Al Rajhi Investment Group (Arig), a leading diversified business group located in Saudi Arabia with business interests throughout the region, has acquired a majority stake in UAE-based Core Construction Company, said a company official.

The new venture represents a major development which will maximize the market Share and fuel geographical expansion plans to cater projects all over UAE, KSA and subsequently the Whole GCC.

Commenting on the partnership, Faisal S. Al Rajhi, Arig president, said: 'ARIG is a large established business group and we like to use our significant resources and business base to cooperate and do business with companies such as Core.'

Dubai-based Core Construction Company has set forth its strategy to ensure continuous growth utilizing their focused and qualified management which enabled them in a short period of time to bench mark there recognition and become one of the leading steel construction companies in the region, with a record growth rate and a solid reputation for uncompromising Quality.

ARIG is reputed for being one of the largest and most successful diversified business groups in the region. Part of its success has been achieved through identifying and then acquiring an interest in leading companies particularly in the construction field. ARIG’s reputation can be backed up by an extensive track record of achievements and numerous awards. The acquisition complements ARIG's prosperous construction based portfolio.

'Core is an organization that has proven to be an up and coming player in the design and build arena, and that operates in both the industrial and commercial sectors. We look forward to working with a company that brings such experience and with such a talented team,' Al Rajhi noted.

Ihab Al Ramlawi, the CEO of Core Construction, said: “We are confident that the Synergy and combined resources will strengthen Core Construction and facilitate substantial target growth. Our shared entrepreneurial spirits and our long-standing mutual commitments to meet and exceed our clients' needs will quickly drive Core into a prominent leadership role in the region construction arena.'

'It is also particularly exciting to become part of a distinguished and diversified Group (ARIG) and we anticipate success at all levels and further developments relating to the new venture,' he added.-TradeArabia News Service