Emaar Industries and Investments moves into top gear with new deal.
Dubai, September 23, 2006: Emaar Industries and Investments (EII) today announced it had completed a new transaction that has added Advanced Industries Group (AIG), a niche light industry conglomerate, to its growing portfolio of subsidiaries.
The pioneering manufacturing and industry investor revealed that it had teamed up with Zabeel Investments (ZI) and Prime Investments to form a consortium for the groundbreaking deal.
AIG, a new entity, has been spun out of the iconic names Haseeb Rasoul Co (HRC), specializing in the manufacturing of furniture and interiors fitouts, Specialised Metal Systems (SMS), producer of metal furniture and architectural metal fitouts, and Advanced Composites (AC), producers of FRP infrastructural piping systems, all based in Sharjah’s Hamriyah Free Zone.
This deal marks one of the biggest transactions to date for EII, which a year on from its launch, is set to open a new era for manufacturing in the region and an acceleration of the roll-out of its dynamic investment strategy. Dr Ahmed Khayyat, Chief Executive Officer of EII, said: “We are developing a first class portfolio of investments in manufacturing that will ensure Emaar Industries and Investments is at the forefront of the sector.
“This key strategic partnership signals the way forward for EII and for the way the development of local manufacturing will be funded. We have opted for a funding model that will be copied again and again and which has the potential to reshape the region’s business and financial landscape.”
Mr. Mohammed Ali Al Hashimi, EII’s Vice Chairman and Chairman of Zabeel Investments, who was named Chairman of AIG commented “AIG will set the stage to attract to the UAE and develop advanced industrial technologies.”
Faysal Rasoul, the owner of Prime Investments and a founder partner in the consortium, has been appointed Chief Executive Officer and Managing Director of AIG, EII’s latest and biggest subsidiary.
“We are confident that we hold the key to a successful partnership that aims at creating a group of manufacturing facilities that pioneers in products and systems. Our research and development capacity will help us identify new products and form new niches to create and maintain a strong competitive edge for AIG,” commented Rasoul.
Dr Khayyat said: “Emaar Industries and Investments intends to become a major player in the sector and is drawing on its strengths, resources and access to capital to drive this process. This transaction confirms how much progress it has made and clearly indicates the direction it is pursuing.”
Today’s announcement was made as EII embarks on stage two of its expansion strategy. It has now finalized its business plan for the coming year which will see it branch out geographically and from the core group of its existing investments.
Target countries for new projects include Turkey, Pakistan and Morocco, while its new business focus will take in industrial incubators, an expansion of its industrial zones business and new forays into research. AIG will establish the model for how businesses will be developed under the EII approach and is being primed for expansion into new areas of manufacturing.
Dr Khayyat said: “EII is investing to create sustainable industrial growth and we expect to be able to announce more of these deals in the near future as we make every effort to live up to our aims.
“The participation of top quality investment partners is crucial to putting these deals together and we believe that it is significant that we can attract the very best.”
