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FINANCIAL NEWS
Saudi, Japanese investors set up $347m firm
17 Feb 2010
(MENAFN) Arab News reported that two Japanese firms have signed a deal with Saudi infrastructure developer ACWA Holding to create a joint venture that will assist desalination projects in the Kingdom.
Called Arabian Japanese Membrane Company, the new firm will have an estimated capital of $347 million. Estimated total investment into the partnership over the next decade is expected to weigh in at around $352 million.
Membranes expert Toyobo and plant builder Itochu Corporation will club together with ACWA to manufacture reverse osmosis (RO) elements in the first plant of its kind in the Middle East and North Africa (MENA) region.
Given its climate, the Middle East is the world’s largest regional market for desalination, and Saudi Arabia is the global leader in terms of demand.
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