Business | Construction
Sorouh acquires 6o% stake in Pivot
Sorouh Real Estate PJSC on Wednesday said it has acquired a 60 per cent stake in Abu Dhabi-based construction company, Pivot Engineering and General Contracting Company LLC.
- Staff Report
- Published: 15:48 May 21, 2008
Dubai: Sorouh Real Estate yesterday said it has acquired a 60 per cent stake in Abu Dhabi-based construction company Pivot Engineering and General Contracting Company.
Sorouh announced its deal with the local construction company as a logical step in strengthening its ability to deliver on the more than Dh45 billion in projects it currently has under development.
The company last week acquired a stake in Abu Dhabi-based LLJ Property in a share transaction that extended Sorouh's sales channel to market.
Mounir D. Haidar, chief executive of Sorouh Real Estate, said: "Sorouh is delighted to be able to deepen its relationship with Pivot, a company with proven delivery and a long history in Abu Dhabi. Given the scale of our many developments coming to market in the coming months and years, our construction force needs to be extensive and to operate at world-class levels of build and safety.
"It is vital that Sorouh keeps its commitment to deliver on time and to optimum quality.
With this acquisition and our shareholding in LLJ Property, we have made strategic investments up and down the delivery chain, which put us in a stronger position than ever before," he said.
Track record
Pivot Engineering and General Contracting Company established its headquarters in Abu Dhabi in 1978, and has successfully completed a diverse range of construction projects.
The company has a proven track record of on-time delivery while maintaining the highest quality and safety standards.
Fahim Boulos, managing partner, Pivot Engineering and General Contracting, said: "We feel that this is a very exciting time right now in Abu Dhabi, and to be associated with Sorouh and its projects gives us unprecedented ability to grow and participate in major development plans."
More from Construction
More from Business
Business Editor's choice
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
-
Banks can increase their share
Longer opening hours, more locations outside cities and lower charges can help
-
Geepas idea blossomed in Dubai
The journey led from a small shop in Bahrain to a $1.27b company in the UAE
