Arabtec-Samsung Engineering is incorporated and headquartered in Abu Dhabi and is owned 40% by Arabtec, 40% by Samsung Engineering and the remaining 20% is owned by Tasameem Property Investment.
The shareholder agreement was formalised on September 24th at a special signing ceremony at Samsung Engineering’s headquarters in Seoul, South Korea. The signing ceremony was attended by senior management executives from both companies.
Hasan Abdullah Ismaik, Managing Director and CEO of Arabtec Holding described the launch as a major milestone in the company’s ambitious strategy to expand into new areas, in association with world-class partners, as part of the endeavour to consolidate the status as a key player at the regional and international levels.
The new joint venture company is a powerful combination of construction expertise, decades of successful project management, strong engineering capability and an extensive regional network in government and business, he said.
Park Choong Heum, Samsung Engineering’s President and CEO, said the new company will build on the success of our partnership with Arabtec on some of the region’s highest profile projects.
The oil & gas, power and infrastructure sectors in the MENA region are key drivers of long-term economic growth in the region. The major projects market in the region’s oil and gas, power and infrastructure is gaining momentum with the region’s 100 biggest schemes currently under construction accounting for more than US$304 billion of capital spending.
Activity in these sectors in 2013 and beyond is set to increase dramatically in the coming years. The top 50 projects currently planned or already under way across the region are valued at US$1.56 trillion, representing a 42% increase compared to 2012.
Arabtec-Samsung Engineering will provide engineering, procurement and construction services on large-scale multi-billion dollar projects in the oil and gas, power and related infrastructure sectors in the MENA region.
Arabtec-Samsung Engineering will establish a ‘Centre of Excellence’ in Abu Dhabi for training Emirati engineers, giving aspiring Emirati engineers access to both companies’ expertise, technology, know-how, support and resources.