Dubai: UAE-based packaging company, Express Publishing and Investment Limited (Express Group), has agreed to sell a majority stake to Saudi Arabia-based investment and asset management firm, Alkhabeer Capital, for an undisclosed amount, Shuaa Capital, which acted as financial and sell side advisor to Express Group, said in a statement on Monday.

Citing the transaction as an example of growing interest in M&A [merger and acquisition] activity in the UAE, Shaikh Maktoum Hasher Bin Maktoum, Executive Chairman of Shuaa Capital, said in a statement that such deals were expected to add to the UAE’s and the region’s ability to attract greater inflows of foreign capital and enhance economic growth.

Express Group stated that significant increases in demand for packaging products and positive indicators in the Middle East such as strong economic growth and growing population were the main drivers of the company’s expansion. It added that the company has a presence in over 25 markets across the region.

“The sale of a majority stake will allow us to drive the development of the business by pursuing our strategic aim of consolidating our competitive position at home and accelerating our growth plans internationally,” Ammar Shata, Alkhabeer’s Executive Director and CEO, said in a statement.