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HE Sheikh Sultan bin Ahmed Al Qasimi and HRH Prince Khaled bin Alwaleed bin Talal sign agreements to form Klampfer Middle East LLC and Arcadia Middle East LLC; plan massive investments in construction and real estate sector in UAE and the region
SHARJAH/Sharjah Media Centre - Bolstering an existing partnership, HE Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Basma Group Sharjah and HRH Prince Khaled bin Alwaleed bin Talal, Chairman of KBW Investments signed two strategic partnership agreements at Basma Group Sharjah headquarters, forming Klampfer Middle East LLC and Arcadia Middle East LLC.
As part of a 2015 KBW Investments partnership with Klampfer to launch Klampfer Holding, addressing the needs of the MENA region, a UAE-centric subsidiary, Klampfer Middle East LLC, has been established under the direction of Chairman Sheikh Sultan bin Ahmed Al Qasimi and Vice Chairman Prince Khaled bin Alwaleed bin Talal.
Commenting on the new strategic partnership with Prince Khaled bin Alwaleed bin Talal's KBW Investments, HE Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Basma Group expressed confidence that the move would add to the pace of growth in the construction and property sector in Sharjah and the UAE and across the region: "Basma Group is proud to announce our partnership with KBW Investments. Our collaboration will complement our strengths to create and utilize new development and investment opportunities in different sectors within the Middle East."
For his part, Prince Khaled bin Alwaleed bin Talal said: "KBW Investments takes pride in the proactive relationship we have with Basma Group Sharjah. Together, with the two entities seeking similarly positioned goals of expansion and development fostering diverse UAE economic activity, our partnership promises exciting things for the future."
The new strategic agreement carries forward the joint intent and plans to take up big-ticket construction projects in the UAE, including the high-profile Majlis Grand Mercure Sharjah Resort and Spa. The first undertaking under the joint partnership of Klampfer Middle East LLC, the 12,000 square meter five-star Majlis Grand Mercure Sharjah Resort and Spa, a US$100 million hospitality project in Sharjah is to be followed by construction projects across multiple sectors in the UAE.
The second agreement between HE Sheikh Sultan bin Ahmed Al Qasimi and Prince Khaled bin Alwaleed bin Talal focused on the formation of Arcadia Middle East LLC, and is also structured under the direction of Sheikh Sultan bin Ahmed Al Qasimi as Chairman and Prince Khaled bin Al Waleed bin Talal as Vice Chairman.
Acquired by KBW Investments in November 2014, the Romania-based Arcadia Engineering currently has operations in the Kingdom of Saudi Arabia, Qatar, and Australia. With the establishment of Arcadia Middle East LLC, it will now pursue aggressive expansion into the UAE with a full range of engineering and architectural consultancy services.
© Press Release 2016
