Arabtec eyes global markets with Gulf Steel acquisition
Arabtec Holding announced it has acquired 55 per cent of Gulf Steel Industries (GSI), a leading structural steel fabrication company whose name is associated with quality projects in the UAE.
GSI specialises in the design, fabrication and erection of structural steel works.
The company was established in 2005 in Sharjah's Hamriyah Free Zone in response to the increasing demand for quality structural steel buildings and products.
GSI's modern factory is located on a 269,000 square fooet plot in the Hamriyah Free Zone. The factory is capable of delivering high quality structural steel materials through its existing capacity of 24,000 metric tonnes a year.
The facility is equipped with advanced machinery.
Riad Kamal, CEO of Arabtec, said, "Acquiring a majority stake of Gulf Steel Industries complements Arabtec's business integration strategy and allows Arabtec to penetrate additional market segments. Gulf Steel Industries is a well reputed company and has been contributing to the overwhelming construction activities in the UAE."
GSI's projects include the Tecom Towers on Shaikh Zayed Road in Dubai, which won the first prize in the Strucad International Structural Steel Design and Drawings competition.
The company has also developed the automated car park in Dubai apart from warehouses and factory buildings in Dubai, Sharjah and Ajman.
GSI has witnessed growth in revenue and profits since inception with a current backlog of Dh90 million programmed for completion during the next years.
Future revenues are expected to increase due to the combined synergies of the GSI and Arabtec. ( Gulf )