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Kirkland & Ellis said in a press release that the firm is representing Rakiza Fund I, co-managed by Oman Infrastructure Investment Management (Rakiza) and Equitix, together with Iv3 Aqua Holding A/S on the signing of definitive agreements to acquire Majis Industrial Services SAOC from OQ. The law firm described Majis as Oman’s leading integrated industrial water utilities platform that serves the Sohar Industrial Port Complex under a long-term concession framework. Majis delivers cooling seawater, process water, potable water and wastewater treatment services to a diverse industrial customer base.
The transaction combines Rakiza’s infrastructure investment experience and regional expertise with Iv3 Aqua’s technical and operational capabilities in water infrastructure across the Middle East and Asia, according to announcements on the deal. OQ is divesting the asset as part of its ongoing portfolio optimisation programme to boost private sector participation and attract foreign investment. Related industry reports indicated that the acquisition supports Majis in its next phase of growth with a focus on operational performance.
A Ken Research report places the Oman water treatment as a service market at 1.1 billion U.S. dollars in 2025 with expectations that it will reach 1.9 billion by 2031 while expanding at a compound annual growth rate of 14.75 percent. This projected rise reflects increasing demand tied to the Sultanate’s industrial expansion and economic diversification efforts. Majis’ established position within the Sohar Industrial Port Complex aligns with these market dynamics.
The Kirkland & Ellis team comprised corporate lawyers Osama Lone, Noura Abdulrahman and Mohammed Aboabat along with debt finance lawyer Mohsin Iqbal, all based in the firm’s Riyadh office. The press release identified Lone as a partner leading the corporate elements while Iqbal, also a partner, managed the financing components. No financial details or timeline for transaction completion appeared in the statement.
OQ’s decision forms part of a wider strategy to optimize holdings in non-core areas and encourage greater private and international involvement in Oman’s utilities sector, multiple coverage outlets reported. The Rakiza Fund I vehicle benefits from Equitix’s additional infrastructure investment background as co-manager. Such partnerships have become increasingly common in regional infrastructure transactions.
Reliable industrial water supply remains essential to sustaining activity at key facilities like the Sohar Industrial Port Complex, where Majis holds a central role, according to sector assessments. The shift to new ownership by specialized investors may yield further efficiency improvements at the platform. Initial announcements did not provide additional operational targets following the change in control.
