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FINANCIAL NEWS
UAE Utico, Spain’s Grupo Cobra sign USD195.7m plant deal
06 Aug 2015
(MENAFN) A private joint Emirati-Spanish venture is building a USD195.7 million desalination plant in the UAE’s most northern emirate, Ras Al Khaimah.
Utico Middle East and Spanish energy firm Grupo Cobra signed an agreement to incorporate Al Hamra Water Company, which will oversee the development of the desalination plant.
The facility will generate 22 million gallons of water a day for the emirate and neighbouring areas, according to a joint statement.
Richard Menezes, Managing Director of Utico Middle East, told reporters that most of water will be directly supplied to Federal Electricity & Water Authority (Fewa).
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