First Equity Partners (FEP) has acquired a 50 per cent stake in Fujairah-based construction materials firm Oryx Industries for Dh500 million ($136.1 million), according to a report.

The stake would be further raised over the ‘next few months’ by bringing potential investors, a top FEP officials said in the Gulf News report.

FEP brought in other investors for the 50 per cent purchase, including Shaikh Abdullah Al Sharqi, chairman of Oryx, State Holding of Qatar, Saudi-based Rawabi Holding and Kuwait’s Al Waab Real Estate (Kuwait), it said.

“We do believe the huge pipeline of projects supported by the two world-class events in Dubai and Qatar [the World Expo 2020 and the 2022 World Cup respectively] makes an exposure in the construction sector a very attractive proposition,” Qaif Al Maskati, member of the board and managing director at First Equity Partners, was quoted as saying.

“Also, there are many delayed projects where work is being revived and that too would offer opportunities for suppliers such as Oryx.”

Majdi Khalaf, vice-chairman and group CEO of Oryx, said: “This is a management buyout where some of the original shareholders remain while others decided to sell. We are looking to creating a solid track record of five years of operations before we think of an IPO (initial public offering.)”