JEDDAH: Drake & Scull Water and Power (DSWP), a wholly owned subsidiary of Drake & Scull International (DSI) PJSC, has signed a Memorandum of Understanding (MOU) with Australian based company Earth Heat Resources Limited, an ASX listed New Energy Company, to jointly explore, bid for and secure geothermal project opportunities in the Middle East and Africa, the company said in a statement Wednesday. The agreement comes after the company's announcement of its intention to tap into the markets of Djibouti and Vietnam in Africa and Asia. "There is substantial demand and growth in the new Energy space in the region, our association with Earth Heat one of the leading Independent Geothermal Companies in the world, will allow us to explore and identify viable geothermal project opportunities in the MENA region, especially with government endorsement of such developments through tax incentives, grants and carbon credits," said Tawfiq Abu Soud, executive director of DSWP. He added that "we recognize the potentials in investing in alternative energy solutions and especially in geothermal fields, which have a proven record of being cost effective, reliable, sustainable, and environmentally friendly. Our company has long adopted similar stances and we are adamant to dedicating the necessary resources to optimize our service portfolio and investment reach in this promising industry." Earth Heat Managing Director Torey Marshall said "we see many synergies between the two companies moving forward and believe that together, we will not only be able to identify and acquire geothermal projects of interest, but also work successfully in advancing these projects into development and production stages." DSWP the specialist contractor in the infrastructure field and especially in the sewage and water solutions sectors has been establishing strong footholds in the region.
