Dubai, U.A.E. - November 10, 2008 - Bright Start, a prominent UAE holding company, announced today that it has purchased a stake in Dubai Contracting Company (DCC) from Amwal AlKhaleej, a leading regional private equity firm. Amwal AlKhaleej had purchased a 49% stake in DCC in November 2007.
DCC is a world-class Gulf contractor based in Dubai. The Company's completed projects portfolio includes UAE landmarks such as the World Trade Center Residences, the headquarters of Abu Dhabi Commercial Bank and the Capricorn Tower. DCC projects in progress include the Rolex Tower and the Fairmont Hotel on the Palm Jumeirah.
Talha Al-Hashimi, CEO of Bright Start, said: "Bright Start's investments are focused on best-in-class businesses and DCC fits this description perfectly. We are very excited about our new partnership with DCC and Amwal AlKhaleej and we view this investment as having tremendous growth potential."
Ammar AlKhudairy, CEO of Amwal AlKhaleej, said: "Amwal AlKhaleej delivers added value and creates unique opportunities by aiding in strategic and financial matters and by bringing together the right people. We are thrilled to have a first-class value-adding investor such as Bright Start validate our investment outlook in DCC."
Abdallah Yabroudi, CEO of DCC, said: "We welcome Bright Start to DCC. Our partnership with Amwal AlKhaleej has provided us with opportunities to expand further our operations. We continue to see considerable growth opportunities in the regional market. By having leading partners such as Bright Start and Amwal AlKhaleej, DCC is well-placed to capitalize on these opportunities."
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About Bright Start
Bright Start is a private holding company registered in Dubai, UAE. The Company manages a diversified portfolio of investments in real estate, private equity and other assets.
About Amwal AlKhaleej
Amwal AlKhaleej is a leading regional private equity firm managing approximately SAR 2.5 billion. The Firm was founded in 2005 in Riyadh with offices in Dubai and Cairo. Its team includes some of the most experienced investment professionals in the region. The Firm has made investments in several high calibre companies such as Dubai Contracting Group, Damas Jewellery, Al-Tayyar Travel Group and Contact Cars.
About Dubai Contracting Company
DCC is a Gulf contracting company founded in 1962 and headquartered in Dubai. The Company offers a wide range of contracting services focused on low, medium and highrise buildings as well as hospitality complexes. The Company's completed projects portfolio includes UAE landmarks such as the World Trade Center Residences, the headquarters of Abu Dhabi Commercial Bank and the Capricorn Tower. DCC projects in progress include the Rolex Tower and the Fairmont Hotel on the Palm Jumeirah.
© Press Release 2008
