South Korean firms enter into joint venture projects with Arabtec
Arabtec, the Dubai based construction and engineering firm, had entered into a joint venture agreement with South Korea's GS Engineering & Construction. The goal is to pursue heavy infrastructure and construction projects located in North Africa and the Middle East.
It was also announced last Monday that Arabtec would be launching another joint venture program, this time with South Korea's Samsung Engineering Co focusing on large energy and power related projects in the region.
The new venture would be named Arabtec-GS Infrastructure and would hold its headquarters in Abu Dhabi, according to regulatory documents filed by the Dubai based contractor with the Dubai Stock Exchange. Amongst the projects targeted are metro, railway, bridge, port and tunnel projects. It would also be building its corporate headquarters in Abu Dhabi.
According to a statement from Arabtec Holding CEO and Managing Director Hasan Abdullah Ismaik, "Another key component of the company's five year growth strategy is being put in place through this exciting new joint venture with GS. This partnership demonstrates further progress being made on diversifying the business into other high margin and high growth segments of engineering and construction. GS has a proven track record in the region, which further complements our expertise in the infrastructure sector and will allow both parties to capitalize on a range of new opportunities in this fast growing sector."