Utico- Charting New Growth Milestones

Utico, the only full-service private utility from the United Arab Emirates (UAE) with a wealth of experience in water, power, waste water solutions and renewable energy is at WEX Global 2019 to interact with global stakeholders in the industry, sharing insights on its unique business and operations model.

Utico’s participation at WEX Global also comes in the context of an imminent IPO for which it has already started the groundwork. The IPO will be a milestone in the utility space of the Middle East with Utico being a private utility in the regional market looking at public listing. Utico is also open to mergers or acquisitions route as part of its strategic IPO process.

According to Mr. Richard Menezes, Managing Director: “Ensuring sustainable energy resources, particularly in the case of water in the Middle East context will involve significant investments into capacity expansion to meet the rising demand, and Utico is geared up for this challenge and this is the context of the IPO.”

Utico’s growth over the years has been fuelled by proprietary investments into infrastructure as well as through long-term partnerships with governments, local and regional state-run utility entities that give it an edge in charting sustained and assured future growth.

“Utico is driven by a culture of innovation and sustainability, the essence of which runs across our strategic investments, procurement and technology adoption, supporting a differentiated stakeholder and customer-centric utility business model. Coupled with this is a robust focus on ensuring that the rewards of innovation percolate down to the customers, partners and stakeholders, all of them connected in one shared value chain.”

As one of the largest of the private utility players in the larger Gulf and Middle East region, Utico’s success and growth propositions have already attracted significant investments from the region and across the world through private placements and project partnerships.  The recent deal Utico signed was a US$400 million investment from a sovereign-backed enterprise, the Oman Investment Fund (OIF) owned, Majis Industrial Service and an entity that has significant operations in the utility space in its country of incorporation.

Over the years, Utico has secured a total of US$ 740 million in sovereign funding, which is a first-of-its-kind achievement for a water player globally. Apart from the Oman deal, the sovereign investments into Utico are from the governments of Saudi Arabia, Bahrain and Brunei. Spain’s Grupo Cobra is yet another investor with Utico.

The company incorporated in Ras Al Khaimah, which is one of the seven emirates or states in the UAE, has a healthy order book of over US$5 billion.  Assets owned by Utico include a recently commissioned US$100 million inter-state pipeline, which is being used to supply water to four of the emirates or states in the UAE in partnership with Federal and state level government utility providers.

Utico belongs to the US$2 billion business conglomerate, RMB Group based out of the capital of the UAE in Abu Dhabi. The company’s business interests encompass utility development, investment and owning of water and power plants including generation, transmission, distribution, billing, collection and customer services. The largest build-own-operate company for desalination, Utico has a collective desalination capacity of 76 million Imperial gallons per day (MIGD) with 40 million MIGD under construction, set to be commissioned in 2019 and 2020.

Utico has a power generation capacity of 120 MW, while in the pipeline is an additional 330 MW. The company owns nearly 400 kilometers of T&D network. It also has a unique model for solar energy for residential and business customers with an assured cash-back guarantee.

As one of the leading green companies in the UAE,  Utico is the first company in the MENA (Middle East and North Africa) region with ISO 50001 certification for Energy Management from Quality Austria. It is also an ISO 9001:2015, ISO 14001:2015 and OHSAS 18001:2007 certified organization.

Website: www.uticome.com