Qatar group plans construction JV with Sirti
Doha, April 16, 2013
Top Qatari business conglomerate Ghanim Bin Saad Al Saad & Sons Group (GSSG) has joined hands with Italy's Sirti, a leading technology company in the design and implementation of network infrastructures and system integration, to set up a new company which will pursue project opportunities in the Middle East countries.
The “Sirti Mena for Projects” will focus its activities on the development of infrastructure for telecommunication networks – fixed and mobile - power transmission systems, security systems, integrated systems for transportation businesses, system integration in ICT businesses and smart cities solutions.
As per the agreement, the Qatari group will hold a 51 per cent stake in the joint venture company, while Sirti will hold the remaining stake.
The landmark joint venture partnership with GSSG will significantly broaden Sirti’s regional potential across the GCC, North Africa and Levant region.
The deal unites the technical expertise and international experience of Sirti with the regional strength and reach of GSSG in the Mena region, emanating from its home base Qatar.
The joint venture company will pursue project opportunities in GCC countries Qatar, Oman, Bahrain and Kuwait, in addition to Egypt, Sudan, Yemen, Iraq, Syria, Lebanon, Tunisia, Morocco and Algeria.
Commenting on the partnership, GSSG chairman Mohammed Al Hamadi said, "Our goal is to play a major role in the development of the region’s infrastructure networks and to seize opportunities arising from the rapidly developing infrastructural arena."
"Sirti Mena for Projects will strive to acquire projects throughout the region and benefit from both GSSG’s vast network and heritage in the field of engineering, contracting and provision of industrial systems, in addition to Sirti’s technical know-how and solutions for infrastructure design and implementation across the range of applications," he stated.
According to Al Hamadi, GSSG in its 20 year history has played an integral role in the development of Qatar’s fast paced growth.
The group’s reputation and expertise in a broad range of industry sectors have allowed it to secure its participation in a number of prestigious projects in Qatar and globally.
Sirti CEO Stefano Lorenzi said the joint venture was an important element of the company's strategy, aimed at developing its international footprint.
"Sirti has decided to focus on the Mena region because of its consolidated ‘best practices’ in the execution of major projects in this area, in addition to the rapid infrastructural growth it is witnessing, offering significant business opportunities," stated Lorenzi.
According to him, Sirti decided to join forces with GSSG because of its strategic positioning in this region.
"GSSG is the ideal partner for Sirti to identify new and profitable business opportunities, further complementing our engineering capabilities with prestige and credibility in the region," he noted.
"We are delighted that GSSG and Sirti will jointly collaborate through a joint venture model, achieving our objectives in complete synergy, and rapidly creating value for the region, our employees and our shareholders,” added Lorenzi.-TradeArabia News Service