Emaar Industries acquires stake in UAE contractor.
Emaar Industries & Investments (EII), a private joint stock company and member of Emaar Properties, has acquired a significant stake in the UAE-based Leaders Fort Contracting (LFC).
LFC has extensive expertise in specialised works including concrete repair technologies, industrial & trafficable flooring, waterproofing, protective coatings, MEP works among others.
A privately owned company, LFC is another strategic investment by EII in the construction and contracting sector.
EII will contribute to developing LFC's business activities and strengthen market share including exploring opportunities for potential partnership on mega-developments in the UAE and expansion to other GCC markets.
EII will also support LFC in expanding its footprint into the oil and gas, and military sectors in addition to supporting LFC in building its service portfolio.
Nasser Batha, chief executive officer of Emaar Industries & Investments, said: "The acquisition of a significant stake in LFC is a strategic fit to our focus on investing in leading UAE-based companies that have high growth potential. LFC has a strong track-record in providing specialised services for the construction sector, which fits well with our investment strategy."
Mohammed Bazzari, chief executive officer of LFC, said: "The partnership with Emaar Industries & Investments will enable us to secure long-term growth through strategic business activities and a wider geographic footprint. We are now set to enter a new era of growth, supported by the expert counsel and investment support offered by EII, across all aspects of our operations. The investment will also enable us to create new jobs in our sector."
Established in 2006, LFC has undertaken works for several clients such as Burj Khalifa, The Dubai Mall, Dubai International Airport, Abu Dhabi International Airport, The Presidential Palace, Mafraq Hospital, Al Ain Stadium, Yass Mall and Julphar pharmaceutical facilities, among others.
[c] 2016 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. ( Syndigate.info ).