The idea was brilliant, but the intention wasn’t quite there. It aimed to establish a project to ensure water security for countries facing fresh water shortages, particularly the wealthy Gulf states. The founders managed to raise more capital than expected for the water company project. Yet, after years of work, travel, advertising, promotion, and spending millions of dollars, no Gulf government was convinced by the idea, even though communication often reached the highest government levels. With momentum for that idea lost, a new idea was needed.

The second idea emerged, which was bigger and more compelling than the first - establishing a water bank. The original partners of the water company became founding partners of the water bank. Attracting new partners was easier this time, as the bank’s mission was truly remarkable - to increase the fresh water reserves of the Gulf states through various means. The bank’s establishment process began in 2019, and the founders successfully released their first prospectus that same year, outlining the bank’s unique structure and objectives, which were financing desalination projects, dam construction, wastewater treatment, and providing consulting services. It became the world’s first bank dedicated to overcoming obstacles and challenges of investing in water infrastructure, technologies, and innovations. It was a remarkable idea that, surprisingly, no one else had pursued before. After a long struggle with European bureaucracy, which proved as challenging as that in many Arab countries, all obstacles were overcome in record time. The first meeting of the Water Bank’s Board of Directors took place in a European capital in 2023.

It raises the question of why it wasn’t held in Oman or Kuwait at a fraction of the cost, though security and legal considerations likely influenced the choice. Although the Water Bank project’s supervisors claimed that the initiative was launched with support from the World Bank, research shows no sources confirming such support, funding, or partnership. It is widely known that the World Bank primarily works with governments, not individuals or private companies. There is no evidence to support claims that the Water Bank has collaborated, or will collaborate, with international organizations such as the World Bank, the United Nations, or others in financing water projects.

Neither the Water Bank’s official website nor those of related entities mention any direct investment, partnership, or contribution from any international organization. If any cooperation exists, it is likely limited to advisory roles. Documents and reports published on the World Bank’s website related to the water sector and water finance do not list the Water Bank as a participant in any projects, agreements, or formal financing arrangements.

The Water Bank’s introductory brochure does not mention collaboration with any specific international institution, funder, or sustainable development initiative. Those overseeing the Water Bank continue to state in interviews that the idea for establishing the bank was first proposed in the mid-2000s, emphasizing that the official launch and commencement of operations will take place soon.

Meanwhile, I would like to congratulate our colleague, journalist Ammar Taqi, on his well-deserved selection among the fifty most influential media figures in the Arab world.

By Ahmad alsarraf
email: [email protected]