It has been announced that Alumco LLC, the UAE’s specialised aluminium façade manufacturer and glass façade processor, has seen a substantial private equity investment from Gulf Investment Corporation and Global Investment House of Kuwait. GIC will take up a 24.46% equity stake while Global Investment House will take up an 8.49% equity stake in Alumco.
Alumco’s Managing Director, Samer Barakat, said: “This investment is a major shot in the arm as it will further enhance Alumco’s growth and will give us massive expansion possibilities. Now with this investment and continued support from our strong financial partners Gulf Investment Corporation and Global Investment House, we aim to position ourselves to become the No.1 aluminium and glass façade manufacturing company in the Gulf”.
Hisham Al-Razzuqi, CEO of Gulf Investment Corporation (GIC), said: “We are very pleased with this investment as Alumco has proven to be a formidable player in the aluminium and glass industries. We see this investment as a launch pad for the company’s further growth into the regional markets. The investment in Alumco’s equity fits with our strategy of growing in the GCC region’s manufacturing sector by partnering with the private sector”.
GIC is a leading investment firm with its main focus on the Gulf region and has assets under management of over US$9 billion. It is equally owned by the six GCC governments and was established to promote development and enhance the role of the private sector in the GCC countries. GIC has made several investments in the building materials and construction industry in the UAE and other GCC countries.
GIC has made its investment in Alumco through its 100% owned subsidiary Bitumat Co Ltd based in KSA. Bitumat is a holding company of several successful building material businesses across the GCC.
Alumco’s portfolio includes major projects in various locations around Dubai. The company has previously completed several prestigious projects that include 15 towers at Burj Dubai Residence located at the Burj Dubai development, the Dubai Police Headquarters, Al Murroj Complex on Sheikh Zayed Road, Shatha Tower in Dubai Media City, 4 towers at the JBR Sector 6 complex, the Burj Dubai Lake Tower Hotel, Sky Gardens at DIFC and Marine Tower.
Shailesh Dash, Senior Vice President and Head of Alternative Investments Group in Global Investment House said: “This investment only indicates our continued confidence in Alumco to become the leading regional supplier of aluminum façades and glass products to the booming Gulf construction markets. Upon the completion of the agreement, Global’s managed private equity funds will now hold a total stake of 29.7% in Alumco as it already owns 21.21% of the company”.
Global Investment House is a Kuwait based leading investment bank with a presence in 15 countries world-wide. It has total assets under management of US$9 billion of which US$1.6 billion are being managed by its private equity group. Global’s investment in Alumco came through its Shariaa-compliant private equity fund which has a total capital of approximately US$100 million.
