Hydra Properties acquires 47.43% stake in Asmak

ASMAK is a leading holding company in the UAE and Middle East region.

The company's business activities span major investments in diversified sectors that include all aspects of aquaculture industry, marketing, distribution, export and consulting and has entered into the property development sector through the recent establishment of its fully owned subsidiary 'Emirates Stallions Properties LLC' in the Emirate of Abu Dhabi.

With associates and subsidiaries in the GCC states and Europe and new ventures on the horizon, ASMAK is gradually expanding its operations throughout the Middle East, Arabian Gulf and the Western Indian Ocean with well diversified business activities aiming to achieve sustainable growth in terms of revenue and profitability in order to enhance shareholders' wealth.

Commenting on Hydra's share acquisition, Dr. Sulaiman Al Fahim, CEO of Hydra Properties, said:

"The investment in ASMAK is part of the diversification plans of Hydra Properties. We, at Hydra Properties, consider that fishing industry is very integral to the UAE economy, and giving a shot in the arm for this crucial sector is our responsibility. The diversification and expansion undertaken by the company shall firmly place ASMAK on a fast growth track and shall transform ASMAK into one of the leading companies in United Arab Emirates and the region in the coming years."

As part of the recent consolidation of equities, Hydra Properties has increased its stake in ASMAK to 47.43% after converting convertible notes of Dhs140m into shares.

"We believe in the management of the company (ASMAK) and its Chairman H.E. Hamad Abdullah Al Shamsi. H. E. Mr. Al Shamsi has done a wonderful job in positioning the company as a pioneer in the fish farming sector. He has been truly a guiding force for the company and I'm quite confident under his leadership and guidance the company will flourish to exceptional levels of growth."

Dr. Al Fahim explained.

H. E. Al Shamsi while welcoming Hydra Properties into ASMAK said:

"The dynamism of Hydra Properties under the leadership of Dr. Al Fahim which he will bring into ASMAK, and with the infusion of funds and support, will go a long way to help the company expand and diversify its field of operations and grow from strength to strength in the coming years. We are looking forward to a great and mutually beneficial partnership."

The Emirates Stallions Properties LLC,- The Real Estate investment arm of ASMAK has bought four prime water front land plots in the port region on the main island of Abu Dhabi for development, investment as well as for commercial purposes.

The acquired land will be developed into mix use residential as well as commercial properties.

Historically it is worth mentioning that Hydra Properties is linked in a joint venture and strategic partnership with Ras Al-Khaimah Cement Company, whereas Hydra Properties owns 20 percent of the company's shares.

Hydra Properties has also recently entered into a joint venture with Kuwait's Al-Aqeelah Leasing, Finance and Investment Co., and Tassameem Real Estate Co., to establish Hydra-Al-Aqeelah Development Co., which is developing the Al-Aqeeq Marina, a mega real estate venture in the region, which will be located in Kuwait's resort city of Khairan.