Al Qudra Holding, one of the largest investment groups in the region, has signed a Memorandum of Understanding with Al Safat Investments of Kuwait to incubate new projects that both parties can jointly undertake in the future. The MOU also documents the professional ties between the companies and integrates interests in a manner that is beneficial to both sides.
Eng. Salah Salem Bin Omeir Al Shamsi, Chairman of the Board and Managing Director of Al Qudra Holding, signed the memorandum on behalf of his company while Al Safat Investments was represented by Walid Ahmed Al Sharhan, Chairman of the Board and Managing Director.
In a statement to the press following the signing of the memorandum, Al Shamsi said: "Our cooperation with Al Safat today comes as one of the most important investment agreements we have achieved with any company in either the public or private sector in and outside the Arab world throughout 2007. Our business dealings with Al Safat Investments will open doors for further development and broaden the scope of our investments in the region and the world. Equally important, this partnership will contribute to bolstering bilateral economic relations between two major companies in the GCC."
For his part, Al Sharhan ascertained that: “This strategic alliance with Al Qudra Holding is considered one of the most important agreements Al Safat has reached since its inception.” Al Sharhan added that: "Our agreement with Al Qudra Holding forms the basis for the establishment of prominent projects which will be announced in due course. Both companies have entered into a complementary partnership of rare precedence in the region."
Al Safat Investments of Kuwait previously announced its ownership of 60 million or approximately 10% of the shares of Al Qudra Holding – a deal which was estimated at AED 600 million.
