Jadwa Waste Management Opportunities Fund acquires Global Environmental Management Services

Riyadh, 24 September 2014: Jadwa Investment, a leading Saudi Arabian private equity house and investment bank with headquarters in Riyadh, today announced that the Jadwa Waste Management Opportunities Fund has, together with its co-investment partners, acquired Global Environmental Management Services (GEMS) from funds managed by UK-based investment management firm Ashmore Group and various local shareholders.

GEMS, headquartered in Jeddah, is a national provider of waste management, recycling, industrial and engineering services across Saudi Arabia, and a leading player in an industry that contributes to the long-term sustainability of the Kingdom’s industrial sector and promotes sustainable, environmentally-friendly recycling technologies. The company employs over 500 professionals including scientists and researchers, environmental engineers, waste management specialists and administration professionals, working with over 200 clients across Saudi Arabia.

With an existing and planned investment pipeline of over SAR 850 billion throughout all industrial sectors in the Kingdom, and given the significant momentum towards environmentally responsible waste management practices, demand is expected to increase consistently for waste management, recycling, industrial effluent treatment and other environmental solutions that help alleviate the impact of industrial development activities on the environment.

Commenting on the investment, Tariq Al Sudairy, Managing Director and CEO of Jadwa Investment, said: “Global Environmental Management Services is a leading player, with a strong and entrepreneurial management team, in a sector with strong growth potential that is underpinned by Saudi Arabia’s global leadership position in the petrochemical production sector, and the overall public push towards long-term sustainability and environmental awareness. In this investment, together with our partners, we will strive to accelerate GEMS’ ambitious growth plan, and complement management’s considerable industry expertise by leveraging our experience in corporate governance, strategy, corporate finance, management and business development.”

GEMS Managing Director, Mr. Hanif Dahya commented: “We are very proud of our partnership with Jadwa, as a leading investment management firm in Saudi Arabia, and its co-investors. We believe that Jadwa’s team will provide us with the support and expertise we require to see GEMS through its next chapter of growth, and we look forward to an exciting new partnership.”

The investment in GEMS marks Jadwa’s seventh private equity deal and follows a series of significant milestones in the company’s private equity business. Earlier this year, Jadwa’s investment team completed two major Tadawul listings with Abdulmohsen Al Hokair Group and Al Hammadi Company for Development and Investment, and a full exit via a trade sale with Gulf United Foods Company (GUFC). Jadwa Investment has executed SAR 4 billion worth of private equity transactions across multiple sectors including healthcare, hospitality and entertainment, food and beverage, building materials, consumer electronics and oil & lubricants.