Zarou will focus on thermal and renewable power opportunities, and gas midstream and water assets
Private equity arm Blackstone Energy Partners has launched a new firm which will develop, finance, construct and operate energy-related projects in MENA and neighbouring regions.
Zarou, which will focus mainly on thermal and renewable power opportunities, and gas midstream and water assets, will be led by CEO Sameh Shenouda, the former head of infrastructure equity investments at CDC Group, the UK government-owned development finance institution.
The company is named after an ancient bridge built by the Pharaohs in Egypt on the eastern-most branch of the Nile connecting Africa to Asia.
“We have the flexibility to participate in projects throughout the development lifecycle, from concept stage through construction to operating stage, and I believe we are well-positioned to be a value-added partner in the region’s energy sector,” he said.
The CEO has been involved in over $6 billion worth of projects in MENA, having been instrumental in CDC’s majority investment in Africa's largest private power platform Globeleq Africa.
Mustafa M. Siddiqui, senior managing director at Blackstone, said Zarou will help meet the MENA region’s growing demand for power and other critical facilities.
Blackstone Energy Partners is Blackstone's energy-focused private equity business. Through it, Blackstone has invested over $15 billion of equity globally across a range of sectors within the energy industry.For all the latest energy and oil 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.