Tuesday's announcement follows a decision by Abu Dhabi business development and investment company Mubadala and Veolia Water, the water and wastewater services subsidiary of Veolia Environment, to work together on municipal concessions and public private partnerships.
The company will be owned 51 per cent by Veolia Water and 49 per cent by Mubadala.
This partnership brings together the expertise of a world leader in environmental services with the experience of one of the leading investment and development companies in the region.
"As the region's economy continues to expand and diversify, high quality infrastructure will underpin its development," said Waleed Al Mokarrab Al Muhairi, Chief Operating Officer of Mubadala.
Century of experience
"Mubadala is creating a diverse and sustainable range of businesses in the utilities sector by bringing new technologies, efficiencies and best practices to the region. Establishing partnerships with best-in-class international companies such as Veolia, which has over a century of experience in this field, will allow us to do just that."
Antoine Frerot, Chief Executive Officer of Veolia Water, said: "This joint venture is strategically important for Veolia Water.
"The tremendous growth in the MENA reqion, in terms of the economy, industry and tourism, will require world-leading expertise in quality water services, solutions and technologies.
"Working with a leading investment and business development company like Mubadala will provide further enable us to expand and offer vital infrastructure solutions to suit local needs," said Frerot.
Veolia Water North America, headquartered in Houston, is North America's leading water services provider for local and federal governments, and industry.The company designs, builds, operates and manages various types of water and wastewater facilities, programs and systems.
