and economic fabric of countries where we operate,” said Rashed Mehran Al Balooshi, chairman of Utico.
He said that investment also strengthened economic cooperation between Oman and the UAE.
“We are very excited about the prospects the deal brings to the table and along with Utico we hope to work together to develop many projects and build on each other’s strength. The deal is supposed to close in the first quarter 2019," added Ahmed Mazroui, CEO of Majis Industrial Services.
Utico also announced its intention to go public late last year and has appointed Emirates NBD as its advisor.
“This is a landmark transaction in the Middle East utility sector, which was made possible due to Utico’s scale, achievements and leadership in the sector,” said Fahad Al Qassim, CEO, ENBD Capital.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.