Al Basel Group, a leading UAE-based diversified company with various business interests in the Gulf, has announced that it has acquired Al Shabak Contracting as part of an expansion strategy to further broaden its business areas. Al Shabak, known for its focus on delivering modern construction projects, joins Al Basel Group’s Najd Rent A Car, Al Basel Consultancy, and Al Basel Real Estate Real Estate Brokers.
The deal will strengthen Al Basel’s presence in the booming Arab construction market, as Al Shabak expects contracts and projects valued at AED 300 million 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.
© 2008 Al Bawaba (www.albawaba.com)
