United Holdings buys stake in construction firm

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UP AND UP: United Holding is hoping to take advantage of the construction industry boom. (Getty Images)

Dubai-based United Holdings has announced acquired a 46 per cent stake in BRM, a construction company that has completed more than 200 projects worth $54 billion.

BRM, also based in the emirate, is currently handling more than 30 projects for major clients such as Arabtec Construction, Khansaheb Civil Engineering, NASA Multiplex and Al Futtaim Carillion.

Abbas Kiani, CEO of United Holdings, said: “Our investment in BRM comes as part of our aggressive investment strategy, which focuses on high returns and sound strategic decisions. Taking advantage of the economic boom, we aim to extend our geographic focus from the UAE to potential global markets.

“In addition to our development initiatives in the real estate sector, United Holdings has commenced a series of strategic investments in construction and buildings material companies. Our partnership with BRM signals the first of many ventures that United Holdings has on its agenda.”

United Holdings chiefs say they aim to develop a diversified investment portfolio across economic sectors such as real estate, financial services, industries, education, healthcare and telecommunication.

“United Holdings will actively seek to add value to each and every environment it operates in by diligently choosing investment prospects and growing its arena of operations in tune with market opportunities,” Kiani added.

Bruce John Munro, CEO of BRM, said: "We are confident the synergy with United Holdings will contribute to the growth of BRM, facilitating our enhanced presence in the domestic as well as regional markets.”

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