Shari Arison has established a $100 million water technologies investment company. Former Mekorot National Water Company chairman Baruch (Booky) Oren will serve as CEO of the new venture.
The project is still only at the declaration of intent stage. Oren will first build a team to manage the venture and prepare a detailed business plan for investors. The plan will analyze the area of activity, and make an initial list of suitable companies and ventures for investment, including amounts, investment performance rates, and how investments will be made. Oren will also seek additional potential investment partners.
Arison Holdings Ltd. said investments would likely begin a few months after the company’s board approves the business plan.
Oren’s three-year term as Mekorot chairman ended in September. During his tenure, he completely overhauled the company from a government company with severe labor problems into a company that promotes water technologies development and operates as a commercial body vis-a-vis leading international entities.
Oren and Waterfront - Israel Water Alliance chairman Uri Yogev have put water technologies at the forefront of Israeli investment and revolutionized the attitude of the county’s technology and business sectors towards the water industry. While at Mekorot, Oren established the WaTech incubator, which converts technological ideas into commercial applications.
Arison Holdings chairperson Shari Arison said, “Partnership in the water venture was made in the faith and as part of the vision that we must invest in the environment to ensure the lives of future generations. This includes clean energy and water.”
Arison Holdings subsidiary Housing and Construction Holding Co. Ltd. (Shikun u'Binui) (TASE: HUCN) recently won the tender to build and operate the 100 million cubic meter a year water desalination facility at Hadera.
Published by Globes [online], Israel business news - www.globes.co.il - on November 22, 2006
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