The deal will strengthen Al Basel's presence in the booming Arab construction market, as Al Shabak expects contracts and projects valued at Dhs300m in 2008.
Established in 1996, Al Shabak has successfully completed 22 projects and maintains a productive business partnership with Belhasa International Co., one of the leading proponents of industrial development in the UAE.
Currently managing 250 employees, Al Shabak is presently setting up a new branch in Sharjah.
"Our strategic acquisition of Al Shabak positions us well in the booming regional construction market and complements our real estate activities. The company's good reputation and its loyal patrons will also help us boost our group image. Finally, both our companies share a commitment to excellence and innovation, which are key elements to surviving in our highly competitive industries,"
said Basel Al Kasem, CEO, Al Basel Group.
"Our inclusion in the Al Basel Group provides us access to an established regional brand name and flexibility to explore new markets. While we face new management challenges as a result of our acquisition, we shall continue adopting advanced administrative and technical methods to efficiently meet the needs of the domestic and regional construction sectors," concluded Eng. Ayman Yahia, GM, Al Shabak Contracting.
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Posted by Eman Hassan
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