Taqa submits binding offer for GS Inima
22 April 2025
Abu Dhabi National Energy Company (Taqa) has submitted a binding offer to acquire Madrid-headquartered water desalination developer and investor GS Inima from its parent firm, South Korea-based GS Engineering & Construction.
According to an industry source, negotiations are under way after Taqa submitted a lone bid to acquire the company last month.
Taqa and a pension fund from Canada were understood to have been shortlisted to bid in the sale of GS Inima.
It is understood that the Canadian pension fund did not submit a bid.
South Korea-based media reported in October 2024 that the sales contract was expected to be finalised "as early as the beginning of next year".
GS Inima is estimated to be valued at about KRW1.3tn ($836m) to KRW2tn ($1.4bn). MEED understands that GS Inima's revenue reached KRW493bn in 2023 and its net profit was KRW52.2bn.
GS Engineering & Construction acquired Inima from Spanish builder Obrascon Huarte Lain for an estimated $312.4m in 2011.
It saw off competition 14 years ago from three contenders in the final bidding round, which included fellow South Korean contracting firm Posco Engineering & Construction.
In the Middle East and North Africa region, GS Inima won the contract to develop and operate the Shuweihat 4 independent water project in Abu Dhabi in 2023. The $44m seawater reverse osmosis desalination project reached financial close in December last year.
It is also leading the team that is developing two independent water projects in Oman, while actively pursuing new contracts in Saudi Arabia and Bahrain, as well as in North Africa.
A successful bid by Taqa will further expand its portfolio, which comprises Abu Dhabi power transmission and water distribution, water treatment and energy services companies, in addition to power generation fleets.
Photo credit: Taqa Fujiarah 2 (F2) plant
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The request for qualifications (RFQs) was issued by the municipality’s Sewerage and Recycled Water Projects Department (SRPD).
The bid submission deadline is 26 February.
The first scheme under the package is TF-16-C1, which involves upgrading and rehabilitating the stormwater system east of the Dubai Canal.
The second, TF-15-C2, will deliver stormwater links along Umm Suqeim Road to serve the Al-Barsha and Al-Quoz communities.
The third project, TF-13-C1, focuses on developing a drainage system for the Al-Marmum area.
Several engineering, procurement and construction (EPC) contracts have been awarded under the Tasreef initiative, which aims to expand Dubai’s rainwater drainage capacity by 700% by 2033
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Modon tenders Ras El-Hekma construction contracts
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Abu Dhabi-based developer Modon Holding has tendered several contracts as part of the first phase of development at Ras El-Hekma, a planned new city on Egypt’s Mediterranean coast.
MEED understands that the tenders were issued in January.
These include:
DP3 assets: covering 146 residential villas, 590 three-bedroom townhouses, 356 four-bedroom townhouses, a mall and other associated works.
Bids due on 23 February.
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Bids due on 17 March.
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Modon has accelerated development works at Ras El-Hekma this year. In January, MEED reported that Modon Holding had awarded a E£15bn ($316m) contract for the construction of a project at Ras El-Hekma.
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In September, MEED reported that Modon Holding had tendered contracts for the infrastructure works for the first phase of the Ras El-Hekma project.
As part of the first phase, Modon plans to develop more than 50 million square metres (sq m), including hotels and a marina.
Ras El-Hekma is on a spur of land on Egypt’s northern Mediterranean coastline, about 240 kilometres west of Alexandria.
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According to an official statement, Modon will act as the master developer for the entire development, which will cover more than 170 million sq m.
Modon Holding will develop the first phase of the project, which will cover 50 million sq m.
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In September 2024, Modon signed several memorandums of understanding (MoUs) with local and international firms to join the development. It signed a framework agreement with Orascom Construction to serve as the primary contractor for the project’s first phase.
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AD Ports will hold a 70% stake in the joint venture, with the remaining 30% held by ADC.
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The signing ceremony was held at the Aqaba Special Economic Zone Authority headquarters in Aqaba on 5 February.
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The announcement followed AD Ports Group’s signing of a shareholders’ agreement in January 2024 between its digital arm, Maqta Gateway, and Jordan’s Aqaba Development Corporation regarding their existing joint-venture company, Maqta Ayla.
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Chinese firm wins Ceer automotive supplier park deal
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Beijing-headquartered Metallurgical Construction Corporation (MCC) has won a contract to undertake the steel structure works on the Ceer automotive supplier park in King Abdullah Economic City (KAEC).
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