Bishoy Azmy, group chief executive of ASGC says there are long-term structural growth opportunities available in the UK infrastructure market. Antonie Robertson / The National.
Bishoy Azmy, group chief executive of ASGC says there are long-term structural growth opportunities available in the UK infrastructure market. Antonie Robertson / The National.
Bishoy Azmy, group chief executive of ASGC says there are long-term structural growth opportunities available in the UK infrastructure market. Antonie Robertson / The National.
Bishoy Azmy, group chief executive of ASGC says there are long-term structural growth opportunities available in the UK infrastructure market. Antonie Robertson / The National.

ASGC takes 15% stake in UK contractor Costain to explore infrastructure opportunities


Sarmad Khan
  • English
  • Arabic

ASGC, a Dubai-based construction group, acquired a minority stake in the UK contractor, Costain, for £25 million (Dh114m) in an effort to expand its presence in the country.

The company took a 15 per cent stake in Costain as part of the UK contractor’s £100m cash raising share issue, ASGC said in a statement on Sunday. The company has made a binding commitment to purchase more than 41.7 new ordinary shares in Costain’s enlarged share capital.

“We always seeking to diversify our interests and see long-term, structural growth opportunities in UK infrastructure,” Bishoy Azmy, ASGC group chief executive, said.  “We see the move as a way to benefit from an expected increase in UK infrastructure spending and believe that Costain will be well placed to take advantage of these.”

The UK, one of the worst-hit European economies by the coronavirus pandemic, is seeing record stimulus initiatives from its government to cushion its economy from the economic effects of Covid-19. It is pouring in tens of billions of pounds on healthcare infrastructure, guaranteeing small business loans and paying part of employees' wages on behalf of some struggling firms.

The country has also pledged to spend £600 billion on infrastructure by mid-2025, as the government ends the era of austerity and boosts employment. The infrastructure spending will target roads, railways, housing, digital connectivity and research and development.

"We are pleased to have secured significant support from investors for this fundraising. With a stronger balance sheet and the positive long term outlook for UK infrastructure, Costain will be better placed to benefit from the significant market opportunity in front of us," Alex Vaughan, chief executive of Costain, said.

Founded in 1989, ASGC has helped build large-scale project such as the Coca-Cola arena in Dubai, the Expo 2020 Sustainability Pavilion, Sheikh Mohammed Bin Rashid Public Library, the expansion of Dubai International Airport. The company has an annual turnover exceeding $1bn and employs 18,000 people.

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Recipe

Garlicky shrimp in olive oil
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Preparation time: 5 to 10 minutes

Cooking time: 5 minutes

Serves 4

Ingredients

180ml extra virgin olive oil; 4 to 5 large cloves of garlic, minced or pureed (or 3 to 4 garlic scapes, roughly chopped); 1 or 2 small hot red chillies, dried (or ¼ teaspoon dried red chilli flakes); 400g raw prawns, deveined, heads removed and tails left intact; a generous splash of sweet chilli vinegar; sea salt flakes for seasoning; a small handful of fresh flat-leaf parsley, roughly chopped

Method

Heat the oil in a terracotta dish or frying pan. Once the oil is sizzling hot, add the garlic and chilli, stirring continuously for about 10 seconds until golden and aromatic.

Add a splash of sweet chilli vinegar and as it vigorously simmers, releasing perfumed aromas, add the prawns and cook, stirring a few times.

Once the prawns turn pink, after 1 or 2 minutes of cooking,  remove from the heat and season with sea salt flakes.

Once the prawns are cool enough to eat, scatter with parsley and serve with small forks or toothpicks as the perfect sharing starter. Finish off with crusty bread to soak up all that flavour-infused olive oil.

 

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Timeline

1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line

1962
250 GTO is unveiled

1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company

1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens

1976
First automatic Ferrari, the 400 Automatic, is made

1987
F40 launched

1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent

2002
The Enzo model is announced

2010
Ferrari World opens in Abu Dhabi

2011
First four-wheel drive Ferrari, the FF, is unveiled

2013
LaFerrari, the first Ferrari hybrid, arrives

2014
Fiat Chrysler announces the split of Ferrari from the parent company

2015
Ferrari launches on Wall Street

2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary