SHUAA Capital has been appointed as financial advisor on the transaction. The transaction is subject to the satisfactory conclusion of the due diligence process.
Arabtec's acquisition of DCC will complement its existing business, expand its current market share in the UAE, and allow the company to gain access to additional market segments. Post acquisition, DCC's management is expected to be locked into the company for at least two years.
Sheikh Buti Bin Maktoom Bin Jumaa' Al Maktoom, Arabtec's Chairman, said "The decision to acquire DCC is a strategic one, and comes as part of our efforts to expand our assets and scope of operations. DCC is an exceptionally successful company and we believe that our combined strength will have a very positive impact on our operations."
DCC provides contracting services for buildings, civil and general contracting work for the real estate sector in the UAE. DCC is a privately owned company.
Some of the completed projects in DCC's portfolio include: The Fairmont Hotel; the Capricorn Tower; the Chelsea Tower; and the new headquarters for Abu Dhabi Commercial Bank.
DCC is a very financially sound company, and completed, in the period from 2000 to 2005, projects valued at more than AED2.7 billion. DCC has witnessed an increasing growth in revenue trend over the last three years, mainly due to its ability to secure large contracts and ensure timely and quality delivery.
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Arabtec to acquire Dubai Contracting Company
- United Arab Emirates: Tuesday, November 28 - 2006 at 10:33
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Arabtec Holding PJSC, the UAE's construction giant, announced today that its board of directors took a decision to acquire Dubai Contracting Company (DCC), a leading construction company whose name is associated with landmark projects in the UAE.
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Posted by Lara Lynn Golden, News EditorTuesday, November 28 - 2006 at 10:33 UAE local time (GMT+4)
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For Further Information Please Contact:
Mariam B. Keblawi -
Sahara Public Relations
Tel: +971 (6) 573 7018
http://www.arabtecholding.com
Or
Dana Budeiri - Corporate Communications Department
SHUAA Capital
Tel: +971 (4) 330 3600
http://www.shuaacapital.com
About Arabtec Holding PJSC
Arabtec Holding PJSC is a public shareholding company, listed on the Dubai Financial Market. In 2005, Arabtec Holding PJSC acquired Arabtec Construction LLC, a leader in the Construction Industry in the UAE, established in 1975. In addition, Arabtec Holding PJSC fully owns Austrian Arabian Ready Mix Company LLC, Arabtec Precast LLC and one third of House of Equipment, and has set-up operations in Qatar.
Arabtec has played a key role in the growth of the Emirates and is one of the few companies to have kept pace with the rapid development of the country. The company boasts a large multinational workforce in excess of 27,000, an array of the latest plant and equipment and a highly qualified and professional management team.
Arabtec's name is associated with some of the most prestigious projects and developments in the region, and it undertakes High Rise Developments, Hotel Interiors, Residential Complexes, Office Blocks, Commercial and Industrial Projects, Major Airport Developments.
About Dubai Contracting Company
Dubai Contracting Company LLC, was established in 1962 as a sole proprietorship, later to become a limited liability company.
DCC provides contracting services for buildings, civil and general contracting work to the real estate sector. The types of the developments that the company undertakes are: villas; residential buildings; commercial buildings; retail; leisure; mixed use and industrial projects.
About SHUAA Capital
SHUAA Capital was established in 1979 for the express purpose of investing and promoting capital flows into the Arab region.
In 2000, SHUAA Capital augmented its existing proprietary investment activities to encompass a broad range of financial services including asset and portfolio management, investment banking services, prime regional brokerage and portfolio advisory services and private equity. Today the company is one of the leading financial services institutions in the Arab region.
As part of its asset and portfolio management services, SHUAA Capital currently sponsors and manages seven investment funds targeting the Arab region. In addition, SHUAA Capital also manages six third party investment funds sponsored by leading financial institutions in the Arab region.
SHUAA Partners, its private equity arm manages two funds that invest in the GCC and the Levant.
Mariam B. Keblawi -
Sahara Public Relations
Tel: +971 (6) 573 7018
http://www.arabtecholding.com
Or
Dana Budeiri - Corporate Communications Department
SHUAA Capital
Tel: +971 (4) 330 3600
http://www.shuaacapital.com
About Arabtec Holding PJSC
Arabtec Holding PJSC is a public shareholding company, listed on the Dubai Financial Market. In 2005, Arabtec Holding PJSC acquired Arabtec Construction LLC, a leader in the Construction Industry in the UAE, established in 1975. In addition, Arabtec Holding PJSC fully owns Austrian Arabian Ready Mix Company LLC, Arabtec Precast LLC and one third of House of Equipment, and has set-up operations in Qatar.
Arabtec has played a key role in the growth of the Emirates and is one of the few companies to have kept pace with the rapid development of the country. The company boasts a large multinational workforce in excess of 27,000, an array of the latest plant and equipment and a highly qualified and professional management team.
Arabtec's name is associated with some of the most prestigious projects and developments in the region, and it undertakes High Rise Developments, Hotel Interiors, Residential Complexes, Office Blocks, Commercial and Industrial Projects, Major Airport Developments.
About Dubai Contracting Company
Dubai Contracting Company LLC, was established in 1962 as a sole proprietorship, later to become a limited liability company.
DCC provides contracting services for buildings, civil and general contracting work to the real estate sector. The types of the developments that the company undertakes are: villas; residential buildings; commercial buildings; retail; leisure; mixed use and industrial projects.
About SHUAA Capital
SHUAA Capital was established in 1979 for the express purpose of investing and promoting capital flows into the Arab region.
In 2000, SHUAA Capital augmented its existing proprietary investment activities to encompass a broad range of financial services including asset and portfolio management, investment banking services, prime regional brokerage and portfolio advisory services and private equity. Today the company is one of the leading financial services institutions in the Arab region.
As part of its asset and portfolio management services, SHUAA Capital currently sponsors and manages seven investment funds targeting the Arab region. In addition, SHUAA Capital also manages six third party investment funds sponsored by leading financial institutions in the Arab region.
SHUAA Partners, its private equity arm manages two funds that invest in the GCC and the Levant.
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