They stressed the importance of preventing a wider escalation of the conflict, which threatens to further endanger peace and stability in the region
This strategic investment provides IPIC the capability to access MAN Ferrostaal’s leading edge capabilities in the fields of Petrochemicals, Solar Power and Project Construction ‘&’ Management; all of which are vital to Abu Dhabi’s continued economic development. At the same time, this transaction provides MAN Ferrostaal, a provider of industrial services with 4,200 employees and an annual turnover of euro 1.4 billion euro (2007), with growth opportunities in previously untapped markets, both in Abu Dhabi and in the wider MENA region.
”IPIC is excited by the potential of this acquisition; we are matching top class engineering, construction and project management skills and know how with a bandwidth of opportunity that is not easy to obtain elsewhere,” Khadem Al-Qubaisi, IPIC Managing Director said.
”We see in particular enormous potential synergies with Chemaweyaat, in which IPIC is a 40% shareholder,” he added.
Formal closing of the transaction is subject to the usual EU competition law approvals, but it is anticipated in the first quarter 2009.
They stressed the importance of preventing a wider escalation of the conflict, which threatens to further endanger peace and stability in the region
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