Tuesday, October 07, 2008

Mubadala and Veolia set up Mideast water company

Original Article

DUBAI, United Arab Emirates: Abu Dhabi's state investment arm, Mubadala Development, and Veolia Water say they are forming a joint venture focused on water production and waste water collection and treatment.

The companies said Tuesday that they will work together on municipal projects and other partnerships in the Middle East and North Africa.

Veolia Water, a division of France's Veolia Environnement, will own 51 percent of the company. Mubadala will own the remainder.

The deal comes the same day Mubadala that more than doubled its stake in chipmaker Advanced Micro Devices.

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