Utico signs $400 million investment deal with Majis

Times News Service

MUSCAT: The UAE’s leading private utility, Utico, on Tuesday announced signing an investment agreement with Majis Industrial Services, a Government of Oman owned entity, with an investment deal value of US$400 million.

Stating the details of the investment at a news conference on the sidelines of the World Future Energy Summit in Abu Dhabi (WFES 2019), Utico spokespeople said the deal was arranged by Emirates NBD Capital, exclusive financial advisor to Utico on this deal.

White & Case provided legal advisory support to Utico and Clyde & Co. to Majis Industrial Services (MIS).

Unique business model

“The Majis’s investment is one more testament of trust from our investors in our unique business model, expertise and the tremendous growth potential of the company. It is also an endorsement of our contribution to the social and economic fabric of countries where we operate,” said Rashed Mehran Al Balooshi, Chairman of Utico.

He said that investment also stood out for the fact that it strengthens economic cooperation between Oman and the UAE. “Investment by the Government of Oman through its sovereign funded entity in an Emarati utilities company also complements economic relations between the two countries,” Rashed added.