Kuwait's National Industries Group Holding has taken a 20 per cent stake in Jordan-based Middle East Complex (MEC).

The deal, worth JD40 million ($56.45 million), is aimed at providing MEC with lucrative means to expand its operations regionally, said a statement.

The official announcement of this partnership was made at a press conference in Amman today. It was attended by chairman of the board and general manager of MEC, Osama Khalili; the chief financial officer and assistant general manager of MEC, Mashhoor Al Basha; Dr Mithqal Sartawi and Riyad Al Idrisi from the management team of the National Industries Group.

Khalili said the new partnership will allow for a healthy and dynamic exchange of experiences and expertise. With the new arrangement, 50 per cent of MEC will be owned by its regional and global partners.

The agreement will lead to the complete re-structuring of the MEC Board of Directors. The NIG will be represented at MEC by two board members, while MEC’s other strategic partners Money Capital, and UAE International Investment each owning 10 per cent of the company’s shares will be represented by one board member each.
 
The NIG is a public shareholding company that is listed in the Kuwait Stock Exchange.

Middle East Complex for Engineering, Electronics & Heavy Industries (MEC) is Jordan's largest producer, trader, distributor and exporter of consumer electronics and electric home appliances in collaboration with some of the big names in global electronics industry, including LG Electronics.

Additionally, it manufactures, assembles and markets a wide range of electronic products under its own brands.

MEC is the leader in the electronics and electric appliances market in Jordan, with over 75 per cent market share. MEC has an integrated distribution channel consisting of 45 outlets in Jordan, of which 30 are in Amman, and the rest are spread all over the country.

The Middle East Complex has invested $200 million in establishing a new manufacturing facilitiy in Abu Dhabi (UAE). This step will serve to expand its penetration into the target markets of Iran, India, and Pakistan. The plant will begin operation during the first Quarter of 2008. - TradeArabia News Service