Wednesday 26 January 2022

Blackstone sets up new company to develop Mena projects

DUBAI, October 16, 2018

Private equity giant Blackstone has launched a new company to develop energy-related projects in the Middle East and North Africa (Mena) and the neighbouring regions.

Zarou will be responsible for development, finance, construction and operation of power and renewable energy, oil and gas midstream, water and other related projects. It will focus primarily on thermal and renewable power opportunities as well as oil and gas midstream and water assets.

The new entity will be led by Sameh Shenouda, the former head of Infrastructure Equity Investments at CDC Group, the UK government-owned Development Finance Institution (DFI).

It will leverage Blackstone’s expertise as an active owner and investor in the energy sector, in developed and emerging markets, as well as its own management team’s extensive experience in identifying and developing energy-related projects across the globe.

Zarou’s leadership team has a strong industry network and in-depth knowledge of the targeted geographies, with a proven track record across acquisitions, development, construction, and operations, said a statement from Blackstone.

During his career, Shenouda has been involved in over $6 billion of projects in the Mena region, and, in his previous role at CDC, was instrumental in the company’s majority investment in Globeleq Africa, Africa's largest private power platform. Prior to that, he was natural gas industries director at Orascom, where he developed petrochemical plants in North Africa.

Meftaur Rahman, former president and CEO of AES Jordan, will be the company's chief operating officer.

On the new venture, Shenouda said: "We are thrilled to partner with investors of Blackstone’s calibre and experience. They share our drive and enthusiasm to invest in and build projects across the Mena region. We have the flexibility to participate in projects throughout the development lifecycle, from concept stage through construction to operating stage, and I believe we are well-positioned to be a value-added partner in the region’s energy sector."

Mustafa M Siddiqui, the senior managing director at Blackstone, said: "We are excited to partner with such an exceptional team to help meet the Mena region’s growing demand for power and other critical facilities."

"They have the outstanding experience, local expertise, and drive required to create a major new energy platform in the region," he added.-TradeArabia News Service

Tags: Mena | Blackstone | energy projects |

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