Bahraini private equity firm invests in UAE utility Utico | The National:
"A Bahrain-based private equity firm has invested US$147 million in Utico, the UAE’s only private utility company.
Based in Ras Al Khaimah, Utico is expanding its infrastructure assets in water, power, transmission and distribution, storage, billing and collection businesses. It is building a -water desalination plant in Ras Al Khaimah and upgrading two other desalination plants.
Asma Capital, which is owned by sovereign institutions including Islamic Development Bank (IDB), Saudi Arabia’s Public Investment Fund (PIF) and Public Pension Agency (PPA), the ministry of finance of Bahrain and the ministry of finance of Brunei, signed the deal with Utico for a "significant minority stake" in its water business, according to the company."
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