Emaar Industries & Investments, a unit of Emaar Properties, acquired a strategic stake in Gutmann Systems Middle East, one of the region's leading providers of architectural aluminium glazing systems.
The deal will see EII support the company’s expansion in the region, and help expand business opportunities “by providing strategic counsel and market guidance,” EII said in a statement on Tuesday.
The size of the stake acquired by EII and the price paid was not disclosed.
“Our strategy is to partner with high-growth enterprises that operate in promising industrial sectors and have a proven track-record in delivering quality work,” said EII’s chief executive Nasser Batha.
_______________
Read more:
Chinese banks to pay for slice of Egypt's new capital
Dubai's DIFC completes Dh180m 'The Exchange' development
_______________
“With the region’s focus on infrastructure development, Gutmann has the potential to expand its business reach further - a task we are committed to, following our equity partnership.”
Gutmann Systems Middle East’s materials – which include aluminium profiles, buildings systems and specialised wire - have been used in projects including Habtoor Grand Resort & Spa in Dubai, various developments in Dubai Marina & Jumeirah Lake Towers, The Souk in Abu Dhabi’s Qaryat Al Beri, and Makkah Royal Clock Tower in Saudi Arabia.
The company is headquartered in Dubai, with offices in Jordan, Lebanon, and a sales presence in Saudi Arabia and Kuwait.
Emaar Properties owns 40 per cent of EII's shares but is not involved in its management.
