UAE real estate developer Imkan has acquired building materials maker Abu Dhabi Arch Marble and Granite Factory, as part of a strategy to diversify its business and strengthen market position.

The new entity will be known as Imada and focus on sustainable building materials, the developer announced on Friday.

The investment is part of Imkan’s plans to diversify its revenue streams and expand its operations across the value chain.

“[The acquisition] allows us to strengthen our market position and gain more control over our supply chain,” said Suwaidan Al Dhaheri, Imkan’s managing director.

Headquartered in Abu Dhabi, the newly acquired factory provides materials to a diverse range of clients, from large-scale real estate projects to private royal residences.

A wholly owned subsidiary of Abu Dhabi Capital Group, Imkan has a portfolio of 26 projects, which include Makers District, an 18.6-hectare waterfront mixed use development on Reem Island, and Nudra, Saadiyat, an exclusive beachside community.

(Writing by Cleofe Maceda; editing by Seban Scaria)