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Business & Finance

Enertech signs strategic agreement with Metito

  • Will collaborate in Pakistani water and utilities sector
Published November 8, 2022
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Enertech has signed a strategic agreement to collaborate in the Pakistani water and utilities sector with Metito, the leading global provider for water and alternative energy solutions.

Enertech Holding Company KSC, a wholly-owned subsidiary of National Technology and Enterprises Company, which in turn is a fully-owned subsidiary of the Kuwait Investment Authority, has entered into a strategic alliance agreement with Metito Utilities Ltd, a global investor and provider of intelligent water management and alternative energy solutions and which has key shareholders that include the International Finance Corporation (IFC), member of the World Bank Group, Mitsubishi Corporation and Mitsubishi Heavy Industries.

The agreement was signed in Karachi by Yasser Malik, Head of Emerging Markets at Enertech, and Rami Ghandour, Metito Managing Director, in the presence of Abdullah Al-Mutairi, Chief Executive Officer Enertech, and Mohammad Al-Fares, Chairman Pakistan Kuwait Investment Company.

The agreement sets the foundation for future collaboration between Enertech and Metito in developing critical water infrastructure and supporting Pakistan's green energy initiatives. The long-term cooperation will leverage Enertech’s knowledge of the local market, financial capabilities, and network across the global banking sector.

Metito’s experience in investing, developing, and operating brownfield-greenfield desalination, water, and wastewater treatment projects under various operating models will also be leveraged along with vast expertise in developing PPP projects for both industrial and municipal sectors.

The Kuwait Investment Authority is the oldest sovereign wealth fund in the world and responsible for the management of the State’s Reserve Fund, the Future Generations Fund, and any other funds entrusted to it by the Minister of Finance, State of Kuwait.

Enertech was formulated with a mandate to invest in clean technologies as well as strategic projects in the water and power sector globally. Enertech has quickly become an important investor in Pakistan and is currently developing critical infrastructure projects in key strategic sectors including water supply, renewable energy, green hydrogen, smart cities, and sustainable infrastructure.

Metito holds a track record of pioneering PPP projects since 1997, developing the first seawater desalination, bulk water supply, or the first wastewater PPP projects in each of seven countries across the globe including Egypt, the Kingdom of Saudi Arabia, Uzbekistan, the United Arab Emirates, Rwanda, Qatar, and Serbia.

Metito is a multinational company with over 65 years of experience and 22 offices in strategic markets in some of the most arid regions in pan-emerging markets.

The alliance will promote the utilisation of state-of-the-art technologies to develop sustainable water infrastructure, which will integrate innovative solutions to optimize the cost of operation and secure long-lasting results while keeping an environmentally positive footprint.

Commenting on the signing, Abdullah Al-Mutairi, CEO Enertech, said; “Today, we sign an agreement for collaboration with Metito,, a leading global provider of water management solutions, to bring in the latest technologies, high value engineering and pioneering solutions, to address pressing water challenges in Pakistan. The collaboration is instrumental to addressing energy and water security challenges in Pakistan, the potential is vast, and we have marked several opportunities where we can synergistically collaborate."

Rami Ghandour, Metito Managing Director, said; “In an infrastructure intensive sector, improving access and service quality to meet UN’s Sustainable Development Goals cannot be done without substantial investment. We believe Public Private Partnerships are typically the most viable model to deliver these projects.

“We are honoured to sign today’s agreement with Enertech, given their global reputation of success and their strong local presence and understanding of the Pakistani market."

Yasser Malik, Head of Emerging Markets Enertech, commented: “The strategic alliance between Enertech and Metito will pave the way towards the implementation of state-of-the-art technical solutions in critical infrastructure projects in Pakistan and aligns with Enertech’s sustainability objectives as a long-term investor in the sector.”

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