Cadiz sets up Middle East water unit

15 March 2002

California-based Cadizis to set up a new business unit focused on developing water projects in the Middle East. The company is already involved in the Toshka irrigation project in Egypt, in partnership with Saudi investor Prince Alwaleed bin Talal. The new unit will be headed by Bruce Babbitt, a former governor of Arizona who served as a secretary of the interior in the Clinton administration from 1993-2001.

Cadiz says it is too early to provide details on specific projects the new venture will be involved with, other than the ongoing Toshka scheme in Egypt. Some of the region's largest planned infrastructure investment schemes entail the development of water supply systems in countries such as Saudi Arabia, Syria and Jordan (Water, MEED Special Report, 25:1:02).

In January, Prince Alwaleed's Kingdom Agricultural Company (Kadco), which is developing a farm in the Toshka region, announced plans to combine its business with Cadiz subsidiary Sun World International. Cadiz will hold a 50.25 per cent stake in the venture, and Kadco will bring to the combined business some $85 million in cash resources raised from prospective investors in the Toshka project (MEED 18:1:02, Seven Days).

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