|Arabtec Holding, a leading engineering and construction group, said its subsidiary has completed the acquisition of a 45 per cent stake in the Emirates Falcon Electromechanical Company (Efeco).|
With this move, Arabtec Construction has raised its ownership in Efeco to 100 per cent, said a senior official.
Efeco was established in 2001 to offer electromechanical services to the construction industry in the Middle East through its operations in the UAE, Qatar, Jordan, and Saudi Arabia.
Hasan Abdullah Ismaik, the managing director and CEO of Arabtec Holding, said this acquisition consolidates Arabtec’s position as a market leading provider of an integrated set of specialised engineering and construction services.
"Now that Efeco is a fully-fledged member of the Arabtec Group, we are in a far better position to enhance its growth and ensure it maintains its position as a market leader in electromechanical services," he stated.
Efeco, he said, will remain a major cornerstone for Arabtec’s unique offering.
The company provides design, procurement, installation, testing and commissioning services for electrical, air conditioning, plumbing, sanitary works, instrumentations, telecommunication and fire-fighting systems in residential and commercial developments.
It also provides expertise in the infrastructure sector, including road works, paving, sewage, drainage, irrigation and landscaping works.
"With the current upswing in the construction industry, Efeco has high potential for growth, lending indispensable support to our growing business as well as to a versatile base of clients in the UAE and the Middle East," said Ismaik.
The move is perfectly in line with our strategy of diversifying our sources of income and optimizing our revenue-generating business, he added.