Khayyat buys landscape and irrigation company
The latest acquisition signals the entry of Al Khayyat Investments – which has diverse business interests ranging from multinational representations, automotive, retail, schooling, leasing and real estate – into one of the UAE's high-growth sectors.
Fuelled by the current record oil prices and a buoyant construction industry worth more than Dh3.6 trillion, the GCC states are creating unprecedented demand for landscaping design, garden equipment and outdoor living products.
Owned by Dr Saad Al Khayyat & Sons, Al Khayyat Investments is represented by its managing director Amer Saad Al Khayyat. He said: "Our new takeover reflects our long-term commitment to the country and its growth. We wish to contribute to the world-class developments in the UAE by offering our range of high-quality services and products. With our group's dedication for high standards, we also foresee a great future for Gulf Landscape and Irrigation Systems' transformation from a pioneering company into a regional leader in the contracting field."
The phenomenal growth of the UAE's real estate market is fuelling the boom in the landscaping and irrigation sector as well. Mega development projects such as Burj Dubai, Dubailand, the Palm islands and The World, to mention a few will require hundreds of square kilometres of landscaping and thousands of gardens. Industry experts have estimated that more than Dh60 billion is expected to be spent on gardens and landscaping in the next five years in the UAE. According to the 2010 forecasts for Dubai, the number of new houses currently being built will require more than five million square metres of lawns to be laid.
Foreseeing the immense growth potential in the landscaping sector, Al Khayyat Investments has committed itself to give further impetus to its latest acquisition – Gulf Landscape and Irrigation Systems. A leading contractor in hard and soft landscaping, Gulf Landscaping credits itself with high-profile projects such as Emirates Golf Course, Dubai Creek Golf and Yacht Club, Nad Al Sheba Golf Club and Horse Race Track, Burj Dubai, Dubai Festival City and Uptown Mirdif.