Assystem, an international engineering and innovation consultancy based in Paris, France, has announced the acquisition of a 75 per cent stake in Saudi engineering company Radicon Gulf Consult (Radicon).

The rest of the shares in Radicon have been retained by its founder Ali K. Al-Harbi. The acquisition of Radicon forms part of the French company's international development strategy.

The Saudi authorities gave approval for the transaction in 2014-end as part of its effort to support local investment by international companies in order to develop the national economy and recruit Saudi personnel, said a statement from Assystem.

The company has been present in the Gulf since 2011, through its participation in the UAE nuclear programme and its technical assistance subsidiary, MPH Global Services. The company’s energy and infrastructure division has been based in Dubai since September 2013.

Radicon’s knowledge of the market and expertise, combined with Assystem's skills in project management and engineering, will strengthen the abilities of both companies to seize opportunities related to the country’s many infrastructure projects, said a senior official.

Already, Assystem and Radicon have won a joint tender with Saudi Arabia’s Ministry of the Interior, worth €5 million ($5.78 million) for more than 220 buildings such as workshops, offices, sports centres, theatres, restaurants, in an area of 10,000 sq m spread over six locations between Makkah and Madinah.

It forms part of the King Abdullah Project for Security Forces (KAP) investment programme to improve safety conditions and accommodation for the visiting pilgrims.

"This first significant contract won jointly by Assystem and Radicon demonstrates our complementary skills as well as the region’s development potential," stated Stéphane Aubarbier, the executive vice-president, Energy & Infrastructure, Assystem.

This acquisition of the 400-person engineering company based in Al Khobar and Riyadh enables Assystem to double the size of its footprint in the Gulf region, and gain a market share in the infrastructure, energy and transportation sectors, he added.-TradeArabia  News Service