SEOUL, Korea, 24th September 2013, - Arabtec Holding PJSC, a leading MENA Group specialising in complex projects, and Samsung Engineering Co. Ltd., Korea's first and largest engineering company, announced the launch of their new company ('Arabtec-Samsung Engineering') in the Middle East and North Africa's oil and gas, power and related infrastructure sectors.
The shareholder agreement was formalised on September 24th at a special signing ceremony at Samsung Engineering's headquarters in Seoul, South Korea. The signing ceremony was attended by senior management executives from both companies.
Hasan Abdullah Ismaik, Managing Director and CEO of Arabtec Holding PJSC commented: "The launch of this company is a major milestone in our ambitious strategy to expand into new areas, in association with world-class partners, as part of our endeavour to consolidate our status as a key player at the regional and international levels. The new joint venture company is a powerful combination of construction expertise, decades of successful project management, strong engineering capability and an extensive regional network in government and business. I am confident that this combination of leading capabilities will prove a success in the near term and look forward to announcing Arabtec-Samsung Engineering's future achievements."
Ismaik added: "The new company will also contribute to the human development of young Emiratis through the Centre of Excellence, which will train and educate Emirati engineers of the future."
Park Choong Heum, Samsung Engineering's President and CEO, commented: "Samsung Engineering is pleased to announce the formation of Arabtec-Samsung Engineering, a new joint venture company that will build on the success of our partnership with Arabtec on some of the region's highest profile projects. The success of this partnership with Arabtec is part of our expansion strategy in the MENA region and we believe that our new company is well-positioned to capitalize on the exciting growth opportunities in the oil and gas, power, and related infrastructure sector."
The oil & gas, power and infrastructure sectors in the MENA region are key drivers of long-term economic growth in the region. The major projects market in the region's oil and gas, power and infrastructure is gaining momentum with the region's 100 biggest schemes currently under construction accounting for more than US$304 billion of capital spending.
Activity in these sectors in 2013 and beyond is set to increase dramatically in the coming years. The top 50 projects currently planned or already under way across the region are valued at US$1.56 trillion, representing a 42% increase compared to 2012.
Arabtec-Samsung Engineering will provide engineering, procurement and construction services ("EPC") on large-scale multi-billion dollar projects in the oil and gas, power and related infrastructure sectors in the MENA region. Arabtec-Samsung Engineering is incorporated and headquartered in Abu Dhabi and is owned 40% by Arabtec, 40% by Samsung Engineering and the remaining 20% is owned by Tasameem Property Investment.
Arabtec-Samsung Engineering will engage in the full range of sectors from Hydrocarbon (hydrocarbon processing, refining, petrochemicals and fertilisers) to industrial and related infrastructure projects (power plants, water treatment & environmental, metallurgy and industrial projects).
Arabtec-Samsung Engineering will establish a 'Centre of Excellence' in Abu Dhabi for training Emirati engineers, giving aspiring Emirati engineers access to both companies' expertise, technology, know-how, support and resources.
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About Arabtec Holding PJSC
Arabtec is a leading MENA group specialising in complex projects, including high-rise commercial and residential development, infrastructure and oil and gas.
The UAE-based Group's impressive list of deliveries includes iconic buildings such as the world's tallest building, the Burj Khalifa in Dubai, and Abu Dhabi landmark, the Emirates Palace Hotel; as well as technically challenging work on airports and related infrastructure.
Arabtec's strong track record and commitment to timely and cost-efficient delivery have contributed to rapid growth in recent years and a reputation for quality that has often translated into a market-led pricing premium for completed projects.
The Group is currently working on some of the most prestigious projects in the Middle East, such as the Louvre Abu Dhabi and a regeneration project in the centre of the Qatari capital, Doha, and is expanding into other regions. The Group is also venturing into a number of vital sectors including oil and gas, power and related infrastructure. For more information, please visit us at www.arabtecholding.com
About Samsung Engineering
Samsung Engineering is one of the world's leading engineering, procurement, construction and project management (EPC&PM) companies. With experience in over 30 countries, the company provides total project management from planning and financing to construction and commissioning and has built some of the world's largest and most complex hydrocarbon and industrial plants and facilities.
Samsung Engineering was placed as the 1st top international contractor in the Middle East in the 2013 ENR ranking. Samsung Engineering also has a reputation for delivering projects on time and uses the latest innovations to engineer industry-leading facilities. With its global workforce at 18,000 and 2012 revenues at US$10.7billion, the company is also one of the fastest growing EPC contractors.
For more information, please visit www.samsungengineering.com
© Press Release 2013
