A consortium led by the Arab Energy Fund (TAEF), formerly known as Apicorp, has acquired a 100% stake in Metito Utilities, a Dubai-based water and wastewater project developer.

The deal, conducted in partnership with Saudi Arabia’s Zamil Group Investment Company and the Ghandour family, marks a major move in the region’s water infrastructure sector.

The financial details of the transaction were not disclosed.

Metito, with over 25 years of expertise, has built a solid reputation in the investment, development, and long-term operation of water and wastewater concessions. The company has delivered more than 35 concessions and implemented high-profile public-private partnership (PPP) projects across key markets, including Saudi Arabia, the UAE, Egypt, Uzbekistan, Rwanda, Serbia, and Qatar.

Khalid Ali Al-Ruwaigh, CEO of TAEF, described the acquisition as a strategic investment designed to accelerate Metito’s growth and drive innovation in both established and emerging markets.

“This transaction aligns with our vision to enhance water infrastructure in the region and beyond, fostering sustainable development,” Al-Ruwaigh said in a statement.

Rami Ghandour, CEO of Metito Utilities, expressed optimism about the company’s future under the new ownership, stating that Metito plans to leverage its extensive PPP experience to improve water efficiency and deliver customised solutions in pan-emerging markets.

The acquisition comes less than a year after UAE-based Alpha Dhabi Holdings abandoned plans to acquire a majority stake in Metito Holdings, including shares held by Mitsubishi Corporation, Mitsubishi Heavy Industries, and Gulf Capital.