PT Moya Indonesia, a subsidiary of Bahrain holding company Moya, has signed a 25-year build, operate and transfer (BOT) contract with the Indonesian Municipal Authority for the country's biggest fresh water treatment complex.

Moya, co-founded by Gulf One Investment Bank and Bushnak Group led by Dr Adil Bushnak, is a GCC-based joint stock company focusing on providing water supply and related infrastructure in the GCC and Southeast Asia regions.

Its other major shareholders include Energy and Environmental Solutions Company, Tamimi Company and Hoshanco from Saudi Arabia.

Moya said the contract with the Indonesian municipal authority PDAM Tangerang includes design, build, upgrade, uprate, operate and transfer of a fresh water treatment complex and associated network development, thus providing clean water supply for Tangerang City, Indonesia.

The Tangerang project will be divided into three zones, each with a concessionary tenure of 25 years and is estimated to be built at a cost of $110 to $120 million.

When fully completed, the total production capacity will be 168,480 m3/day, it added.

Dr Nahed Taher, co-founder and CEO of Gulf One and Moya chairperson said the project was a great milestone for Moya as the contract will be the largest BOT project that the company has signed to date.

'It is also a strategic achievement for Gulf One Bank’s vision in creating wealth in one of the most important infrastructure sectors in the future of world economy,Water, also referred to as 'Blue Gold',' he stated.

Since inception, Moya has proven to be a prosperous and successful investment for shareholders, said Taher.

'The management with proper direction from the board have progressively built an organisation that has the capacity to deliver long-term sustainable growth,' he added.

Commenting on the project, Simon A. Melhem, CEO of Moya Asia Limited said, “This is our most significant BOT project to date. We anticipate that this project will contribute a substantial, stable revenue stream for Moya and its other shareholders in years to come.”

Gulf One co-founder and CIO Ziyad F Omar said, 'We see Indonesia as a promising economy and are proud to have PTMI as one of our indirect investments there. Foreign investors are rightfully looking at Indonesia carefully, eager to capitalise on the strong growth in the country.'

According to Global Water Intelligence, while local government-owned water utilities companies (PDAM) still dominate the clean water supply market in most parts of Indonesia, an emerging trend of privatization has resulted in beneficial returns for private BOT companies who are still small in numbers.

PDAMs serve only about 30 per cent of the Indonesian population while only 23 per cent of the Indonesian populations have access to piped water supply, said Omar, citing the global reports.

Gulf One, he said, has through its subsidiaries participated in this growth and continues to increase its presence in Indonesia’s surging economy.

'Through this investment, Gulf One has developed its relationship with stakeholders in Indonesia and intends to further strengthen these relations with future projects,' Omar added.-TradeArabia News Service