VA Tech WABAG Limited (WABAG), a leading pure-play Water Technology Indian Multinational Group, has entered into a Memorandum of Understanding (MoU) with Al Jomaih Energy and Water (AEW), a leading developer of energy and water projects in the Middle East. This MoU was signed during the India-Saudi Investment Forum held on the 10th and 11th of September, on the occasion of the G20 Summit, aiming to explore collaborative opportunities in water project development across Saudi Arabia and the broader Middle East region.
Under this strategic partnership, both WABAG and AEW will cooperate on various aspects, including Engineering, Procurement, and Construction (EPC), project development, and feasibility assessments for potential water projects.
This collaboration will leverage the combined expertise of both organizations to tackle the pressing water challenges in the region. AEW will provide critical support related to local market intelligence, business development, and engagement with potential customers, offtakers, regulators, ministries, lenders, and suppliers in the region. WABAG will contribute technical and commercial expertise required for feasibility assessment and project development.
The MoU signifies a strategic partnership that aims to address the growing demand for sustainable water solutions in the Middle East. Through this collaboration, AEW and WABAG will pool their resources and expertise to drive innovation and contribute to the development of water infrastructure in the region.
Commenting on the agreement, Mr. Pankaj Malhan, Deputy Managing Director & Group CEO of WABAG, expressed his happiness at signing the MOU with Al Jomaih, which is one of the leading developers in Water & Energy Sector. The MOU will help both the organizations in the development collaboration and exploring the feasibility of development and investment opportunities in Water Projects in the kingdom of Saudi Arabia and other geographies in Middle East. We feel that we have aligned ourselves with the strategy of KSA Vision 2030 and also help the country to achieve its sustainable goals.
With a historic presence, WABAG is a reliable partner in the middle east region with developing several large scale water and wastewater infrastructure. This MoU is a significant step in our commitment to providing sustainable water in Saudi Arabia, and the broader Middle East.
Shares of VA Tech Wabag Limited was last trading in BSE at Rs. 463.80 as compared to the previous close of Rs. 460.15. The total number of shares traded during the day was 18025 in over 700 trades.
The stock hit an intraday high of Rs. 465.70 and intraday low of 458.55. The net turnover during the day was Rs. 8358680.00.