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The manufacturing and industry investor revealed that it had teamed up with Zabeel Investments (ZI) and Prime Investments to form a consortium for the deal.
AIG, a new entity, has been spun out of the iconic names Hasseb Rasoul Co (HRC), specialising in the manufacture of furniture and interiors fit outs; Specialised Metal Systems (SMS), producer of metal furniture and architecture metal fit outs and Advanced Composites (AC), producers of FRP Infrastructural piping systems, all based in Sharjah's Hamriyah Free Zone.
The deal marks one of the biggest transactions to date for EII, which a year on from the launch, is set to open a new era for manufacturing in the region and an acceleration of the rollout of its dynamic investment strategy. Says Ahmed Khayyat, Chief Executive Officer of EII, "We are developing a first class portfolio of investments in manufacturing that will ensure EII is at the forefront of the sector."
Khayyat said that this key strategic partnership signals the way forward for EII and for the way the development of local manufacturing will be funded. "We have opted for a funding model that will be copied again and again and which has the potential to reshape the region's business and financial landscape."
Commenting on the occasion, Mohammed Ali Al Hashimi, EII's Vice-President and Chairman of Zabeel Investments said, "AIG will set the stage to attract and develop advanced industrial technologies in UAE."
The announcement was made as EII embarks on stage two of its expansion strategy. It has now finalised its business plan for the coming year that will see it branch out geographically and from the core group of its existing investments.
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