Al Gurg: Acquisition was studied and analysed comprehensively
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.
Mr 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 Mr Al Gurg.
Mr 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."
Mr. 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."
In addition to vessel and boat manufacturing, Seaspray Groups facilities includes a 500 tonne marine crane for provision of major repairs and maintenance for vessels throughout the GCC region. This together with turnkey capabilities for designing, manufacturing, installing and operating of marina developments
Arzaq Holding was established last November as a private shareholding company with a paid-up capital of AED 150 million. Founders include a selected group of high profile companies and elite businessmen such as Zabeel Investments, United Holding, Al Saoud Limited and GIBCA. The company is chaired by Sheikh Tariq bin Faisal Al Qassimi. It was incorporated to explore the untapped opportunities and to capture a considerable chunk of the existing business in various sectors.
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About Arzaq:
Arzaq Holding (PJSC) is a general investment firm with investments across various sectors, including finance, real estate, and manufacturing. It was established in November 2007 to channel investment towards multiple sectors through both private equity and venture capital, with an initial focus on GCC markets. Arzaq was founded by a select group of high profile companies and elite businessmen, including the Kanoo Group, Zabeel Investments, United Holding, Al Sauod Limited, GIBCA Limited and Musahemat Investments. In December 2007, H. E. Sheikh Tariq bin Faisal Al Qassimi was elected Chairman of Arzaq. Headed by CEO Fahad Al Gurg, Arzaq aims to be a driving force for venture capital in the region, and a catalyst for economic development through the nurturing of the small and medium-sized enterprises that form the backbone of the modern economy.
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© Press Release 2008
