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Mon 20 Jun 2016 01:13 PM

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YBA Kanoo acquires 100% stake in Saudi contracting firm

Technical Contracting Company (TCC) is a vendor to major firms in kingdom

YBA Kanoo acquires 100% stake in Saudi contracting firm
Saudi Aramco is one of TCCs biggest clients.

Bahrain-based international trading company Yusuf bin Ahmed (YBA) Kanoo has acquired a 100 percent stake in Saudi Arabia's Technical Contracting Company (TCC).

The Saudi-based firm is an approved vendor to major companies such as Aramco, Sabic, Saudi Electricity Company, Saline Water Conversion Corporation and the Royal Commission.

The purchase of the stakes is a “strategic decision for the seamless integration of the oil and gas division to provide value-added services to customers and improve overall efficiency,” YBA Kanoo deputy chairman Khalid Kanoo told Gulf Daily News.

The integration process will be completed in the next few weeks, according to the firm's country manager Ali Abdulla Kanoo.

He said: “Our clients will continue to receive the same high-level of service provided by YBA Kanoo through its more than 125-year history”

YBA Kanoo, a family-run business, was founded in 1890 in Bahrain before stretching across the Middle East, North Africa, Europe and Asia. It has more than 4,000 employees.

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