PRZOOM - /newswire/ -
Abu Dhabi, United Arab Emirates, 2007/02/12 - Valoriza, a wholly owned subsidiary of Sacyr Vallehermoso, one Spain's largest publicly traded construction and engineering conglomerates, announced the formation of a strategic alliance with The ADGECO Group in Abu Dhabi.
The alliance was formally inaugurated in reception at the Emirates Palace Hotel held on February 7th.
The VALORIZA-ADGECO alliance will center upon Valoriza's core competencies in designing, constructing and operating desalination, sewage treatment and power generation plants. Given Valoriza's tradition of providing 'best-in-class' environmental protection and conservation solutions, the scope of activities will also include a special emphasis on alternative energy projects, incorporating wind, solar and renewable energy technologies.
According to Mr. Pablo Abril-Martorell Hernandez, Valoriza's Director General, 'Entering into this alliance is an historic step forward in Valoriza's broader expansion plans in the Gulf region. Our company will be establishing a major office presence in Abu Dhabi, and is budgeting large amounts of seed capital for the establishment of joint venture entities involved in Build -Own/Operate -Transfer projects.
'These projects will create treatment and generation plants delivering significant employment opportunities for Emirati nationals, while at the same time providing cutting edge solutions to Abu Dhabi's desalination, power generation and waste treatment challenges in the years ahead.'
Mohamed Dekkak, Founder and Managing Director of The ADGECO Group, characterized the alliance as 'a huge opportunity for progressive, Emirati holding companies to partner with one of Europe's most widely respected experts in specialty plant, finance design construction and operation.'
Sacyr Vallehermoso, Valoriza's parent, has an annual turnover in excess of US$5.5 billion, and a stock market value approaching US$18 billion. Plants constructed and/or owned by the company serve the needs of over 2.6 million customers each day.
The ADGECO Group (adgeco.net) is one of Abu Dhabi's most prominent holding companies active in the construction, project management and real estate development sectors.