Two top Kuwait companies on Saturday join hands to take a major stake in Alumco, the UAE’s leading specialised aluminum façade manufacturer and major glass façade processor.

Gulf Investment Corporation (GIC) and Global Investment House (Global) of Kuwait will be taking up 24.46 per cent and 8.49 per cent equity stakes respectively, said a top Alumco official.

Samer Barakat, managing director, Alumco, said this investment was a major shot in the arm as it will further enhance Alumco’s growth and will give it massive expansion possibilities.

"Now with this investment and continued support from our strong financial partners Gulf Investment Corporation and Global Investment House, we aim to position ourselves to become the No.1 aluminum and glass façade manufacturing company in the Gulf,” he added.

Hisham Al-Razzuqi, CEO of Gulf Investment Corporation said; “We are very pleased with this investment as Alumco has proven to be a formidable player in the aluminum and glass industries. We see this investment as a launch pad for the company’s further growth into the regional markets."
 
"The investment in Alumco’s equity fits with our strategy of growing in the GCC region’s manufacturing sector by partnering with the private sector," he added.

GIC is a leading investment firm with primary focus on the Gulf region and has assets under management of over $9 billion. It is equally owned by the six GCC governments and was established to promote development and enhancing the role of the private sector in the GCC countries.

GIC has made several investments in the building materials and construction industry in the UAE and other GCC countries.

GIC has made investment in Alumco through its 100 per cent owned subsidiary “Bitumat Company Limited” based in Kingdom of Saudi Arabia. Bitumat is a holding company of several successful building material businesses across GCC.

Alumco’s rich portfolio includes major projects in various locations around Dubai. The company has previously completed several prestigious projects that include 15 towers at Burj Dubai Residence located at the Burj Dubai development, the Dubai Police Headquarters, Al Murroj Complex on Sheikh Zayed Road, Shatha Tower in Dubai Media City, 4 towers at the JBR Sector 6 complex, the Burj Dubai Lake Tower Hotel, Sky Gardens at DIFC, and Marine Tower.

Shailesh Dash, senior vice president and head of Alternative Investments Group in Global said the investment only indicates the continued confidence in Alumco to become the leading regional supplier of aluminum façades and glass products to the booming Gulf construction markets.

"Upon the completion of the agreement, Global’s managed private equity funds will now hold a total stake of 29.7 per cent in Alumco as it already owns 21.21 per cent of the company,” Dash noted.

Global Investment House is a Kuwaiti based leading investment bank with presence in 15 countries worldwide. Global has total assets under management of  $9 billion of which $1.6 billion are being managed by its private equity group. Global’s investment in Alumco came through its Shariaa-complaint private equity fund which has a total capital of approximately $100 million.-TradeArabia News Service