Al Rajhi buys stake in Core Construction

Al Rajhi Investment Group (Arig), a leading diversified business group located in Saudi Arabia with business interests throughout the region, is acquiring a majority in the UAE-based Core Construction Company.

The company has not revealed the deal size.

The new venture represents a major development, which will maximise the market share and fuel geographical expansion plans to cater projects all over the UAE, KSA and subsequently the whole GCC, said a statement.

"The combined resources will strengthen Core Construction and facilitate 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's construction arena," Core Construction CEO Ihab Al Ramlawi said. "Core has set forth its strategy to ensure continuous growth utilising their focused and qualified management," the chief executive said.

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