Utico unveils $4bn in GCC utility orders
Company wins orders worth more than $4bn to manage utilities projects
UTICO Middle East, one of the largest independent utilities management companies in the GCC, confirmed today that it has won orders valued at over US$4 billion to manage utilities projects across the GCC.
Richard Menezes, UTICO’s Executive Vice Chairman and Managing Director, pointed out that the company was working with GCC governments and other related authorities on the implementation of several projects that will eventually lead to lower consumer tariffs and better utilities systems in those countries.
“The continuous campaign by the Gulf states to improve and develop infrastructure is fuelling the demand for water and power across the region,” said Menezes. “While traditionally the utilities sector was managed by the public sector in the Middle East, the increasing demand for providing these essential services is signaling the entry of private sector players in the projects.”
A Ghantoot Group company, UTICO will also meet the demand for its services by investing in new regional offices, plants, service centres, training facilities and other infrastructure. Its clientele includes government bodies, private entities as well as oil and gas companies and several leading business houses across the Middle East.
Currently, the company is completing several large integrated water desalination and power plants across the Middle East. Exact details of the new projects will be announced soon.