KBW Investments and Basma Group Sharjah have signed two strategic agreements forming two joint ventures aimed at boosting the construction sector in the Mena region.

A UAE-centric subsidiary, Klampfer Middle East, has been established under the direction of Prince Khaled bin Alwaleed bin Talal, chairman, KBW Investments, and Sheikh Sultan bin Ahmed Al Qasimi, chairman, Basma Group Sharjah.

The joint venture will execute construction projects in the United Arab Emirates, including the 12,000-sq-m Majlis Grand Mercure Sharjah Resort and Spa, a $100 million hospitality project situated in Sharjah, UAE, which will be followed by construction projects across multiple sectors in the Emirates.

The second signing for the formation of Arcadia Middle East is also structured under the direction of Sheikh Sultan’s chairmanship, and Prince Khaled’s vice chairmanship.

Arcadia Middle East will now pursue expansion into the UAE with a full range of engineering and architectural consultancy services.

“KBW Investments takes pride in the proactive relationship we have with Basma Group Sharjah. Together, with the two entities seeking similarly positioned goals of expansion and development fostering diverse UAE economic activity, our partnership promises exciting things for the future,” said Prince Khaled, remarking on the signings.

“Basma Group is proud to announce our partnership with KBW Investments. Our collaboration will complement our strengths to create and utilize new development and investment opportunities in different sectors within the Middle East,” said Sheikh Sultan. – TradeArabia News Service