Blackstone announced the launch of Zarou in a press release devoid of any details about the projects it will handle. The new entity, Zarou, will explore opportunities in thermal and renewable energy segments as well as look out for oil and gas midstream and water assets in MENA. Pictured is the screenshot of Zarou the Group’s webpage. (Source: Zarou Group)
- Blackstone has launched a new company called Zarou to focus on exploring thermal, renewable, oil & gas midstream, and water assets
- The new company will develop, finance, construct and operate energy related projects in the MENA and neighboring regions
- Former Head of Infrastructure Equity Investments at United Kingdom (UK) government owned CDC Group, Sameh Shenouda will lead the company as CEO
- Meftaur Rahman, former president and CEO of AES Jordan will be the COO of Zarou
Private equity fund manager Blackstone has launched a new company to develop, finance, construct and operate energy related projects in the Middle East and North Africa (MENA) and neighboring regions. The new entity, Zarou, will explore opportunities in thermal and renewable energy segments as well as look out for oil and gas midstream and water assets.
It has not shared any more details about the prospective projects or what renewable technologies exactly it wants to work upon.
The Zarou team will be led by the former Head of Infrastructure Equity Investments at CDC Group, the UK government-owned Development Finance Institution (DFI), Sameh Shenouda. Blackstone describes Shenouda as been involved in more than $6 billion of projects in the MENA region.
He is joined by former President and CEO of AES Jordan, Meftaur Rahman as COO.
Blackstone says Zarou is fully owned by Blackstone and will leverage its experience as an active owner and investor of energy projects in developed and emerging markets.
“We are thrilled to partner with investors of Blackstone’s calibre and experience. They share our drive and enthusiasm to invest in and build projects across the MENA region. We have the flexibility to participate in projects throughout the development lifecycle, from concept stage through construction to operating stage, and I believe we are well-positioned to be a value-added partner in the region’s energy sector,” said CEO Shenouda.