Dutco, a UAE-owned company, has finalised the acquisition of the minority shares held by UK construction giant Balfour Beatty.
The deal relates to its joint companies Dutco Balfour Beatty, Dutco Construction Company and BK Gulf, said Dutco, which has operations in construction, manufacturing, oil and gas and hospitality.
Dutco Group chief executive Tariq Baker said: “Our relationship with Balfour Beatty plc has been very successful for over 40 years during which time we have executed many prestigious and complex projects.
"A review of the strategic objectives of the two shareholders has indicated the time was right for a new chapter to be written for the joint businesses. This allows Balfour Beatty to focus on their target areas of operation, which no longer includes the Middle East."
The statement comes a week after Balfour Beatty announced that it has reached an agreement with Dubai in a deal worth £11 million.
Since the start of 2015, Balfour Beatty has exited the Middle East, Indonesia and Australia in order to focus on its chosen markets, in the UK, US and Far East.
Baker added: “Dutco is part of the original fabric of construction in the UAE and we believe we have a significant role to play in the development of the country. There will be no fundamental change to our existing operations other than our continuous drive to become more efficient and productive in the execution of our projects.
“Our companies will continue to focus fully on serving our existing customers and we will also look to develop new relationships across our wide construction offering.
“We have a strong order book and we are committed to grow the business in a controlled and focused manner.”