Sorouh Real Estate said yesterday it has acquired 60 per cent of Abu Dhabi-based construction company Pivot Engineering and General Contracting Company.
Sorouh announced its deal with the local construction company as a logical step in strengthening its ability to deliver on the more than Dh45 billion in projects it currently has under development. The company last week acquired a stake in LLJ Property in a share transaction that extended Sorouh's sales channel to market.
Mounir D Haidar, Chief Executive Officer, Sorouh Real Estate, said: "Sorouh is delighted to be able to deepen its relationship with Pivot, a company with proven delivery and long history in Abu Dhabi. Given the scale of our developments coming to market in the coming months and years, our construction force needs to be extensive to operate at world-class levels of build and safety.
"It is vital Sorouh keeps its commitment to deliver on time and with optimum quality. With this acquisition and our shareholding in LLJ Property, we have made strategic investments up and down the delivery chain, which put us in a stronger position than ever before."
Pivot Engineering established its headquarters in Abu Dhabi in 1978, and has completed a diverse range of construction projects.
The company has a proven track record of on-time delivery while maintaining the highest quality and safety standards.
Aldar Properties and Laing O'Rourke, an international construction group, already formed a joint venture to construct residential and commercial property at Al Raha Beach project in November 2006.
Fahim Boulos, Managing Partner, Pivot Engineering, said: "We feel that this is a very exciting time right now in Abu Dhabi, and to be associated with Sorouh and its projects gives us unprecedented ability to grow and participate in the city's major development plans.
"As a company that prides itself on integrated teamwork, dedicated project management and outstanding craftsmanship, we feel our relationship with Sorouh is a perfect fit in delivering the highest quality and best value to Sorouh's customers," he added.
Another venture that Sorouh entered this year was with Australia's Goodman Group to develop and manage business and logistics parks in the Gulf Co-operation Council (GCC).
"We will announce our first development this year and it would be in Abu Dhabi. We are looking for opportunities all across the UAE and in other GCC countries as well," Richard Draycott, General Manager, Goodman Sorouh, had told Emirates Business.
Last week, the company unveiled the first masterplan for Lulu Island, which will be developed into an outstanding tourism and residential landmark for Abu Dhabi.