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Tue 1 May 2007 12:00 AM

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Serco to sell its stake in Serco Gulf

Serco is to sell its 49% stake in Serco Gulf to joint venture partner investment company Istithmar.

Serco is to sell its 49% stake in Serco Gulf to joint venture partner investment company Istithmar.

Adel Al Awadhi, business development director of Serco explained the reasons for the sale: "The simple reason behind the sale of Serco Gulf is that Istithmar's parent company, Dubai World, wants to concentrate its efforts on doing the facilities maintenance of its companies itself. It's a huge company with many different subsidiaries," he said.

It is still not clear how much the 49% stake in the company was sold for, as legal proceedings are still taking place.

Awadhi did confirm that there will be no changes in the staff structure of the company.

"The move is convenient for both companies. Serco is wanting to concentrate its attention on its traditional aviation related business and is looking to expand into the transport division within the Middle East. This is a sector which looks very promising and is expanding rapidly in the UAE. Serco has a lot of experience in this field abroad," added Awadhi.

Serco is also looking to expand its business in the technology solutions division within the region.

Serco Gulf's services included facilities and maintenance solutions, HVAC and plumbing services, cost and management reporting and 24 hour help desk services. Its clients included Nakheel and Dubai Municipality.

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