Masharie forms new MEP joint venture with Al Arif Investment
Masharie LLC, the private equity investment arm of Dubai Investments PJSC, has announced the formation of a new joint venture company with Al Arif Investment. The new company, Power Factor Electromechanical Works offers turnkey mechanical, electrical and plumbing (MEP) solutions and office automation systems for the construction industry. The joint venture agreement was recently signed by Abdulaziz Bin Yagub Al Serkal, CEO of Masharie and Hamad Al Arif, Chairman of Al Arif Investment.
Commenting on the reasons for the new joint venture, Al Serkal said "Power Factor is a strategic addition to our portfolio as Masharie already has several companies operating in the field of building materials and construction supplies and services. It will further diversify the group's presence within the construction sector and also will benefit from synergies within the group". Though the company is new, the management and the workforce with long experience in executing contracting projects were sourced from within the group.
Power Factor offers the entire spectrum of MEP works and also specializes in the design, installation and commissioning of office automation systems. Based in Dubai, the company focuses on developing advanced technology solutions suitable for a broad spectrum of markets including transportation, banking, telecommunications, defence, universities, hospitals, and retail sectors. The company will offer services in other related areas including sanitary, air conditioning, ventilations, fire filtration system, fire fighting, safety equipment and systems. The company has started commercial operations.
The move takes Masharie's total number of portfolio investments to 16. "Masharie is constantly looking to expand its portfolio by adding high-potential businesses in strategically important sectors," Abdulaziz Bin Yagub Al Serkal, said. He added, "Masharie is committed to help Power Factor establish a strong reputation in the MEP market by offering strategic support and complementary skill sets that will allow the company to deliver outstanding business performance."
Hamad Abdul Karim Al Arif, Chairman of Al Arif Group, said, "With the formation of this new joint venture company, we further strengthen our ongoing partnership with Masharie. Not only will this strategic alliance provide Power Factor with a strong financial base, it will allow the company to build new competencies by synergizing with other Masharie companies operating in the construction line."
Masharie is a leading private equity investment company in the region holding a diversified portfolio of companies including chemicals, aluminium, electrical and, construction materials and services.
- Masharie divests 50% stake in Syscom to Inteltec Emirates LLC
- Al Rayan Investment Forms Joint Venture With Malaysian-Based SapuraCrest Petroleum
- EII ventures into the power and automation sector through the establishment of Dynergy Technologies
- Arabtec Led Joint Venture awards Drake & Scull International AED 415 million MEP contract for the iconic Louvre Museum project in Abu Dhabi