Arabtec Holding PJSC announced that it has acquired 55% of Gulf Steel Industries FZC (GSI), a leading structural steel fabrication company whose name is associated with quality projects in the UAE.
Riad Kamal, the CEO of Arabtec Holding PJSC said, “Acquiring a majority stake of Gulf Steel Industries complements Arabtec’s business integration strategy and allows Arabtec to penetrate additional market segments. Gulf Steel Industries is a well reputed company and has been contributing to the overwhelming construction activities in the United Arab Emirates.”
Gulf Steel Industries FZC (GSI) is specialized in the design, fabrication and erection of structural steel works and was established in 2005 in Hamriyah Free Zone in Sharjah in response to the increasing demand for quality structural steel buildings and products.
GSI’s modern factory is built in Hamriyah Free Zone on 269,000 square feet plot. It is capable of delivering high quality structural steel materials through its existing capacity of 24,000 metric tons per year. It is equipped with modern and technologically advanced machines that are skillfully operated by qualified and experienced personnel.
Selected projects of GSI include TECOM Towers at Sheikh Zayed Road in Dubai which won the first prize in Strucad International Structural Steel Design and Drawings competition, Automated Car Park in Dubai, warehouses & factory buildings in Dubai, Sharjah and Ajman.
GSI is a financially sound company and has witnessed growth in revenue & profits since inception with a current backlog of AED90 million programmed for completion during the next years.
Future revenues and backlog is expected to increase due to the combined synergies of the GSI and Arabtec.