Al Bawani Water & Power Company (AWP) signed an acquisition agreement for the entire shares of A-Hak Saudi Arabia at the Dutch Embassy in Riyadh on the 14th of September 2022.
The agreement was signed by the Group CEO of Al Bawani, Eng. Fakher Al Shawaf, and the CEO of Dutch A-Hak, Mr. Henk Herremans, in the presence of H.E., the Ambassador of the Netherlands to the Kingdom of Saudi Arabia, Ms. Janet Alberda.
Representatives of various entities within the Ministry of Environment Water & Agriculture (MEWA), of PIF’s giga projects and of the Saudi and Dutch business community were present at the signing ceremony.
Eng. Fakher Al Shawaf pointed out that “the acquisition of «A-Hak» by «Al Bawani» represents a valuable addition to the construction and infrastructure sector and it will support Al Bawani’s growth plans in the water & environment, energy and oil & gas sectors.“
Eng. Fakher Al Shawaf added that “A-Hak» has a proven track record of great success and achievements with «Aramco, » Saline Water Conversion Corporation (SWCC), and the National Water Company (NWC).”
Mr. Henk Herremans, the CEO of A-Hak, said, “In our 45 years in the Kingdom, we successfully completed a large number of bigger and smaller projects together with our partners“. Mr. Herremans added, “Because of the Energy transition in the Netherlands, the rest of Europe, and the United Kingdom, there is a tremendous amount of work to be realized relatively close to where we are. So, we redefined our home market accordingly. For that reason, we started to look for a potential new owner at the beginning of 2021, and after some selections, we entered negotiations with Al Bawani Water and Power Limited. And in this period, we experienced the real interest of Al Bawani in becoming the successor for A.Hak Pijpleidingen Saudi Company Limited. We are pleased that our activities in Saudi Arabia will continue through a trusted organization and that the employment for all our people involved is secured.”
Al Bawani will continue working with the existing clients and expand into new ventures through the Public Investment Fund (PIF) companies, such as NEOM, Amaala, Roshn, Diriyah Gate, and many more, as well as exploring ways to cooperate with the National Infrastructure Fund, leveraging its experience in the development, investment and operations of large infrastructure projects to the likes of National Centre for Privatization (NCP) and Saudi Water Partnership Company (SWPC).
