Jacobs acquires stake in Saudi firm
California:, March 19, 2008
Jacobs Engineering Group has acquired 60 per cent stake in Saudi firm Zamel & Turbag Consulting Engineers (Zate).
The company has been renamed as Jacobs, Zamel and Turbag Consulting Engineers (Jacobs Zate). The combination of Zate with Jacobs existing operations in Saudi Arabia results in a total staff of more than 500 people providing engineering and construction management services, both the companies said in a joint statement.
Terms of the deal were not disclosed.
'This merger combines the Zate team's long track record of project excellence and Jacobs' proven resources and work process to deliver a new level of high value, full project services to our existing Saudi Arabian clients and to expand our service offering to all industrial clients in the kingdom,' said Zate Chairman Mohammed H. Al-Turbag.
'Oil and gas, refining, and chemical project activities are increasing worldwide and especially in the Middle East. We are excited about our investment in Zate because it brings their established local talent into our network,” said Jacobs President and Chief Executive Officer Craig Martin.
“We see the Zate team as a very capable engineering organisation and good complement to our existing project capabilities in the Middle East. The combination of our companies enhances our ability to provide services to Jacobs clients making investments in the region,' he said..
Jacobs, with over 54,000 employees and about $9 billion in revenues, provides technical, professional, and construction services globally, the company said. – TradeArabia News Service
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