In a consortium with Sumitomo Corporation and Malakoff Corporation Berhard as partners, our subsidiary Cadagua has closed a deal with three banking institutions to finance the Al Ghubrah Independent Water Project (IWP) located in the city of Muscat, Oman. The new desalination plant will cost a total of 306 million dollars. Sumitomo Corporation and Malakoff will each hold 45% of the company's shares, with Cadagua holding the remaining 10%. The consortium has also set up a company for operations and maintenance with the stakes divided in the same way. Sumitomo Mitsui Banking Corporation, Bank of Tokyo-Mitsubishi UFJ (MUFG) and Japan Bank for International Cooperation (JBIC) are the three banking institutions involved in the project. The project will be complete by October 2014, when it will supply 191,000 cubic metres of drinking water per day over a period of 20 years to 800,000 people in the area. Given the demographic and economic development of the region of Muscat, demand for water is currently 700,000 cubic metres per day and is expected to increase at an annual rate of around 2-3%. Cadagua around the world This contract consolidates Cadagua's expansion in the Persian Gulf region, where it has been involved in numerous contracts, among them the Madinat Yanbu desalination plant in Saudi Arabia; the water purification plant in Darsait, Oman; and the desalination plant in Al Zawrah, in Ajman, in the United Arab Emirates. Since its establishment in 1971, Cadagua has built more than 220 drinking water treatment plants, desalination plants and urban waste-water treatment plants, as well as more than 140 industrial water treatment plants in Spain, China, Saudi Arabia, Morocco, Emirates, Oman, Cyprus, Tunisia, Chile, Portugal, France, the United Kingdom and India, among other countries.