KBW Investments has bought a majority stake in Grayscale Interiors, an interior fit-out firm based in the UAE.
Grayscale Interiors specialises in projects for the hospitality and commercial office space sectors, and has a pipeline of work in the UAE, Qatar and Saudi Arabia.
The agreement was signed in Dubai by KBW Investments chairman Prince Khaled bin Alwaleed bin Talal and Grayscale founder and managing director Gary Vastag.
"Our recent acquisition of Grayscale Interiors is not only advantageous for KBW Investments in terms of Group diversity and strength, it's also reflective of our larger direction across the MENA region and abroad,” Prince Khaled said, in a press statement.
“KBW portfolio companies do all act to bolster the overall Group capabilities, but more importantly, the separate ventures themselves intersect and interact with one another to grow both on an individual level and on a synergistic corporate level."
The value of the deal was not disclosed.
“Grayscale Interiors, after satisfying the six-month KBW Investments due diligence process, is now well positioned to continue to scale regionally and further afield in line with the Group’s international network and vision,” Vastag said.
KBW Investments also announced on Monday that it had signed a partnership deal with technology manufacturer Ascorel Group.
That agreement will see the creation of the French firm’s regional subsidiary, Ascorel Middle East, which will begin operations in August this year.For all the latest UAE news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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