Aqaba water company awards the advisory mandate for the first independent water project to Bankmuscat

Aqaba water company awards the advisory mandate for the first independent water project to Bankmuscat

Aqaba Water Company (AWC), the water and waste water utility in Aqaba signed an advisory agreement for the first Independent Water Project (IWP) in Jordan with BankMuscat SAOG, one of the leading banks in the region.

BankMuscat along with Mott Macdonald (the technical advisor), Allen & Overy (International Legal advisor) and Khalifeh & Partners (Local legal advisor) won the mandate after competing with 10 international advisors. The advisory group will assist AWC in preparation of strategy report and managing the competitive bid process to select a private sector developer for the project.

The signing ceremony was held under the auspices of H.E. Engineer Ra'ed Abulso'oud, Minister of Water and Irrigation. The advisory agreement was signed by Mr. Emad Zreikat, Director General of the Aqaba Water Company and Mr. Sulaiman bin Mohamed Bin Hamed Al Yahyai- Director, Bank Muscat S.A.O.G. The occasion was graced by H.E. Musallam Bin Bakhit Al-Barami, Ambassador of Sultanate of Oman to Hashemite Kingdom of Jordon, H.E. Engineer Imad Fakhory– The CEO of Aqaba Development Company the Vice president of AWC Board of Directors and other Board members, Management and the advisory team.

Mr. Sulaiman Yahyai thanked AWC on behalf of BankMuscat and its partners. He said,
“We are quite excited about our partnership with AWC. We are especially honoured, as this deal, is the first for BankMuscat in Jordan, and hope will lay the foundation for many more opportunities to work together in the years to come. We are committed to working together with AWC to complete the transaction successfully.” 

All the Advisory team members are highly reputed and are consistently ranked highly by leading infrastructure magazines. A leading project finance magazine, ‘Infrastructure Journal’ has recently announced its rankings for the first half of the current year.
 BankMuscat is ranked third among the financial advisors in the Africa & Middle East for project finance mandates won.
 MottMacDonald has been ranked second among the technical advisors in Africa and Middle East and
 Allen & Overy third among legal advisors in Africa and Middle East for project finance mandates closed during the first half of the current year.

The advisory group has wide international experience of working in Europe, Middle East and Asian sub continent.