• Home
• /
• Local business

ANC Takes Majority Stake in Themed Projects Company

DUBAI - ANC Holdings LLC, a Dubai based group, has acquired a majority stake in Amusement Whitewater LLC, or AWW, a regional leader in design, supply and execution of themed environments.

ANC said the new partnership structure of AWW, in which the Abu Dhabi-based Flag Holdings also a strategic investor, would result in the formation of the world’s leading provider of fully integrated, turnkey solutions for tourist resorts, theme/water parks and animal habitats.

AWW has been involved in various landmark retail destinations and tourist projects including The Lost City in South Africa; The Lost Chambers and Aquaventure water park at The Atlantis, Wild Wadi, Madinat Jumeirah, Ski Dubai and the Ibn Battuta Shopping Mall in Dubai.

Veneet Mohan, general manager of projects at ANC, said the majority stake in AWW was the third major acquisition completed by ANC Holdings this year. “We have taken a majority stake in Dhofar Fisheries in Salalah, and also acquired the Abu Dhabi-based Schmidlin LLC, an architectural products company. He did not disclose the value of the three acquisitions.

Mohan said AWW was pursuing a number of new projects in the UAE and other GCC countries.

Tayeb Baker, Chairman of ANC Holdings, said the new ownership would allow AWW to continue with the conceptualisation, artistic design and direction, value-engineering and execution of themed projects while drawing upon ANC’s expertise to provide structural design, construction and project management.

“It is easy to see the synergies. We are immensely proud to have AWW join the ANC Group and to work together on even greater projects in Dubai, Abu Dhabi and beyond.”

“Given Abu Dhabi’s ambitious plans to develop its tourist sector, we firmly believe that AWW, with its strong credentials of creativity, expertise and experiencewill play a major part in turning these ambitions into reality,” said Ahmed Al Serkal, Director, of Flag Holdings. Duarte Marques, founder and Chief Executive Officer of AWW, said the alliance ensured a competitive edge as it allows AWW to offer turnkey solutions that are “not only more cost and time efficient but can also be project managed more effectively.”

issacjohn@khaleejtimes.com