Al Bawani Water & Power Company (AWP), a leading Saudi utility company, said it has reached an agreement to acquire the entire shares of Dutch firm A.Hak Pijpleidingen's Saudi unit, in a major move that will help boost Al Bawani’s growth plans in the water, environment and oil and gas sectors.
The agreement was signed by Al Bawani Group CEO Engineer Fakher Al Shawaf and Dutch A.Hak CEO Henk Herremans, in the presence of the Ambassador of the Netherlands to Saudi Arabia Janet Alberda at a key ceremony held at the Dutch Embassy in Riyadh recently.
Al Shawaf pointed out that the acquisition of A.Hak represents a valuable addition to the construction and infrastructure sector and it will support Al Bawani’s growth plans in the water and environment, energy and oil and gas sectors.
"A.Hak has a proven track record of great success and achievements with Aramco, Saline Water Conversion Corporation (SWCC), and the National Water Company (NWC)."
On the strategic deal, A.Hak CEO Henk Herremans said: "In our 45 years in the kingdom, we successfully completed a large number of projects together with our partners. Because of the energy transition in the Netherlands, the rest of Europe, and the UK, there is a tremendous amount of work to be realised relatively close to where we are. So, we redefined our home market accordingly."
"For that reason, we started to look for a potential new owner at the beginning of 2021, and after some selections, we entered negotiations with Al Bawani Water and Power Limited," stated the top official.
Al Bawani said it will continue working with the existing clients and expand into new ventures through the PIF companies, such as Neom, Amaala, Roshn, Diriyah Gate and others.