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."