(MENAFN- Emirates News Agency (WAM))
ABU DHABI, 25th September, 2023 (WAM) -- Alpha Dhabi Holding has announced its acquisition of a majority stake in Metito Holdings Ltd., a global leader in the water and wastewater industry.
Pending regulatory approvals, this pivotal transaction marks Alpha Dhabi's strategic entry into the water and wastewater domain. The acquisition not only underscores the company's commitment to diversifying its portfolio but also bolsters Metito's mission to broaden smart water solutions across the MENA region and beyond, aligning with the UN sustainability goals.
The acquisition sees Alpha Dhabi purchasing the majority stake from selling shareholders Mitsubishi Corporation, Mitsubishi Heavy Industries, and Gulf Capital, showcasing Alpha Dhabi's unwavering confidence in Metito's expertise and future potential. The Ghandour family, Metito's founding shareholders, will retain their leadership roles, ensuring the company's foundational principles of impact, sustainability, and innovation remain intact.
Hamad Salem Al Ameri, Chief Executive Officer and Managing Director of Alpha Dhabi, commented, "With nearly half the world's population projected to face water scarcity by 2025, the need for sustainable water solutions has never been more critical. Our partnership with Metito is a decisive step towards addressing this pressing challenge. Together, we are committed to pioneering solutions that not only cater to immediate needs but also ensure a sustainable future for generations to come."
This collaboration, he said, is more than a strategic business move; it's a testament to Alpha Dhabi's dedication to driving impactful change in the water sector and its broader vision of sustainable growth and global impact.
Talal Ghandour, co-CEO of Metito, said, "Together, we aim to address the pressing water challenges, especially in the MENA region, the most water-stressed region globally. With Metito's extensive experience across 50 countries and our dedication to innovation and technology, this partnership will bolster our capabilities, allowing us to further our mission and bring sustainable water solutions to regions that need it the most."
Rami Ghandour, co-CEO of Metito, stated, "This partnership is set to unlock vast synergies and to unleash boundless potential. We are poised to make significant contributions to sustainable solutions, especially as the UAE's Year of Sustainability and COP28 gain traction. Together, our combined expertise and resources position us to drive sustainable growth and shareholder value in the global water sector."
By 2025, an estimated 3.5 billion people could be living in water-scarce regions. The MENA region, home to 7% of the world's population but just 1% of its freshwater resources, is the most water-stressed globally. A staggering 83% of its population, approximately 500 million people across 25 countries, are using over 80% of their renewable water supply.
The World Bank projects that by 2050, water scarcity could cost the MENA region between 6% and 14% of its GDP. These alarming statistics underscore the urgent need for innovative solutions and impact investments in the water sector.
In line with the upcoming COP28 in the UAE, Alpha Dhabi has also established Alpha Dhabi Climate Capital, focusing on climate-conscious investments, with Metito as a cornerstone of this initiative.
With the UAE's Year of Sustainability and the imminent COP28, both Alpha Dhabi and Metito are geared to make substantial contributions to discussions and initiatives centred on sustainable, technology-driven solutions.