KBW Investments has completed a 50 percent acquisition of Arcadia Engineering, an engineering firm with existing operations in Romania and Brazil, in a signing ceremony in Dubai.
Prince Khaled bin Alwaleed, founder of KBW Investments, participated in the ceremony, along with Eng. Florin Nistor Chinole, founder and partner of Arcadia Engineering.
Following the acquisition, Prince Khaled bin Alwaleed will serve as the new chairman of Arcadia Engineering.
“I envision the upsurge of a new powerhouse of engineering, architecture and project management services in the Middle East,” Prince Khaled bin Alwaleed said, referring to Arcadia’s upcoming expansion plans for Saudi Arabia, Qatar and the UAE.
With KBW’s investment, Arcadia will target substantial growth in the Middle East and South America in its core areas of engineering, architecture, design, consultancy and project management services for the construction and manufacturing industries.
“Building on more than a decade of experience in the European market, and a consistent record of timely delivery of high quality architecture and customised construction solutions, I am excited about the opportunities Arcadia brings to the KBW portfolio, and to the region at large,” Prince Khaled bin Alwaleed said.
Arcadia’s engineering standards have been recognised by the European market and by high-level legislative bodies. Arcadia was responsible for transferring construction know-how and expertise to the legislation development for the EU program ‘Europe 2050—A Strategy for Smart, Sustainable and Inclusive Growth.’
Under Prince Khaled bin Alwaleed’s leadership, KBW Investments focuses on growth opportunities in the Middle East, South America and Europe, with an eye toward finding synergies amongst its various investments.
The company’s current portfolio includes investments in the manufacturing, construction, engineering, energy and technology sectors. This acquisition marks KBW’s second European purchase in 2014, the first being Raimondi Cranes, a 150-year-old Italian tower crane manufacturer.
“I have strong confidence in the management team’s ability to maximise the opportunity before us while maintaining the company’s unique culture - especially as it relates to investing in talent in specialised areas of engineering,” Prince Khaled bin Alwaleed said.For all the latest banking and finance 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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