Feb 21 2012 |
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Jadwa fund acquires stake in Al-Zamil
Jadwa Investment Company and Al-Zamil Company for Industry, Trade & Transport have announced the acquisition by Jadwa Building Materials Opportunity Fund of a stake in Al-Zamil Company for Industry, Trade & Transport.Najib Al-Zamil, chairman of Al Zamil Company for Industry, Trade & Transport, said: "Choosing the appropriate partner who can serve the strategic objectives of our company, and expand and institutionalize our investor base is a decision that requires careful consideration, especially for a family owned business like ours. We chose Jadwa Investment because we trust their expertise in the fields of finance, major investment, and corporate governance. We are optimistic about our future, and with Jadwa's support, we look forward to many more years of growth ahead."
Ahmed Al-Khateeb, MD & CEO of Jadwa Investment , said: "Jadwa is proud of this partnership with Al Zamil, one of the leading manufacturers of water tanks and automatic doors, and a major supplier in construction and insulation materials. We have a positive outlook for the construction sector in the Kingdom, as the sector has witnessed a boom supported by significant government spending programs. Al Zamil has grown into one of the leading construction material firms over the past three decades, and we are excited to partner with them as they continue to expand and capture opportunities in this exciting sector.
The company has a 25 percent share of the Saudi market and has a UK research and development center to develop new products and to develop proprietary production formulas for the company to increase performance and reduce raw material costs.
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