Egis acquires a 51% stake in Projacs

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Egis acquires a 51% stake in Projacs

Egis has acquired a 51% stake in Projacs, a project and construction management firm in the Middle East.

Founded in 1984, Projacs offers a wide and integrated range of project management services mainly relating to building projects. The firm is firmly established in the Gulf Cooperation Council (GCC) countries (Saudi Arabia, Bahrain, Oman, Qatar, United Arab Emirates and Kuwait) and also operates in neighbouring countries.

With a workforce of 700 people and a turnover of US$70 million in 2014, the company has its own training institute which accounts for 11% of its annual business.

With over US$2500 billion worth of projects under planning, bidding or execution across the MENA region, both Egis and Projacs see significant opportunities for partnership and have over the past few months began sharing resources and capabilities as well as developing joint approaches for business development.

Nicolas Jachiet, Chairman and CEO of Egis, stated:

"We are proud of Egis' ongoing successes in the Middle East and are confident about our outlook in this promising region. To cement our commitment and build a sustainable business cluster, we thought critical to partner up with an established player in the Middle East. The integration of Projacs within Egis will allow the group to round out its project management expertise in the Middle East region and reinforce its position on projects in the fields of buildings and urban development."

Dr. Nabil Al-Qaddumi, founder and Chairman of Projacs, commneted:

"With 20 offices across the MENA region, Projacs has an unparalleled coverage of the region and an unmatched track record in project and construction management services, particularly in relation to buildings in the Middle East. We continue to have our share of project/construction management and construction supervision for impressive government programs such as for the National Guard in Saudi Arabia, the Ministry of Education and the Public Authority for Applied Education in Kuwait or the Qatar Olympic Committee as well as for private sector clients such as on the development of nine Accor hotels in Saudi Arabia, the new National Bank of Kuwait head office landmark or the City Stars new development in Sharm Alsheikh. On the other hand, Egis holds significant capabilities in design and engineering in sectors which Projacs does not currently cover such as infrastructure, transport, water, energy and large-scale urban development. These are sectors which we believe will feature significant growth and opportunities in the region. We expect this strategic partnership to be highly beneficial to both firms as we each leverage on the complementary strengths and capabilities of the other"

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