Clyde & Co said it has advised KEF Holdings and subsidiaries, including Emirates Techno Casting on the sale of a 45 per cent strategic stake to the emerging markets division of Dubai International Capital.

Clyde & Co, the largest international law firm in the GCC region, said its ability to advise on English and UAE law and the laws promulgated by the various free zones within the UAE helped it successfully advise KEF and ETC.

UAE-based KEF, one of the largest and fastest growing steel casting foundries in the world for valves and pumps serves the oil and gas, mining, industrial, and chemical industries in the Middle East, Asia, Europe, and the US.

DIC is the international investment arm of Dubai Holding. The strategic partnership with DIC will support KEF's expansion drive into key markets including Saudi Arabia and India.

The Clyde & Co team advising KEF was led by Dubai based corporate partners Abhi Jalan and James O'Shea, assisted by associates Prarthna Chaddha, Claudine Favali and Kate Goater.

Faizal Kottikollon, CEO of KEF Holding, said of the deal: "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."

Clyde & Co's Abhi Jalan said: "This transaction has demonstrated the value addition offered by Clyde & Co through its ability to advise on English and UAE law and the laws promulgated by the various free zones within the UAE. We were pleased to be able to provide a multicultural team specifically structured to meet the requirements of KEF and ETC within the context of this deal."

Based in the Sharjah Hamriya and Jebel Ali Free Zones in the United Arab Emirates, KEF is a holding company of businesses including Emirates Techno Casting (ETC) and JC Middle East (JCME).

JCME is the Middle East’s first fully integrated valve factory. Collectively, ETC and JCME form the Middle East's first fully automated foundry. KEF serves major market players in the oil and gas industries such as Takreer, ENOC, Qatar Petroleum, KOC, PDO, Qatar Gas and Tyco. - TradeArabia News Service