UAE-based water infrastructure company Septech has entered into a joint venture with Saudi-based investment house Mawrid Holdings, to form Septech Saudi Arabia.
It will be headquartered in Riyadh and plans to open factories in the Eastern and Western provinces.
Septech will retain majority ownership of the new entity. Septech Saudi Arabia estimates that it will turn over more than SR300m ($80m) in its first year, a figure its says will grow by 20 per cent in its second year and 30 per cent in its third.
Septech specialises in the water, wastewater, mobile water, precast infrastructure, marina and utilities management sectors.
Mawrid supports investment in the healthcare, real estate, oil and gas, energy and infrastructure sectors.