Arabtec Holding acquires 55% of Gulf Steel Ind.

Arabtec Holding, the largest construction company in the UAE, has announced its acquisition of a 55 percent stake in Gulf Steel Industries FZC (GSI), a major structural steel fabrication company in the UAE. However, the total cost of the acquisition has not been disclosed by the parties concerned.
 
GSI, which was established in 2005 in Hamriyah Free Zone in the Emirate of Sharjah in order to meet the soaring demand for quality structural steel buildings and products, mainly specializes in the design and fabrication of structural steel works, having a current annual distribution capacity of 24,000 mt.
 
Commenting on the acquisition, Arabtec CEO Riad Kamal said, "Acquiring a majority stake of GSI complements Arabtec's business integration strategy and allows Arabtec to penetrate additional market segments."