Dubai: Al Rajhi Investment Group, a leading diversified business group located in Saudi Arabia, on Monday said it is acquiring a majority stake in Core Construction Company of the UAE.
The new venture represents a major development which will maximise market share and fuel geographical expansion plans to cater to projects all over the UAE, Saudi Arabia and subsequently the entire Gulf Cooperation Council (GCC) region.
Core Construction Company, founded in Dubai, has drawn up a strategy to ensure continuous growth utilising their focused and qualified management which enabled them in a short period of time to become a leading steel construction company in the region, with a record growth rate and a solid reputation for uncompromising quality.
Al Rajhi is reputed for being one of the largest and most successful diversified business groups in the region.
Part of its success has been achieved through identifying and then acquiring an interest in leading companies, particularly in the construction field.
Al Rajhi's reputation can be backed up by an extensive track record of achievements and numerous awards.
The acquisition complements Al Rajhi's prosperous construction based portfolio.
Commenting on the partnership, Faisal S. Al Rajhi, President of Al Rajhi, said, "Al Rajhi is a large established business group and we like to use our significant resources and business base to do business with companies such as Core.
"We know that Core is an organisation that has proven to be an up and coming player in the design and build arena, and which operates in both the industrial and commercial sectors. We look forward to working with a company that brings such experience and with such a talented team," he added.
