Published: May 21, 2013
Three big players will form US$1bn shareholding company to invest in the water and power sectors.
Three of Qatar’s largest utility providers have agreed to form a new shareholding company. Qatar Electricity and Water Company (QEWC), Qatar Petroleum International (QPI) and Qatar Holding (QH) will form Nebras Power, which has authorised capital of US$1bn to invest in the international power and water sectors.
QEWC will own 60% of the new entity with QPI and QH taking 20% each. A board of directors will be appointed soon by the company shareholders.
Fahad Hamad Al Mohannadi, general manager of QEWC, elaborated on the aims of the new company. “We are focusing on countries where the power sector has witnessed remarkable growth,” he said. “Most of these countries are in the Middle East and Far East regions. Eventually we will also be evaluating investment opportunities in North African countries.”