"I have a dream," Arison Holdings Ltd. chairwoman Shari Arison began her speech about Miya, her water technology venture, to the International Water Association (IWA) World Water Congress and Exhibition in Vienna today.
Arison's dream is to create a better world, and Miya, which she established with a $100 million investment, is the means to achieve it. Miya has been active for almost two years, but Arison and its other executives - Arison Holdings CEO Efrat Peled, and Miya president and CEO Baruch Oren (the former chairman of Mekorot National Water Company) - are only now unveiling some its activity. Many questions remain unanswered, even now.
Miya was founded to provide water solutions, especially the prevention of water loss. Oren said that a third of treated water is lost before it reaches consumers, and that this loss amounts to $18 billion a year. This is Miya's target market. "This is a conservative estimate that does not include spending on infrastructure, just the loss of water," he noted.
At a press conference, Arison said, "I believe that we can bring about change through deals and philanthropy."
In response to a question where she got the idea to establish Miya, Arison replied with a smile, "The idea came from within, from my gut." She added, "Miya is my baby."
Miya's strategy is to acquire all or part of companies. Oren noted the acquisition of 96% of Dorot Control Valves Ltd. for NIS 105 million and the $250,000 investment in in start-up StreamControl Ltd., which develops solutions for leaks in municipal water pipes, at a company value of a few million dollars.
When asked how much of Miya's $100 million has already been invested, Oren replied, "As a private company, we prefer not to disclose the amount." He added, however, "We haven’t invested most of the money, only a substantial amount. Miya is financially sound."
When asked if she was seeking a partner for Miya, Arison told "Globes", "It's a private company now, but we rule nothing out in the future."
Oren said that Miya's first project in Israel was in Beersheva. "The project will initially calculate how much water Beersheva buys from Mekorot, and much it sells to consumers. The difference is the loss - 22% in the case of Beersheva. In Israel, it's not possible to rely only on rain, and we must find solutions for creating water for an ever-growing population."
Miya currently has hundreds of employees in Israel, South Africa, Canada, and other countries. Oren declined to comment about the company's revenue and profits, but the general tone was upbeat.
Published by Globes [online], Israel business news - www.globes-online.com - on September 9, 2008
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