Dubai buys 45% stake in KEF Holding

Last updated: September 11, 2008 | 00:39

1 MIN READ

Dubai: Dubai International Capital (DIC), the international investment arm of Dubai Holding, yesterday announced the acquisition of a 45 per cent stake in UAE-based KEF Holding by its emerging markets division.

KEF is an international provider of steel castings for valves and pumps serving the oil and gas, mining, industrial, and chemical industries in the Middle East, Asia, Europe, and the US.

"The acquisition of KEF Holding reinforces DIC's commitment to investing in outstanding Middle East businesses that combine strong growth potential with an experienced management team."

KEF's founder, Faisal Kottikollon, has in just 11 years built KEF into a significant competitor to European foundries that have been in operation for over 100 years," said Sameer Al Ansari, executive chairman and CEO of DIC.

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