Thursday 22 May 2008

Sorouh Real Estate acquires stake in Abu Dhabi construction firm

Sorouh Real Estate PJSC, one of Abu Dhabi's leading real estate developers, has announced the acquisition of a 60% stake in Pivot Engineering and General Contracting Company LLC, Abu Dhabi-based construction company.

Mounir D Haidar, CEO, Sorouh Real Estate PJSC, said, "Sorouh is delighted to be able to deepen its relationship with Pivot, a company with proven delivery and a long history in Abu Dhabi. Given the scale of our many developments coming to market in the coming months and years, our construction force needs to be extensive and to operate at world-class levels of build and safety".

The deal will enable Sorouh Real Estate to deliver more efficiently for its current real estate projects worth more than Dh45 billion under development in Abu Dhabi.