Dubai International Capital, the international investment arm of Dubai Holding, said it had bought a 45 percent stake in a UAE-based maker of steel castings.

It said in a statement that the acquisition of a stake in KEF Holding was aimed at supporting its expansion into markets including Saudi Arabia and India.

DIC did not give the value of the deal.

KEF is an international provider of steel castings for valves and pumps serving the oil and gas, mining, industrial, and chemical industries in the Middle East, Asia,  Europe, and the United States.

Sameer Al Ansari, executive chairman and CEO of DIC, said: "Today's acquisition of KEF Holding reinforces DIC's commitment  to investing in outstanding Middle East businesses that combine  strong growth potential with an experienced management team - KEF's team have deep industry knowledge, excellent relationships within the sector and a clear vision for growth. KEF's founder, Faizal Kottikollon, has in just 11 years built KEF into a  significant competitor to European foundries that have been  in operation for over 100 years and we fully support his strategy for sustaining an impressive growth trajectory."

Established in 1997, KEF Holding, based in the Sharjah Hamriya  Free Zone, is the holding company of its two flagship businesses including Emirates Techno Castings (ETC) and JC Middle East (JCME). Collectively, ETC and JCME form the Middle East's first fully automated foundry boasting a production capacity of 36,000 tonnes per annum.

KEF serves over 70 clients including leading market players in the oil and gas industries such as Takreer, Enoc, Qatar Petroleum, KOC, PDO, Qatar Gas and Tyco.

KEF was recognised for its best-in-class practices, as evidenced by their award of Best Foundry in the World by Weir Clear Liquid, a division of Weir Group.

Kottikollon, CEO of KEF Holding, said: "We are delighted to choose DIC as our strategic partner and shareholder. DIC's ability to leverage their strong relationships in our key target growth markets, mainly Saudi Arabia and India, will elevate KEF's ready capabilities and talent. We are confident that with DIC's market experience and guidance, KEF will be ready for an initial public offering in the near future." -Reuters