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Tue 7 Oct 2008 04:53 PM

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Mubadala looks to tap water market

Abu Dhabi investment arm in water production and treatment JV with France's Veolia to target MENA region.

Mubadala Development Co. said on Tuesday it has set up a water production and waste water treatment company in a joint venture with France's Veolia Water.

Mubadala, the investment arm of the Abu Dhabi government, said the company will cover the Middle East and North Africa and work together on municipal concessions and public private partnerships.

The company will be owned 51 percent by Veolia Water and 49 percent by Mubadala, it said.

Mubadala described the joint venture as "the first step for long-term collaboration between the two companies on future projects".

Veolia Water CEO Antoine Frerot said the partnership will "enable us to expand and offer vital infrastructure solutions to suit local needs".

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