PHOTO
BlueFive Capital is acquiring a 70% stake in UAE dredging and land reclamation company Gulf Cobla for an undisclosed amount.
The alternative investment platform will acquire the entire 49% shareholding held by Advanced Dynamics Investments, an affiliate of Saudi Binladin Group, together with a 21% stake from Dubai-based conglomerate Dutco Group.
Following the transaction, Dutco will continue to remain a shareholder in Gulf Cobla with a 30% stake in the company.
Both parties said they will work with Gulf Cobla to expand into high-growth regional markets, increase fleet utilisation and create new business opportunities.
Established in 1977, Gulf Cobla has completed several major civil marine projects such as Jebel Ali Port, Aqaba New Port and Male airport in the Maldives.
BlueFive Capital has been on an acquisition spree in recent months, with the Abu Dhabi-based firm acquiring a 49% stake in mobility firm LeasePlan Emirates last month, which was preceded by a 49% equity stake in transport services firm Massar Solutions from Abu Dhabi National Energy Company (Taqa) in May.
(Writing by Bindu Rai, editing by Brinda Darasha)
