M'sharie adds new company to its subsidiary portfolio

M'sharie has acquired 51 per cent equity share in Stromek Emirates Foundation, a premier piling contracting company in Dubai which is a part of Al Arif Contracting Company.

An agreement to this effect was recently signed by Abdul Aziz Al Serkal, Managing Director of M'sharie, with Hamad Abdul Karim Al Arif, Chairman of Al Arif Contracting Company, and Ahmed El Adl Derbala, General Manager and Partner, Stromek Emirates.

Abdul Aziz Al Serkal said,

"We have been looking to diversify our subsidiary portfolio and have embarked on a massive expansion plan by targeting new geographical markets. Acquiring 51 per cent stake in Stromek is a strategic investment move that will enable us to gain a strong foothold in the field of mechanical foundation works, the market for which is expanding at an astounding rate as a result of the construction boom in the UAE and elsewhere in the region. Stromek also offers great in-house opportunities by way of synergizing with other group companies, and will contribute to the overall growth of Dubai Investments."

Hamad Abdul Karim Al Arif, said, "We are pleased to enter into this agreement with M'sharie, who has built a reputation as one of the most successful investment firms in the UAE. The strategic alliance with M'sharie considerably strengthens Stromek's financial base and we are confident this move will prove mutually beneficial and mark the beginning of a phase of accelerated growth for Stromek."

Stromek Emirates Foundation was established by Al Arif Contracting Company, the leading civil contractors in Dubai in 1994. Stromek is reputed for the high standards of its mechanical foundation works, and presently has nine drilling rigs complete with service crane and state-of-the-art rig accessories such as IMT AF 15 piling machine.

"Stromek has made a name for itself in the foundation works sector, having successfully completed more than 450 projects in the UAE. The agreement with M'sharie will allow Stromek to build on this growth by benefiting from the operational and marketing support of M'sharie" added Mr. Al Arif.

Over the years, M'sharie has evolved into a leading investment firm in the UAE. The company's investment portfolio includes services construction material manufacturing, telecommunication system integration services, and document management solutions, among others.