Sorouh Real Estate PJSC acquires 60% stake in Abu Dhabi Construction firm Pivot

Sorouh announced its deal with the local construction company as a logical step in strengthening its ability to deliver on the more than Dhs45bn in projects it currently has under development.

The company last week acquired a stake in Abu Dhabi-based LLJ Property in a share transaction that extended Sorouh's sales channel to market.

Mounir D Haidar, Chief Executive Officer, Sorouh Real Estate PJSC, said:

"Sorouh is delighted to be able to deepen its relationship with Pivot, a company with proven delivery and a long history in Abu Dhabi. Given the scale of our many developments coming to market in the coming months and years, our construction force needs to be extensive and to operate at world-class levels of build and safety. It is vital that Sorouh keeps its commitment to deliver on time and to optimum quality. With this acquisition and our shareholding in LLJ Property, we have made strategic investments up and down the delivery chain, which put us in a stronger position than ever before."

Pivot Engineering and General Contracting Company established its headquarters in Abu Dhabi in 1978, and has successfully completed a diverse range of construction projects.

The company has a proven track record of on-time delivery while maintaining the highest quality and safety standards.

Fahim Boulos, Managing Partner, Pivot Engineering and General Contracting LLC, said: "We feel that this is a very exciting time right now in Abu Dhabi, and to be associated with Sorouh and its projects gives us unprecedented ability to grow and participate in the city's major development plans.

"As a company that prides itself on integrated teamwork, dedicated project management and outstanding craftsmanship, we feel our relationship with Sorouh is a perfect fit in delivering the highest quality and best value to Sorouh's customers."

Sorouh last week also unveiled the first master-plans for Lulu Island, which will be developed into an important tourism and residential landmark for Abu Dhabi.