• Home
• News Article

Ithmar Capital enters into a strategic partnership with Dewan Architects & Engineers

Dubai, UAE, 5^th January 2008: Ithmar Capital , one of the GCC's leading private equity firms, has partnered with Dewan Architects & Engineers , one of the region's most innovative and successful architectural and engineering consultancy firms, to support Dewan 's growth and expansion strategy.

"Over the last 25 years, Dewan has built a strong reputation, an extensive client base, and a portfolio of successful projects by serving most of the leading blue chip developers, corporate and VIP clients in the UAE and beyond," explained Faisal Belhoul, Founder & Managing partner of Ithmar Capital .

"This partnership is a perfect example of the added value that private equity can add to a successfully run family-owned business which is ready to step up to the next level of corporate development."

Dewan 's growth strategy includes aggressive expansion into new services and markets in the region and in the development of strategic relationships and alliances.

Mohamed Al Assam, Founder, Chairman and Managing Director of Dewan said: "We strongly believe that our association with Ithmar Capital will complement and strengthen our relationships regionally and internationally, thereby enabling us to deliver on our rapid growth and expansion strategy, and further position us as a leading architectural and engineering consultancy firm in the GCC."

Dewan , which was established in 1984 in the UAE, currently employees over 260 professionals operating out of the two main offices in Abu Dhabi and Dubai. The company, which has worked on some of the region's most prestigious projects, including The Fairmont Hotel & Resort and The Futooh Al Khair Mixed-Use Complex - both in Abu Dhabi - in addition to projects in Dubai including The Prism Tower in Business Bay, The Green Community, and The Ibn Batutta Shopping Mall, boasts a multi-billion dollar order book with contracts in more than 10 countries spanning the GCC, Morocco, Brunei, Egypt, the Seychelles and Djibouti.

"While concentrating on organic expansion into different territories and service lines, Dewan will also be pursuing non-organic expansion through acquisitions and strategic alliances with the support of Ithmar Capital ," said Khaldoun Haj Hasan, Co-Founder and Managing Partner, Ithmar Capital .

A recent analyst report estimated the value of projects planned and underway in the GCC construction sector at US $1.1 trillion. The boom in the region's construction industry is attributable to several factors including higher oil prices, which have led to an increase in government wealth and expenditure, and the introduction of freehold property ownership that has spurred real estate investments by non-UAE and non-GCC residents. Importantly, though, the governments are implementing business friendly policies that are encouraging the rapid creation of a domestic diversified economy that in turn is spurring immigration and consequently demand for housing and commercial real estate

"Despite the huge opportunities in this fast growing market, Dewan continues in its vision to be a firm that is very much focused on designing quality projects rather than mass-market quantity, further strengthening its leadership position in the GCC real estate market," said Ammar Al Assam, Partner & Executive Director at Dewan Architects & Engineers .

The Dewan partnership is the second strategic move by Ithmar Capital into the GCC's construction sector and its related services. Earlier Ithmar successfully completed the acquisition of the entire new share issue of Kuwait's Mushrif Trading & Contracting Company .

-Ends-

About Ithmar Capital
Ithmar Capital is a GCC focused private equity specialist, managed by a highly experienced team of focused leaders, with local and international expertise and connectivity.

From its offices in Dubai and London, Ithmar Capital targets exceptional growth capital and buyout opportunities throughout the GCC region and overseas, provided the GCC region represents a strategic market for the overseas companies.

Ithmar Capital is actively committed to using its unrivalled resources and international connectivity to strongly support the success of its portfolio companies.

With a focus on innovation, Ithmar Capital is at the cutting edge of its industry, always looking at new ways of adding value to its partners and portfolio companies.

Ithmar Capital is the first regional private equity specialist that has entered into a strategic alliance with global private equity leader - 3i. The partnership combines local and regional knowledge and network with true global reach and expertise.

Ithmar Capital is currently managing proprietary investments in excess of $ 500 million in some of the most attractive sectors in the region such as oil and gas, construction, healthcare and education.

Ithmar Capital 's vision is to be the leading regional private equity firm in terms of conduct and return.

About Dewan Architects & Engineers
At Dewan Architects & Engineers , our core values lay within our commitment to developing long term successful relationships with our clients and partners. Our extensive portfolio of successful projects is a testament to our collaborative and intuitive approach to design.

Dewan is an award-winning regional architectural and engineering consulting firm with a successful track record of over 25 years in the UAE. Currently, the firm operates from its two main offices in Abu Dhabi and Dubai and is staffed with over 260 professionals.

With a reputable client list of some of the largest developers and VIP clients in the region, the firm is working on an extensive portfolio including hospitality developments, commercial and residential towers, mixed-use complexes, retail mega-malls, education campuses, and luxurious royal palaces.

For further information please visit Ithmar Capital online at: www.ithmar.com or contact:
Tariq Zuroub,
MCS/Action,
Email: tariq.z@actionprgroup.com,
Tel: + 971 50 2035678

© Press Release 2008