Oman government-owned company Majis Industrial Services has agreed to invest $400m into UAE-based private utility firm Utico.

Details of the deal were announced at the World Future Energy Summit (WFES) in Abu Dhabi.

Dubai-based bank Emirates NBD Capital arranged the deal, with US-based law firm White & Case providing legal support to Utico and UK-based legal firm Clyde & Co supporting Majis Industrial Services.

In December 2018, Utico commissioned a trans-emirate water pipeline, connecting the Northern Emirates of Ras al-Khaimah, Umm al-Quwain, Sharjah and Ajman.