ABU DHABI (Reuters) – United Arab Emirates-based Abu Dhabi National Energy Co (Taqa) said on Wednesday it agreed with Saudi Arabia’s National Power Co to consider joint investments in the Saudi power and water industry.
Saudi Arabia’s privately owned Al Zamil Group and El-Seif Group set up National Power after the desert kingdom opened its power and water industry to private investment.
National Power and Dearborn, Michigan-based CMS Energy in 2005 became the first venture to help develop a privately owned power plant in the largest Arab economy.
Demand for power and water in Saudi Arabia is surging as the population increases and businesses grow. The government has failed to keep pace with demand, prompting it to turn to private companies for help.
Taqa, whose $15.25 billion assets includes energy companies in Canada, the United States and Australia, said the partners aim to make “significant” investments that might extend to other industrial projects.
Taqa did not give more details.