Dubai, 15th Feb. 2009 (WAM) -- Zabeel Capital, the wholly owned investment arm of Zabeel Investments, announced that the company has acquired a 51% stake of ASP Access Floors operations in the UAE, which have responsibility for the company's operations in the Middle East and Asian markets.
Founded in Australia, the company specialises in the manufacture, installation and supply of turnkey raised flooring solutions across the globe. In an industry where the business community in general, and specifically property developers, are looking to acquire or handover quick premium commercial space, the partnership between Zabeel Capital and ASP Access Floors can offer the investor a new fast solution through the manufacture and installation together in a one stop process, a press release said. Jbran Rahal, Managing Director for Zabeel Capital, commented, 'Despite the downturn in residential property projects, we see that the development of new commercial space and the growth of 'economic' cities here and across the Middle East will help to expand ASP Access Floors in to new markets, growing the brand organically in the region and abroad. ''The diversification of Zabeel Capital's equity portfolio, allows us to tap different industries, as well as avail of new technologies that bring synergy to our group of businesses,'' he added. With the commercial gross leasable area still expanding despite current market situations, Dubai alone is a valuable prospect for ASP Access Floors. Qatar is another market with strong potential with commercial GLA has doubled in the last three years, while Bahrain and Abu Dhabi also show significant growth of commercial real estate. William Hindes, Managing Director for ASP Access Floors commented, 'With this investment from Zabeel Capital we can now look further afield to new opportunities, keeping our focus on the quality we have become renowned for.The market potential for easy access raised flooring continues to grow in this region, and we are now in a position to leverage on this continued growth.' ASP Access Floors was founded in July 2000, and is today a global market leader with the supply and installation of access floor panels across Australia, New Zealand, China, Dubai, and Qatar to mention a few markets. The floor system is an advanced raised access floor system, providing flexible and flooring solutions to its customers.
This new solution is not only an answer to Dubai's and the regions' demand for high quality and quick commercial space. The system can also offer other benefits such as being easily installed and allowing for maintenance of all communication, electrical and mechanical cabling necessities at one go.Copyright Emirates News Agency (WAM) 2009.
