DUBAI - Arzaq Holdings, a private equity and venture capital firm, has announced acquisition of a major stake in Seaspray Marine Engineering & Services FZC, Gulf Marinas FZC and International Houseboats FZC leading companies specialized in construction and repairs / maintenance of aluminum ships including crew boats, passenger vessels, military type work vessels, yachts and house boats as well as floating marinas.
Fahad Al-Gurg, CEO of Arzaq, said "we decided to acquire Seaspray, an experienced marine engineering services provider, after an in-depth study of the market and analysis of the company's prospects, especially with the ongoing growth in the yacht and boat industry in the Gulf region. The UAE is projected to be the top yacht manufacturer and exporter as a result of waterfront projects and the delivery of projects that include berthing facilities to their owners."
"Arzaq will be a part of Seaspray's growth by bringing in a highly experienced team of professionals who will contribute to business process mapping, corporate structuring, fiscal control and managerial excellence," added Al-Gurg.
Ismail Al-Hosini, director of Seaspray Group, said "we are thrilled to join with Arzaq in this partnership, and are confident that the company's exceptional team will supplement Seaspray with their experience and play a part in refining our business. This acquisition is an important move in our strategy to lead the marine engineering and services sector in the region. Arzaq brings together a unique collection of backers that will help boost our standing in this industry."
Rob Bowra, CEO of Seaspray, said "we at Seaspray have ambitious plans for the future, given the fast-increasing demand in the region. This will require the support and facilitation of a strategic partner with solid managerial and financial fundamentals, and we believe Arzaq is an ideal partner for Seaspray to achieve these objectives."
© The Saudi Gazette 2008
