Dubai: Emaar Industries & Investments (EII) said on Tuesday it has acquired a significant stake in the UAE-based Leaders Fort Contracting (LFC).
The company, however, did not divulge the size of the stake and the price paid for the acquisition.
The private joint stock company and member of Emaar Properties said that it will contribute to developing LFC’s business activities and strengthen market share including looking at opportunities for potential partnership on mega-developments in the UAE, as well as expansion to other GCC [Gulf Cooperation Council] markets, the company said in a statement.
EII also stated that it will support LFC in expanding its footprint into the oil and gas, and military sectors, as well as supporting it in building its service portfolio.
“The acquisition of a significant stake in Leaders Fort Contracting is a strategic fit to our focus on investing in leading UAE-based companies that have high growth potential,” stated Nasser Batha, chief executive of EII.
Established in 2006, LFC has undertaken works for clients such as Burj Khalifa, The Dubai Mall, Dubai International Airport, Abu Dhabi International Airport, The Presidential Palace, Mafraq Hospital, Al Ain Stadium, Yass Mall and Julphar pharmaceutical facilities, among others.
It has specialised divisions that undertake a range of works including civil work, industrial and car parking flooring, waterproofing, concrete rehabilitation and repair, and protective and decorative coatings, among others. The company has a strong base of industry specialist employees, set to almost double this year, following the investment by EII, the statement added.
