Date: September 1, 2026
Transaction Description
Welspun Corp Limited signed a Memorandum of Understanding with Perma-Pipe International Holdings, Inc. and the developers of Jordan's National Water Carrier Project and the Government of the Hashemite Kingdom of Jordan to advance the development of pipe manufacturing and advanced coating facilities in Jordan. The parties intend to establish a joint venture to support the development and operation of these facilities. The partnership will establish an integrated pipe manufacturing and coating platform in Jordan capable of serving major water, oil and gas, energy, and infrastructure projects in the Kingdom and across surrounding regional markets.
Strategic Rationale
The partnership combines Welspun's large-diameter steel pipe manufacturing capabilities with Perma-Pipe's expertise in anti-corrosion coating systems, engineered piping solutions and project execution expertise. The JV is intended to create a strategically located regional manufacturing hub that can support large-scale infrastructure programs, strengthen regional supply chains, increase local value creation and develop skilled technical capabilities in Jordan. Over time, it could support infrastructure development and reconstruction requirements in Syria, Lebanon, Iraq and Gaza, as well as potential future opportunities associated with the development and rerouting of regional oil and gas infrastructure toward the Port of Aqaba.
Key Personnel Comments
Vipul Mathur, Managing Director and CEO of Welspun Corp Limited, stated this JV aligns with Welspun's strategy of investing in Core Products and Core Geographies to expand global manufacturing footprint in strategically important markets like Jordan. The investment will cater for onshore and offshore oil and gas projects, water infrastructure development, reconstruction opportunities across the Middle East, and emerging hydrogen and carbon capture utilization and storage initiatives.
Saleh Sagr, President and CEO of Perma-Pipe, commented that the investment is consistent with Perma-Pipe's strategy of expanding global manufacturing and coating footprint in strategically important markets. Jordan's geographic position offers a manufacturing base that can serve as a gateway to markets across the Levant and broader Middle East.
H.E. Eng. Raed Abu Soud, Minister of Water and Irrigation of Jordan, welcomed strategic investments that strengthen national manufacturing capabilities and support critical water infrastructure development.
Supporting Context
The JV will support Jordan's National Water Carrier Project (NCP), one of the Kingdom's most significant strategic infrastructure initiatives designed to enhance long-term water security and address growing water supply challenges. The project is expected to transport desalinated water from the Gulf of Aqaba to communities across Jordan through a major pipeline network and associated water infrastructure.
Next Steps
Perma-Pipe, Welspun, and the project developers are engaged in technical, commercial, financing and regulatory requirements associated with the project, including facility design, manufacturing capacity, coating technologies, market requirements and applicable approvals. Additional details regarding investment in the JV, ownership structure, capacity, and project timeline will be announced as the project progresses and definitive agreements are completed.