Dubai-based KBW Investments has announced the formation of a partnership with French technology manufacturer Ascorel Group, to establish Ascorel Middle East.

KBW Investments, founded and chaired by Prince Khaled bin Alwaleed bin Talal, works across a number of sectors including construction, finance, consultancy, and development.

The agreement, signed by Ahmed Alkhoshaibi, group CEO, KBW Investments; and Francis-Pierre Lemahieu, president of Ascorel Group, entails the launch of Ascorel Middle East, centred on servicing the markets of Middle East and North Africa (Mena), said a statement from the company.

The new company will facilitate the sale, implementation, and distribution of Ascorel’s technologies dedicated to the heavy machinery segment in the region, it added.

Ascorel Middle East will commence operations as of August 2016 and will be based out of KBW Investments headquarters in Dubai, UAE, said the statement.

Alkhoshaibi said: “The establishment of the partnership builds on a long-standing and mutually successful relationship between our two entities.

“Raimondi Cranes, acquired by KBW in 2014, has worked closely with Ascorel for many years in regards to the application of the company’s construction safety solutions. The integration of Ascorel technologies into the Raimondi Cranes framework has given us ample experience with the company, and has allowed us to confidently unite for this new venture that targets the Middle East,” he added.

Jean-Yves Billon, CEO, Ascorel and Ascotronics Group, said: “Our company’s range of products, services and after-sale attention will now be made available to the Mena region through the establishment of Ascorel Middle East.”

“The new partnership with KBW Investments will allow for greater international reach and market penetration, given the company’s strong regional foothold and diverse presence in the construction and manufacturing sectors,” he said.

“We are looking forward to strengthening our Middle East market share, and we have planned to devote significant resources to this exciting time in our company’s history,” he added. – TradeArabia News Service