Dubai: Amwal Al Khaleej, a leading regional private equity firm on Monday said it has acquired a 49 per cent stake in Dubai Contracting Company (DCC) for an undisclosed sum.
The acquisition was made through a special purpose vehicle (SPV) that is solely managed by Amwal Al Khaleej, AK XII. Investors in AK XII include Goldman Sachs and Credit Suisse.
Opportunity
Abdullah Yabroudi, chairman and chief executive officer of DCC, said: "Our partnership with Amwal Al Khaleej provides us with a tremendous opportunity to expand further our operations. Amwal Al Khaleej's team has demonstrated their ability to add value to our business and we are confident that their experience will allow us to pursue various growth initiatives that we are currently focused on."
Ammar Al Khudiary, chief executive officer of Amwal Al Khaleej, said: "DCC is a premier contracting firm that is well-positioned to achieve significant growth in the region. The company's strong performance over time indicates the very high quality of the management team which has been running the company for 45 years."
DCC's project portfolio includes UAE landmarks such as the Fairmont Hotel on Shaikh Zayed Road, the headquarters of Abu Dhabi Commercial Bank and the Capricorn Tower. Projects in progress include the World Trade Centre Residence, the Rolex Tower and the Fairmont Hotel on the Palm Jumeirah.
Fawzi Jumean, executive vice-president and UAE country head for Amwal Al Khaleej, said: "We will work closely with the DCC management to achieve their strategic objectives. We at Amwal Al Khaleej look to invest in companies like DCC that are strong leaders in their field."
The DCC management will stay in place and continue to hold a majority stake in the business.
